The Metaplex Foundation has raised $46 million from investors to expand support for NFT, gaming and metaverse altcoin projects. Also, crypto giants such as Three Arrows, DCG, Delphi Digital, and Crypto.com Capital have participated in financing Hubble Protocol. For details cryptocoin.com keep reading.
Altcoin projects hold successful funding rounds
The Metaplex Foundation has completed a $46 million funding round jointly led by Multicoin Capital and Jump Crypto. More than 90 NFT enthusiasts participated in the funding round, including Solana Ventures, Alameda Research, Animoca Brands, and basketball star Michael Jordan and the pseudonymous NFT collector Cozomo de’ Medici.
The Metaplex Foundation said it will use funds raised from the tour to provide grants, support ecosystem development and empower creators from underrepresented communities. Additionally, the Foundation plans to prioritize support for metaverse and game applications in 2022. In the same week, Solana DeFi project Exotic Markets also managed to raise $5 million. Several firms that have contributed to today’s Metaplex financing have been involved in the financing of Exotic Markets, including Multicoin Capital, Alameda Research, and Animoca Brands.
Additionally, the Solana (SOL) network is ready to initiate the mainnet launch for another decentralized finance (DeFi) protocol aimed at Web3 development and backed by big names in the crypto industry. Among other DeFi services, a project aimed at developing a crypto-backed stablecoin, Hubble Protocol, Three Arrows / DeFiance Capital, Delphi Digital, Digital Currency Group (DCG), Crypto.com Capital, ParaFi, Jump Capital, Decentral Park Capital, CMS, Spartan, It raised $10 million from DeFi Alliance and Mechanism Capital.
According to the announcement, Hubble Protocol plans to expand its team and DeFi products with new funding, starting with the mainnet launch scheduled for January 28. The first goal in Hubble’s roadmap is the launch of a zero-interest borrowing platform that prints USDH, a censorship-tolerant crypto-backed stablecoin in the Solana ecosystem.
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