Flow Raises $725M To Fund Blockchain’s Growth

Capital to focus on support for gaming, infrastructure, decentralized finance, content and creators

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • The fund is the largest joint commitment made toward any blockchain ecosystem, according to the company
  • The Flow blockchain has more than 7,000 developers

Dapper Labs, the Web3 platform powering blockchain-based trading card platform NBA Top Shot, unveiled a $725 million ecosystem fund in a bid to spur community growth. 

The fund is the largest joint commitment made toward any blockchain ecosystem, the company said in a statement Tuesday. Participants include venture capital firm a16z, Coatue, CoinFund, Greenfield One, Liberty City Ventures, Digital Currency Group and Union Square Ventures.

“As [Web3] accelerates and sophisticated app developers search for the best platforms, Flow is perhaps the best decentralized blockchain built for the scale, security, and ease of use most modern startups need to succeed,” CoinFund Managing Partner David Pakman said in a statement. 

The fund will offer existing and future developers support to build applications on Flow blockchain through investments and FLOW token grants. It will focus on support for gaming, infrastructure, decentralized finance, content and creators, and the capital may also be used for team expansion, user acquisition and general operating expenses. 

A spokesperson for the company did not immediately return a request for comment. 

Originally developed by Dapper Labs, Flow is a blockchain built for consumers that has had daily transactions triple since September 2021, according to the company.

Flow has more than 7,000 developers building on the blockchain. The protocol has roughly 1,000 active projects and 175,000 monthly active users. The Web3 platform powers NBA Top Shot, which allows users to own, sell and trade NFTs of NBA and WNBA plays and players, as well as NFL All Day, which offers licensed NFL video NFTs (non-fungible tokens).

FLOW has a market capitalization of roughly $1.5 billion, according to Blockworks data. The price was up 8.2% to trade at $3.999 in the last 24 hours as of midday Tuesday. 

Dapper Labs closed a $250 million round in September, which the company said would be used to support additional brand-driven sports-, entertainment- and music-based products. Coatue and a16z had invested then, as well.

The investment is the latest in a string of digital asset investments for a16z, which recently launched a crypto research lab. The firm was one of 18 investors backing Elon Musk’s $44 billion bid to purchase Twitter, pledging $400 million. It also led a $25 million seed round to fund the launch of the NFT-focused Co:Create protocol.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Do Kwon may miss the start of the March 25 trial in the SEC’s case against the former executive and Terraform Labs

article-image

Riot Platforms bought 31,500 more mining machines while CleanSpark has begun operating in Mississippi

article-image

Dencun was activated on all testnets, a blog post Tuesday said

article-image

Hut 8 also announced it broke ground on a Texas mining site

article-image

Uniswap aims to become a “complete platform for swapping” following its latest product releases

article-image

Continued demand for bitcoin ETFs coupled with greater demand for bitcoin from exchanges is contributing to price moves, analysts say