Blockchain-focused advisory and incubator PANONY has closed a Series A funding round backed by NGC Ventures, one of the largest cryptocurrency investment firms in Asia, putting the company on track to expand its portfolio and geographic footprint. .
Although the terms of the financing were not disclosed, the Series A gave PANONY a valuation of $100 million, the company reported Monday. Hong Kong-based PANONY said it would use the funds to expand into other jurisdictions, launch new service offerings and expand its network capabilities.
Founded in 2018 by Alyssa Tsai and Tongtong Bee, PANONY invests in blockchain and Web3-focused startups and provides ongoing business advice and support. The company maintains operations in Greater China, South Korea and the United States.
Although PANONY did not disclose the types of companies it will support after its successful fundraising, Tsai, who serves as CEO of the firm, identified non-fungible tokens, decentralized autonomous organizations, and decentralized finance as promising innovations.
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In a recent interview with Cointelegraph magazine, Bee highlighted decentralized cloud computing as one of the most promising use cases for blockchain technology. He also opined that the decentralization was the key feature that separates Web3 from Web2: “In a decentralized web, individuals can control their data, not a mega-company or anyone else”said.
The venture capital community has poured billions of dollars into Web3-focused funds as institutional investors want to take advantage of the growth of the decentralized internet. In August, CoinFund launched a $300 million fund for Web3, Shima Capital put $200 million into Web3 startups, and Polygon founder Sandeep Nailwal put $50 million into similar initiatives.
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