Flow Launched a $725M Fund Backed by a16z and More
A16Z, DCG, Coatue have all launched a $725M fund. This is another attempt to provide institutional-grade custody and trade execution for crypto assets.
The Flow Foundation will offer accelerators, incubators, investments, and FLOW token grants.
NBA Top Shot has announced a new $725 million fund, backed by it's parent company Flow's investment arm, Dapper Ventures, and crypto-focused VCs including a16z, Coatue, and Digital Currency Group.
Dedicated to boosting developments in its ecosystem, the fund will offer investments, in-kind support, and FLOW token grants to eligible developers building applications on its blockchain.
NFT projects are designed to help develop new projects. Dapper Labs has been involved in many of these projects, and will use Flow to help these projects get off the ground.
The Ecosystem Fund will be used to support gaming, infrastructure, decentralized finance, content and creators in its ecosystem. In particular, the fund aims to bring web3 opportunities to developers worldwide.
For example, Flow will offer office spaces to its developers in Berlin and other Asian cities. The fund mainly will go to the following four areas: product development, product scaling, team expansion, user acquisition, and general operating expenses.
Flow’s Growth Story Continues
Dapper Labs’ CEO Roham Gharegozlou outlined that the company’s interest from well-known crypto institutions is a confidence vote on the NFT-focused blockchain. He added that the Fund will become a real game-changer for the ecosystem’s “7,500+ strong and fast-growing developer community.”
Flow is set to launch a new venture, which will distribute funds to investors in the same way that Binance has distributed funds to investors.
Flow is now the fourth blockchain supporting NFTs on Instagram. This will make them one of the most popular platforms for NFTs.
Despite the recent crash in prices, activity on Flow has continued to thrive, with more than 700,000 daily transactions since September 2021. And the number of active accounts has risen to a new all-time high.