Of late, crypto projects have received funding from people hailing from non-crypto backgrounds But OP Ventures Fund 1 has received backing from some of the most influential people in the crypto domain.
Terra founder Do Kwon along with co-founders of Solana (Raj Gokal) and Polygon (Sandeep Nailwal) have made significant contributions in a Web3 funding round for OP Ventures. OP Venture Fund is expected to spend the money received from the funding round on cross-border investments between the US and Asia.
The main areas under the purview of OP Venture Funds are DeFi (Decentralized Finance), metaverse, gaming, and social media. OP Venture fund has already contributed to more than 10 Web3 projects such as Aurory and Merit Circle.
In September 2021, the OP Venture Fund has benefited through $25 million investment from companies like Galaxy Digital and Huobi. But in the current funding round, the contributions from Terra, Solana, and Polygon co-founders have raised the confidence in the projects.
Apart from investments from the crypto domain, there were non-crypto investors such as Animoca Brands and Alan Howard, a famous billionaire. Experts believe that funding for illustrious Web3 projects such as OP Venture attracts big wallet investors because of the hype surrounding the upcoming iteration of the web.