Web3 Ecosystem INTOverse Raises $10 Million in Seed Funding
SINGAPORE, June 29, 2023 INTOverse (check here), a comprehensive Web3 ecosystem that integrates different aspects of Web3 such as multichain wallets, SocialFi, digital identity, and AI tools into a singular platform, has raised $10 million in seed funding. The round was led by Mechanism Capital, with participation from Alameda Research, Jump Crypto, Huobi Ventures, and others.
The funding will be used to accelerate INTOverse’s growth and development and to expand its team and product offerings. INTOverse plans to use the funding to:
- Build out its decentralized social media platform, which will allow users to chat, connect, and collaborate with each other in a secure and private environment.
- Develop new features for its decentralized wallet, such as support for more blockchains and tokens.
- Integrate with more DeFi protocols and applications.
- Expand its team with engineers, product managers, and marketing professionals.
INTOverse is one of a growing number of startups that are developing new products and services to make Web3 more accessible and user-friendly. The Web3 space is still in its early stages, but it is rapidly growing and evolving. INTOverse is well-positioned to capitalize on this growth and become a leading player in the Web3 ecosystem.
INTOverse is a Web3 community operation management solution that integrates an encrypted wallet, Web3 social, digital identity, and AI assistance. Through a decentralized architecture, efficient management tools, and a rich system for community member evaluation, INTOverse provides an open, free, efficient, and secure communication and transaction environment for Web3 users and communities.
Recent Developments in the Web3 Space
The Web3 space has seen significant growth in recent months, with a number of new startups and projects launching. Some of the most notable developments include:
- The launch of new decentralized social media platforms, such as INTOverse, allows users to chat, connect, and collaborate with each other in a secure and private environment.
- The development of new decentralized financial (DeFi) protocols allows users to lend, borrow, and trade assets without the need for a centralized intermediary.
- The growth of the non-fungible token (NFT) market, which has seen the sale of millions of dollars worth of digital collectibles.
These developments are just a few examples of the many ways that Web3 is changing the way we interact with the internet. As the space continues to evolve, it is likely that we will see even more innovative and disruptive applications emerge.
In addition to INTOverse, there are a number of other startups that are developing products and services in the Web3 space. Some of the most notable include:
- Axie Infinity: A decentralized game that allows users to earn cryptocurrency by playing.
- The Sandbox: A virtual world where users can create and own their own digital assets.
- Uniswap: A decentralized exchange that allows users to trade cryptocurrencies without the need for a centralized intermediary.
- Compound: A decentralized lending protocol that allows users to lend and borrow cryptocurrencies. Primarily funded by a16zcrypto
- MakerDAO: A decentralized autonomous organization that issues the DAI stablecoin.
These startups are all working to make Web3 more accessible and user-friendly. As the space continues to grow, it is likely that we will see even more innovative and disruptive startups emerge.
Deal Table for Intoverse
|Key People||Investors||Amount Invested||Sector||Funding Round|
|William Tan, CEO||Mechanism Capital, Alameda Research, Jump Crypto, Huobi Ventures, others||$10 million||Web3||Seed|