Crypto management firm, Electric Capital announced that it has pulled $1 billion in a just-concluded funding round. According to a post made by the firm, the fundraise is targeted towards building and expanding protocols in Web3.0, creating more reserve for the cryptocurrency network as well as other businesses associated with the blockchain.
Electric Capital is a venture firm that is known to invest and enter into partnerships with crypto-inclined startups. The firm is co-owned by Avichal Garg and Curtis Spencer who had both owned Spool, a startup company endorsed for bookmarks.
The firm uses its pre-owned infrastructure to contribute liquidity, push fundamental governance proposals, assist in creating avenues where team members utilize data gotten from Electric Capital to clearly understand the cryptocurrency market, amongst others fundamental roles.
The recent projects Electric have gotten involved in were geared towards enabling participation in the Web3.0 system through designed software and data. As a way of standing out, the firm wishes to bombard its ecosystem with knowledgeable software engineers who will demystify certain difficulties that have been experienced by many startups operating in the space today.
The $1 billion funds actualized in this round is a sum of several fundraisers that the venture capital firm had organized before now. As unveiled, Electric Capital had ended last year with a $400 million fund and as of last month, it raised another $600 million towards token investment.
Venture Capital Fundraisers Continue to Back Crypto startups
The continuous coordination and implementation of funding rounds are quite noticeable in the crypto ecosystem of today. Key investment managers and firms are constantly plunging funds into the sphere.
Earlier, South African trading platform VARL acquired $50 million in its Series B funding round. The fund was raised by investors in the likes of Pantera Group, Alameda Research, Coinbase Ventures, and a host of others. The fund is to be used in expanding VARL businesses in the African region.
These funding rounds are not limited to trading platforms in any way, Ref Finance also realized $4.8 million mid last month. The funding round involved Jump Crypto, Cao Yin, OxMaki, and others as investors. Ref Finance intends to employ the funds to broaden its team to enhance the continuity of creating products and services that belong to DeFi.
Startups are largely at the receiving end of these fundraisers and with this new interest in crypto startups, global adoption and legalization of digital assets are on track to form a trend for the next decade.