July 03, 2024
Nycrypto Labs, a hub for blockchain development that aims to ease the shift from Web2 to Web3, has declared that it has successfully garnered $800,000 in a pre-seed funding round. The funding round was spearheaded by DNA Fund, and saw contributions from Transform Ventures, led by Michael Terpin, along with several distinguished angel investors.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Nycrypto Labs | $800K | July 03, 2024 | Pre-Seed | $800K | DNA Fund | DeFi, Wallet |
The significant financial achievement aligns with the unveiling of Nycrypto’s premier product, the Tidus Wallet. This wallet stands out as it is the sole multi-chain wallet that facilitates lending, borrowing, and staking across different chains without the need to exit the application.
The Tidus Wallet was developed to mitigate the risks inherent in the bridging process, which is the method of moving assets across various blockchain networks. This process usually necessitates the use of intermediary protocols or platforms to transform tokens.
The bridging process is multi-step and can lead to increased security risks, elevated fees, and additional complexity, posing significant challenges especially for novice traders.
The Tidus Wallet eradicates the necessity for bridging, thereby providing a safer and more efficient user experience. This results in lower transaction costs and empowers users to confidently navigate the Web3 environment.
About Nycrypto Labs
Nycrypto is a one-stop tech hub dedicated to driving the long-term adoption of DeFi and the Metaverse. It was founded in late 2020 with a mission to remove one of the most ubiquitous obstacles of participation in the decentralized world. The company is transforming the relationship with the decentralized world by providing a platform that simplifies the transition from Web2 to Web3.
Nycrypto’s flagship product is a multi-chain wallet designed for lending, borrowing, and staking across different chains. This wallet specializes in providing accessibility to blockchain and DeFi, enabling users to reduce potential risks associated with click fraud using decentralized security and privacy
Website: https://nycrypto.co/
About Investor
Investor: DNA Fund
DNA Fund is a venture capital firm that plans to launch funds targeting smaller assets in the crypto space, including newer and opportunistic projects. The firm leverages the expertise of the DNA team and their access to deal flow, empowering investors to benefit from a diversified portfolio tailored to capitalize on emerging opportunities.
DNA Fund is known for its strategic investments in the crypto space. It focuses on smaller assets and newer projects that present unique opportunities. The firm’s strategy involves leveraging the expertise of its team and their access to deal flow. This approach allows DNA Fund to create a diversified portfolio for its investors, designed to capitalize on emerging opportunities in the crypto market.
Location: Newport Beach, CA
Website: https://dna.fund/
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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