The layer-2 cross-chain computation platform Coinweb has recently closed a strategic funding round that led to a raise of $4million whilst it looks to expand its board of advisors.
Having been a largely self-funded project throughout its 4-years of existence, the decision to hold a strategic round came in light of the first part of the platform being launched on Mainnet beta whilst the importance of community growth and education amongst the targeted audience was realised; now that demonstrable technology had been delivered.
Speaking exclusively to The Fintech Times shortly after the platform’s inception back in 2017, Coinweb’s CEO and Founder Toby Gilbert said: “We’re a team on a mission to create mainstream adoption of blockchain; we’re creating blockchain infrastructures to make it easier to use for everybody, every day. What we are not, we’re not a blockchain, and we’re not interested in a short-term project. I want to be really, really clear about that. We’ve identified the key challenges and we’re trying to solve them.”
Whilst serving as advisors for Coinweb’s growth, the onboarded partners are due to help create awareness and convey accurate technical information to their communities.
“We really appreciate the tremendous support that we have received and would like to extend a warm welcome to all our partners. It is rewarding to see the commitment and hard work that the team has put in for the past 4 years really start to pay off,” Gilbert remarks.
Venture Capital firms and Strategic Partners include Qi Capital, Vespertine Capital, Morningstar Ventures, MM Ventures, 316VC, Contango Digital Assets, Master Ventures and KuCoin Labs.
James Bowater, Founder and Editor-at-Large of Crypto A.M., was also appointed as Coinweb’s ambassador.
According to CEO of 316VC, John Edwards: “Every so often a project emerges with plans not just merely to exist but disrupt the space with innovation. We are excited with the Coinweb partnership and its plans to unify blockchains and bring technological advancements to the space.”
“Coinweb offers an expanded solution space and reduced platform risk for dApps in respect to interoperability and computation functionality, in comparison to earlier work by other projects,” said the co-founders of MM Ventures. “We are excited to join the project as a strategic investor, and we look forward to supporting Coinweb on their mission to drive greater adoption of blockchain technology”
“At Contango, we believe the future will be multi-chain, which is why we are so excited about the innovative solutions being built by Coinweb,” added Mike Grantis of Contango Digital Assets. “By coupling properties, functionalities and data from multiple blockchains, Coinweb has introduced the new frontier of DeFi and cross-chain development. We believe this secure interoperability will open Pandora’s box to an explosion of high performance, low-cost dApps, and we are excited to play our part in that development.”
With the closure of this strategic round, reports show Coinweb’s next step will be through an Initial DEX Offering (IDO) public sale on a soon-to-be-announced launchpad.