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- In April this year, Multicoin led an $18 million Series A round of funding for Hivemapper.
- Solana-based Web3 initiatives have been a primary focus of Multicoin’s investment.
Known for its support of various Web3 and DeFi initiatives, Multicoin Capital has unveiled a new $430 million venture fund. Solana-based Web3 initiatives have been a primary focus of Multicoin’s second $100 million investment fund, which closed in December last year.
For its “proof of physical work” investing thesis, the company has listed several other sectors in which it is most thrilling. “Incentivize people to do verifiable work that builds real-world infrastructure” is how Multicoin describes initiatives in this category.
Solana-Based Projects Dominate Portfolio
The two most notable “proof of physical work” major projects in the firm’s investment are Helium and Hivemapper. The corporation is “increasingly interested in this space” and searching for projects that can “disrupt incumbent industries with this model.”
In April this year, Multicoin led an $18 million Series A round of funding for Hivemapper. This navigation map-making software rewards drivers for recording their surroundings using dashboard-mounted cameras.
DataDAOs—decentralized organizations based on a similar principle to Proof of Physical Work, but instead focusing on data rather than physical infrastructure—are another area the Austin-based startup is devoting more consideration to.
The investment business thinks that crypto may assist in tackling these challenges since it enables to establish both greater incentives for users to submit data and permissionless data intermediaries, as well as to move governance power “from the hands of a few to a community of many.”
Other spheres of activity Multicoin plans to put the new money to use are on various initiatives, including projects that reward creators for their work through online payment systems that accept cryptocurrency, projects that develop DeFi applications, NFTs, and social tokens.
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