Flow launches a $725M fund that is backed by DCG, Coatue, and a16z

NBA Top Shot’s host blockchain Flow announced a new $725 million Ecosystem Fund backed by its parent company’s investment arm, Dapper Ventures, and crypto-focused VCs, including a16z, Coatue, and Digital Currency Group.

The fund is dedicated to supporting development in the ecosystem and will offer in-kind support, investments, and FLOW token grants for developers who build applications on its blockchain.

Support for developers-oriented people

Dapper Labs was the first to create Flow, a top network known for its NFT project. Dapper Labs created Flow in 2018 and is proud to say that the fund was designed to spur innovation and create new projects on its platform.

Flow’s release indicates that the Ecosystem Fund will be used to support “gaming, infrastructure, decentralized finance, content and creators” in its ecosystem. This fund will help developers across the globe to access web3 opportunities.

Flow will, for example, offer offices in Berlin and other Asian locations to its developers. The funds will be used primarily to fund product development, product scaling and team expansion. They also cover general operating expenses.

Dapper Labs’ CEO Roham Gharegozlou explained that the interest generated by well-known crypto institutions is a confidence voting 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.”

As reported by Forbes, Flow’s new venture – unlike Binance’s $1 billion fund for its Smart Chain ecosystem, which had only one team responsible for distribution – will accommodate investors’ allocation decisions to distribute the funds.

Flow’s Growth Story Continues

Flow joined Ethereum, Solana, and polygon on Monday as the four blockchains supporting Meta’s latest bid to introduce NFTs on Instagram. It will be the host blockchain for renowned collectibles in sports like NBA Top Shot or NFL ALL DAY.

Forbes said that despite the ongoing crypto dumps, Flow activity has continued to grow despite them. Since September 2021, the daily transaction volume has increased by more than 700,000. In addition, active accounts have risen to a new ATH this week of more than 500,000.

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