Flow launches $725 million funds backed by Andreessen Horowitz, Coatue, and Digital currency Group so let’s read more about it in today’s latest blockchain news.
Flow launches a fund and the joint venture focused on supporting more than 7500 developers working on the Flow network and will offer incubators, investments, and accelerators as well as FLOW token grants. The NBA Top Shot host blockchain Flow announced a new $725 million Ecosystem Fund backed by the company’s investment arm Dapper Ventures and crypto-focused VCs like Coatue, Digital currency Group, and Andreessen Horowitz. dedicated to boosting the developments in the ecosystem, the fund will offer investmetns and support as well as Flow token grants to eligible developers that create applications on the blockchain.
Flow is best known for its NFT projects and it was created by Dapper Labs in 2018. The blockchain giant considers the fund as intended to spark innovation and to develop new projects built ont the platform. Flow’s release shows that the Ecosystem fund will be used to support gaming, infrastructure, decentralzied finance, content, and creators in the ecosystem. The fund aims to bring web3 opportunities to the developers across the world. For example, Flow will offer office spaces to developers in Berlin and other Asian cities. The fund will go to four main areas like product scaling, team expansion, product development, and general operating expenses.
Dapper Labs’ CEO Roham Gheregozlpou outlined the interest from the crypto institutions as a confidence vote on the NFT-focused blockchain. He added that the Fund will become a real game-changer for the ecosystem’s fast-growing developer community. Flow’s new venture unlike Binance’s fund for the Smart chain had only one team responsible for distribution and will accommodate investors’ allocation decisions to distribute the funds. Flow joined Solana and Ethereum as well as Polygon and four blockchains supporting MEta’s latest bid to introduce NFTs on Instagram.
It will also serve as the host blockchain for renowned sports collectibles like NFL ALL DAY and NBA Top Shot. Despite the ongoing crypto dumps, the activity on Flow continued to thrive and the number of daily transactions tripled to over 700,000. the number of active accounts also surged to a new high of more than $500,000 this week.