Alpha Protocol Ventures Launches $20 Million Fund to Support Undervalued Web3 Projects and Blockchain Gaming
Summary:
Alpha Protocol Ventures (APV), a group of cryptocurrency venture investors, has established a $20 million fund to invest in undervalued Web3 projects and companies focused on blockchain gaming and digital collectibles. The fund aims to support projects in the Web3 ecosystem, including DeFi and layer 1 and 2 protocols, while also addressing real-world problems. APV has received funding from various investors, including Ethernity CEO Nick Rose.
A new fund worth $20 million has been set up by a group of cryptocurrency investors to support undervalued projects in the Web3 sector, with a particular focus on blockchain gaming and digital collectibles. Alpha Protocol Ventures (APV) intends to invest in various projects within the Web3 ecosystem, including DeFi, layer 1 and 2 protocols, and solutions for real-world problems such as supply chains and data protection. The fund has received funding from CEO and founder Vagelis Diamantis, as well as Ethernity CEO Nick Rose, Morningstar Ventures, and several Web3 angel investors. Diamantis stated that APV has already identified potential investment targets and will provide support to undervalued projects like Polygon, Polkastarter, Axie Infinity, and Ethernity. Despite the current bear market, Diamantis believes that there are opportunities for investors to back promising projects that leverage blockchain technology. The fund aims to target undervalued companies and discover emerging blockchain technologies in the Web3 space. The Web3 sector has seen significant investments from venture capital firms and fund managers in 2023. For instance, Animoca Brands announced a $30 million investment in Web3 neobank Hi, while Vessel Capital launched a $55 million fund to support Web3 infrastructure and applications. Additionally, Bitget unveiled a reported $100 million fund dedicated to Asia-based Web3 and blockchain projects.
Published At
9/6/2023 7:56:25 AM
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