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As the blockchain industry continues to hemorrhage market value, Venture investors are giving money to more credible and long-term teams and labs rather than projects.
Gringotts Labs, a pioneering blockchain incubator founded by a group of financial scholars and blockchain developers, is raising $300 million from Ivy Venture, the leading crypto asset management firm with $5 billion under management.
According to people familiar with the investment, this is the first time that Gringotts Labs seeks financing and the $300 million liquidity investment makes it one of the most prominent crypto incubators in the world.
One will not deny that Gringotts Labs is a maverick and avant-garde in the already crazy crypto world. Different from other crypto incubators focusing on projects that are mediocre but bring short-term or steady revenues, Gringotts Labs do things in an utterly different style. It incubates and develops innovative blockchain projects and gives special priorities to innovative projects that might inspire imagination and accelerate the industry.
Gringotts Labs is raising money even as crypto markets remain choppy, with Bitcoin well down from its all-time high amid worries over Fed tightening, inflation, flash crash of Luna UST, and Russo-Ukrainian War. In this light, Gringotts Labs is still being strong and vigorous and becomes the favored among crypto capitals.
With the investment, the dark-horse incubator plans to expand its research and development team and explore new possibilities ranging from traditional DEX, and lending products to experimental protocols, and blockchain networks. According to reliable insiders, Gringotts Labs gives high attention to Cube Chain and plans to deploy several competitive DeFi protocols on the blockchain network, whose Testnet has been launched a few days ago.
With many uncertainties standing in front of the industry, Gringotts Labs’ successful funding from Ivy Venture gives a pick-me-up to the fragile market sentiment. With the vision to rediscover, rebuild, and redefine a crypto universe, how the incubator is going to unwrap the potential of the crypto world?
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