Polygon founders Solana and Terra invest $ 50 million in the web3 Venture Fund

Polygon founders Solana and Terra invest $ 50 million in the web3 Venture Fund - Web3 and blockchain the future of the internetAlthough crypto projects usually observe investments coming from seasoned veterans of the crypto space, we see a change in the list from time to time. In a similar case, the venture fund founded last year received significant funding from multiple investors.

Support for OP

According to a Bloomberg report, OP Ventures Fund 1 announced yesterday that it has closed a $ 50 million funding round. Backing the web3 venture fund were some big players in the crypto and financial industry. Solana co-founder Raj Gokal, Terra Do Kwon founder and Polygon co-founder Sandeep Nailwal participated in the funding.

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

The hype for web3 and the resulting interest from the public has placed these companies in the sights of large portfolio investors. This is also the reason why OP Venture Fund 1 has seen an influx of investments.

Using this money, the venture fund plans to focus on cross-border investments between the US and Asia. OP Venture Fund has invested in over ten web3 projects, including Merit Circle and Aurory. By September, the company had already received a $ 25 million investment from Huobi, Galaxy Digital and electronic duo Chainsmokers.

A good time to invest?

OP Ventures focuses on metaverse, decentralized finance (DeFi), social media and games. While unsurprising, its cryptocurrency investors aren't seeing the best of the market right now.

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

Likewise, SOL (Solana), too, has been holding firmly 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 (Earth), on the other hand, made a significant increase this month. With an 88,35% rise, the coin was not too far off its all-time high of $ 99. Unfortunately, before it could do so, the bears dragged it down 15,58%, and the altcoin is sitting at $ 81 at the moment.