Polygon, Solana, Terra Founders Invest $50 Million in web3 Venture Fund

Key Insights:

• OP Ventures Fund 1 received $50 million in funding.
• The investors also included Animoca Brands Corp and Bill Ackman.
• The company intends on cross-border investments between USA and Asia.

While crypto projects usually observe investments coming in from seasoned vets of the crypto space, we see a change in the list every once in a while.

In a similar case, the venture fund founded last year obtained significant funding from multiple investors.

Support for OP

According to a report from Bloomberg, OP Ventures Fund 1 announced yesterday that it had closed a $50 million funding round.

Supporting the web3 venture fund were some big players of the crypto and the financial industry. Solana co-founder Raj Gokal, Terra founder Do Kwon and Polygon co-founder Sandeep Nailwal took part in the funding.

Furthermore, CEO of Pershing Square Capital Management and hedge fund manager Bill Ackman also back OP Ventures Fund 1. Additionally, billionaire Alan Howard and Asian gaming giant Animoca Brands also made investments.

The hype for web3 and the interest arising from the audience has placed such companies in big wallet investors’ targets. This is also why OP Venture Fund 1 witnessed an influx of investment.

Using this money, the venture fund plans on focusing on cross-border investments between USA and Asia. OP Venture Fund has invested in over ten web3 projects, including Merit Circle and Aurory.

In September, the company had already received a $25 million investment from Huobi, Galaxy Digital, and electronic duo Chainsmokers.

Good Time To Invest?

OP Ventures is focused on metaverse, decentralized finance (DeFi), social media, and gaming. 

Although not surprisingly, its crypto investors are not witnessing the best of the market at this time.

MATIC (Polygon) during this rally has already lost its entire October rally in the span of these three months. Trading at $1.46, the altcoin has lost over 14.29% within this week and is potentially looking at a downtrend for now.

Similarly, SOL (Solana), too, has been keeping itself consolidated in a downtrend with prices testing $100 as support and resistance.

Currently trading at $84, SOL is in the same state as MATIC.

However, LUNA (Terra), on the other hand, made a significant rise this month. Rallying by 88.35%, the coin was not too far away from its $99 all-time high.

Sadly, before it could do that, the bears dragged it down by 15.58%, and the altcoin is sitting at $81 at the moment.