Crypto Venture Studio thesis raises $ 21 million to continue building

[ad_1]

Thesis, the crypto incubator behind the crypto Fold rewards app and decentralized Keep protocol, announced Thursday that it has raised $ 21 million in a Series A funding round.

Investors on the tour included ParaFi Capital, Nascent, Polychain Capital, and others in the crypto space.

According to Thesis CEO and founder Matt Luongo, the venture capital studio plans to use the funds to develop existing projects and start new ones. The fifth thesis studio project is an unnamed Web 3 wallet that Luongo described as an open source alternative to MetaMask.

Luongo told CoinDesk that Thesis was inspired to create a competitor to MetaMask after the popular crypto wallet owned by ConsenSys tightened its licensing and switched from open source to closed source in August 2020.

Unlike previous funding rounds for Thesis, which were largely project specific, the $ 21 million raised in Series A is an investment in Thesis itself. For investors, it is a bet that Thesis will continue to successfully incubate and develop projects.

Thesis is one of the best recurring builders in our ecosystem, leveraging their early crypto expertise to bring technology to market that plays a central role in making cryptography more dynamic and accessible, ”said Santiago Roel Santos by ParaFi Capital.

Investors in the cycle will receive equity in Thesis and all of its projects.

Whoever invested in this ride now owns Fold, Keep, Saddle, really everything we’ve done so far, Luongo said.

[ad_2]