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Saber Labs, a cross-chain decentralized exchange with headquarters in Solana Beach, has introduced a brand-new cryptocurrency fund called Protagonist with a $100 million value. By investing in them, the cryptocurrency fund and incubation lab will support the fundamental protocols of forthcoming blockchain ecosystems. Dylan Macalinao and Ian Macalinao (the Macalinao Brothers), who founded Saber Labs, also founded Protagonist. Protagonist, situated in Maimi, wants to invest in early-stage Web3 protocols and start-ups in several industries. It spans multiple sectors, including gaming, security, infrastructure, and privacy. Given that the current level of commitments exceeds the cash allotted, the starting fund may ostensibly exceed the initial plans.
Solana-Based NFT Utility Protocol
A new Layer-1 blockchain called Aptos, a Solana-based NFT utility protocol called Cardinal, and a digital banking platform called Cogni are all included in the current investment. According to reports, Protagonist strives to create and incubate its internal regulations. The network effects amongst founders have greatly aided in leveraging information and access, the most crucial commodities in the venture capital sector.
Launch Occurs During A Downturn In The Crypto Market
The introduction of the crypto fund took place amid the slaughter in the cryptocurrency market, which was notable because venture capital funding also decreased from its record high at the beginning of 2022. However, Protagonist is still very optimistic about the most recent investment and incubation program. George Bousis and Harry Hurst are the other founding members of the cryptocurrency fund. They are both experienced business owners and angel investors. The creator and executive chairman of the gift card, loyalty, and payments business Raise and Slide is George Bousis. Harry Hurst is a co-founder and co-CEO of Pipe, a trading platform for recurring incomes.