December 20, 2024
DuckChain, a blockchain project focused on enabling on-chain interactions within Telegram, has raised $5 million in its latest funding round. The round included investments from DAO5, Offchain Labs, Kenetic Capital, DWF Ventures, Oak Grove Ventures, Skyland Ventures, Geek Cartel, Gate.io, and Presto Labs. Prominent angel investors from projects like CamelotDEX and Quantstamp also participated in this effort.
The project aims to strengthen Telegram’s ecosystem through its TON-based Ethereum Virtual Machine (EVM) solution, designed to integrate blockchain functionality for over 30 million Telegram Star users. This funding will be allocated to advancing DuckChain’s infrastructure and supporting its ecosystem. As part of its roadmap, the project has also introduced the Yellow Duck Mission hackathon, which offers a $1 million prize pool to incentivize developer engagement and innovation.
The funding round places DuckChain in a stronger position to implement its blockchain solutions for Telegram, with the hackathon supporting collaboration and exploration among developers.
About DuckChain
DuckChain is a blockchain initiative that focuses on bridging Telegram’s user base with blockchain technology. Its TON-based Ethereum Virtual Machine (EVM) provides developers with tools to build decentralized applications tailored to Telegram’s ecosystem. DuckChain also hosts the Yellow Duck Mission hackathon to encourage the development of new solutions.
Website: https://duckchain.io/
X: duck_chain
About Investors DAO5
DAO5 is a blockchain-focused venture fund that invests in decentralized projects.
Location: British Virgin Islands
Website: https://dao5.com/
Offchain Labs
Offchain Labs is the developer of Arbitrum, a Layer 2 scaling solution for Ethereum.
Location: Princeton, New Jersey Website: https://www.offchainlabs.com/
Kenetic Capital
Kenetic Capital is an investment firm specializing in blockchain technology.
Location: Hong Kong
Website: https://www.kenetic.capital/
DWF Ventures
DWF Ventures is the venture capital arm of DWF Labs, supporting blockchain innovation.
Location: Dubai Website: https://www.dwf-labs.com/ventures
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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