Blockchain infrastructure provider InfStones announced on Wednesday it has raised $66 million in a just-concluded funding round led by SoftBank Vision Fund 2 and GGV Capital. Other investors in the most recent round include INCE Capital, 10T Fund, SNZ Holding, and A&T Capital.
InfStones Nears Unicorn Status
This follows the firm’s $33 million raised in Series B financing three months ago. The new funding brings the company’s total funding since inception to more than $100 million.`
Although InfStones did not disclose its valuation after the latest investment, it noted that it is close to becoming a Unicorn.
The company intends to use the capital injection to increase its workforce, develop its ecosystem, expand into new markets, ink more partnerships, and make more acquisitions.
InfStones provides decentralized blockchain infrastructure services on one integrated platform. Its services are used by top crypto and blockchain companies in the world including Binance, Polygon, OKX, and Kucoin.
“Our vision is to provide a rugged, easy-to-use Web3 environment to build a more transparent, intelligent world. We intend to drive rapid adoption of Web3 decentralized applications worldwide,” Dr. Zhenwu Shi, CEO of InfStones, said.
VCs Support Crypto Startups
InfStones’ latest funding round comes during the current bear market that has seen the value of many crypto assets plummet significantly. Surprisingly, venture capital firms are not discouraged by the bearish trends and have continued to support crypto-related firms.
In May, cryptocurrency exchange Elwood received $70 million in funding from leading financial institutions and venture capital firms including Goldman Sachs, Barclays, Dawn Capital, Digital Currency Group, and Galaxy Digital Ventures, among others.
Andreessen Horowitz (a16z), an American startup financing company, unveiled a $4.5 billion fund last week to promote the web3 ecosystems, which include decentralized finance (DeFi), decentralized autonomous organizations (DAO), and blockchain governance.
Earlier this week, Coinfomania reported that crypto payments infrastructure provider Merge secured $9.5 Million in a seed round led by investment management company Octopus Ventures.
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