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Polkadot’s Web3 Foundation Invests $1 Million in RWA

source-logo  cryptonews.net 01 December 2023 13:56, UTC

The Web3 Foundation, the driving force behind the Polkadot innovation network, has taken on a new challenge and invested $1 million to support the development and implementation of RWAs (real world assets). This move is in line with the fund’s vision to promote growth and innovation in the Polkadot infrastructure. The investment, which will be channeled through Centrifuge Chain’s Anemoy platform, is a step towards bridging the gap between TradFi and DeFi.

So far, this has not affected the price of Polkadot, a cryptocurrency that is expected to benefit from this move in the long term. Polkadot is currently trading at $5.2, down 2.49% in the last 24 hours. However, the market capitalization is approximately $6.5 billion, and the daily trading volume is $157.5 million.

Lucas VOGELSANG, co-founder of Centrifuge, emphasized the potential of the collaboration:

“With this collaboration between Centrifuge and Web3 Foundation, the stage is set for significant growth and innovation for real-world assets using Polkadot’s infrastructure and technology.”

According to the announcement, the Web3 Foundation’s investment will go toward the upcoming Anemoy Liquid Short Treasury Fund. The purpose of this fund is to make it easier for decentralized autonomous organizations (DAOs) and other investors to access short-term yields on U.S. Treasury bills.

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