The global crypto market is facing a down surge, but surprisingly, crypto innovative projects and startups are getting huge backings and investments.
Savvy investors always put their money into future performance possibilities even though the present situation is not good. The same is happening in the crypto world, almost every major cryptocurrency out there is performing poorly, and their values are downgrading from the past few days.
But still, venture capitalist firms are seeking new responsibilities in the field and funding every possible potential crypto or blockchain related project.
Recently, Blockchain Founders Fund initiated a venture capital fund to support new rising projects, be it of the metaverse, Web 3 projects, or cryptocurrencies.
The way funding took place and allocation plans
Funding termed as BFF II and successfully collected $75 million in total with its closing. Various firms and prominent investors across the crypto and blockchain industry participated in the funding, including App works, NEO Global Capital, Octava, Baksh Capital, individual investors, and Sebastien Borget, chief operating officer at The Sandbox.
As per its commitment BFF II deployed funds across 11 different projects, including some play-to-earn games, layer-two derivatives exchange project and a DeFi protocol. The fund prioritizes allocating capital on the blockchain, crypto, Web 3 and metaverse projects. Additionally, it has planned for $5 million to fund startup projects which successfully made it to funding rounds.
Responses from investing partners about BFF
Co-founder of NGC, Roger Lim, said about investment in BFF that the fund is an early investor and is focusing on many potentials. Leading companies in the blockchain and Neo Global Capital are excited about its investment opportunities in the future and building a long-term corporate relationship with the BFF team.
Founder of Polygon, Sandeep Nailwal, said about the investment that the company is excited about BFF’s direct approach for backing the projects and working closely with solid founders of new potential firms.
The first installment of investments from BFF II has been allocated to several exciting companies and projects, including GRID, RD Land, FXDX, Rebelbots, The Apocalyptics, Fusefi, Health Hero, Cross the Ages and Dogami.
Investors positive approach towards technology
Despite temporary ups and downs in the crypto market, venture firms have trusted blockchain technology and cryptocurrencies. Their consistent investments and funding of the upcoming and ongoing projects show their spirit regarding digital tech. For the record, in just 2021, venture capital funds have raised and deployed more than $17 billion across various blockchain and crypto projects.