On a day like today, any asset that’s showing a positive outlook is an asset worth looking at. Crypto prices continue to get leveled, and only a handful have been able to avoid the volatility. One of these projects is Flow (FLOW-USD). The FLOW crypto is seeing some gains while the rest of the market stalls out, thanks to an impressive fundraise with some big names attached.
The Flow network is a relatively new one. A product of 2022, the layer-1 dapp platform is the product of Dapper Labs. The company is perhaps best known for its non-fungible token (NFT) collections. Dapper Labs NFT products include NBA Topshot and NFL All Day — two of the largest professional sports NFT collections.
Since launching the Flow platform in January, the FLOW crypto has enjoyed its fair share of ups and downs. A fast start saw the coin’s price boom from $7 to $40. However, the months since have been unkind, taking prices on a rollercoaster ride that ultimately has the coin trading at $4 today.
This price volatility isn’t to say that Flow is a bad product; on the contrary, it is promising a solid network to investors, taking Ethereum (ETH-USD) to task over its dominance over the layer-1 market. Given its relationship to one of the biggest names in NFTs, it is primed specifically to dominate with a robust series of NFT dapps, which it is already building out. Along the way, the network is partnering with some monolithic blockchain and tech companies, from Binance (BNB-USD) to Samsung to a grip of universities helping to develop Flow.
FLOW Crypto Avoids Market Tensions With Fundraise Catalyst
This week, the Flow network is continuing this push still. News of the platform’s most recent fundraiser is seeing Flow join up with some of the most reputable venture capitalist firms in the blockchain market. It’s also doing well to keep the FLOW crypto above water while others fall.
Flow announced today that it has raised $725 million to support the ecosystem. Specifically, the money is meant for an ecosystem fund. The network is planning to distribute several token grants with the funds. It will also help developers on Flow with anything from developmental resources to physical facilities like offices. Another plan for the fund is to produce college scholarships for students to practice developmental skills on the Flow network.
Some of the largest VC firms in the blockchain industry are leading the funding round. Names include Andreessen Horowitz’s blockchain firm a16z, as well as Greenfield One and Digital Currency Group. Dapper Labs’ own firm Dapper Ventures is also contributing to the fund.
As this news makes the rounds, the FLOW crypto is seeing a price boost of about 3%.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
