Bill Ackman backs Web3 OP Venture Fund 1
Billionaire Bill Ackman has backed a Web3 venture capital fund focused on metaverse, gaming, social media and decentralized finance, according to a Monday, March 7 report from Bloomberg.
The fund, called OP Ventures Fund I, closed in on $50 million in funding. Ackman was among the supporters, which also included Solana co-founder Raj Gokal, Terra Do Kwon founder, Polygon co-founder Sandeep Nailwal, billionaire financier Alan Howard and Asian gaming giant Animoca Brands Corp.
Howard, the report notes, has also delved into the field of non-fungible tokens (NFTs).
This investment is the latest from traditional fund managers looking for a new option for the internet based on blockchain technology. There have been other calls to action over the past year, with Ackman calling on New York officials to facilitate more crypto innovations in the state.
Web3 applications have attracted an influx of interest from several major venture capitalists like Andreessen Horowitz, but they have also seen criticism of the technical features and mechanics from high profile technology leaders like Jack Dorsey.
According to the report, OP Crypto plans to focus on cross-border investments between the US and Asia. So far, he has invested in more than 10 projects in the Web3 domain, including crypto game project Merit Circle and Aurory.
Binance also reviewed Web3 as it recently moved to payment processing, PYMNTS reported.
Read more: Binance moves into payment processing, Eyes Web3
Binance’s new payments company, Bitfinity, will work alongside Checkout.com to provide fiat on- and off-ramps for users of cryptocurrency exchanges. This will allow them to use digital assets for retail purchases and allow the company to empower businesses to embrace crypto and reach new audiences.
Bitfinity reportedly promises “intuitive merchant APIs” and low payment processing fees. It will also have a user-friendly interface where people can buy crypto and work with other exchanges with EQONEX, a Nasdaq-listed digital financial services and exchange company.