Scared of being left in the digital dust, private equity investors are stampeding towards crypto projects - blockchain-based apps and platforms fuelled by cryptocurrencies that are native to the virtual economies of the metaverse and Web3.
"You're seeing a lot of VC investment into a lot of protocols because they all believe, as we do, that some of these protocols are the infrastructure of the future," said Steve Ehrlich, CEO of crypto brokerage firm Voyager Digital. Investment levels in crypto have continued to grow during a bitcoin price slump this year - it's down about 16 per cent - as well as during another decline last summer, Thorn notes.
The number of M&A deals involving crypto target companies is also ballooning globally as the buzz grows around the metaverse of virtual worlds and the Web3 decentralized online utopia. "Founders are saying, 'There's five funds that want to invest in us, which one is going to bring the most value?'," she said.
"The larger reason for that raise was to get the institutions on our side and increase the visibility of Polygon," said co-founder Sandeep Nailwal.
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