Pantera Capital has raised $15M in Series A funding for 0x Labs, a startup focused on blockchain gaming. Pantera has also made investments in Unstoppable Domains, a company that specializes in developing decentralized games. The fund will also continue to institutionalize the space worldwide with investments in decentralized exchanges, developer tools, and marketplaces.
Decentralized Exchange Protocol
0x Labs, the firm behind the decentralized exchange protocol and ZRX token, has closed a $15M Series A equity round led by Pantera Capital. The company, which has raised more than $16 million in total, plans to use the funding to develop a trading desk business and a professional-grade aggregation service. The funds will also be used to further its open-source protocol.
0x Labs has a mission-driven team made up of top talent from leading tech companies. The company is remote-first, with its team members located across continents. The company has also made significant technical contributions to the Ethereum protocol, including establishing the NFT token standard. This latest funding round was led by Pantera Capital and includes other well-known venture capital firms.
Matcha Token Search Service
0x Labs plans to use the money to improve their platform and to build out their network. Their product offerings include a Matcha token search service, an API liquidity service, and the 0x Protocol global backbone. The company also plans to integrate additional chains and invest in cross-chain functionality. In addition, it plans to expand the functionality of its 0x API service, which powers the ShapeShift exchange.
0x Labs is a decentralized wallet that is backed by a team of experienced crypto investors. The company is backed by Pantera Capital, a venture capital firm focused on digital currency and crypto assets. Pantera Capital has been vocal about the potential price of Bitcoin and has even predicted that a bull market could begin in September 2020. The company is not slowing down on its investment strategy, but will focus on building a decentralized ecosystem to increase the value of its assets.
Pantera’s Investments in Blockchain Gaming
Pantera has made investments in blockchain gaming, including Angelic. The company calls Angelic a “top-tier game product” in the blockchain gaming space. Its elegant design and sophisticated game mechanics will make it a staple of Web3 gaming for years to come. Animoca Brands co-founder Yat Siu says Angelic will help bridge the gap between blockchain games and AAA titles. In recent years, play-to-earn blockchain games have gained in popularity. Many of these games have the feel of AAA RPGs, like Splinterlands.
Pantera’s investments in blockchain gaming are a part of a broader strategy that includes investing in early-stage tokens and web3 companies. The fund is targeting early-stage tokens that will have a high liquidity. It also plans to invest in web3 gaming and metaverse firms.
The fund will make investments in early-stage digital tokens, along with early-stage equities. The minimum investment in the fund is $1 million. Pantera will invest 40% of its assets in venture equity. It will invest in companies that are using blockchain technology to create new products and services.
InfiniGods is another blockchain gaming startup that has received investment from Pantera Capital and other top-tier investors. The studio is a leader in creating games that blend blockchain technology and entertainment. InfiniGods is a Web3 multi-game studio that focuses on an easy-to-use onboarding experience. The studio plans to publish three games before the end of 2022. In addition, the team plans to launch a governance token for players.
Largest Cryptocurrency Hedge Funds
Pantera Capital is one of the largest cryptocurrency hedge funds. The company launched its first cryptocurrency fund in 2013 when Bitcoin was worth $65 and is currently managing $4.5 billion in assets. The company has since raised more than $1 billion to open its second fund, which is set to close in May next year. The new fund will invest in digital tokens and equity. The company hopes to attract institutional investors to the new fund.
Pantera’s new fund will be led by Michael Morehead, who has a long history in finance. He started his career trading bonds at Goldman in the 1980s and later worked for hedge fund legend Julian Robertson. In 2003, he founded the Menlo Park, California-based Pantera. The company has been investing in blockchain games, including eSports and play-to-earn games. Pantera has also co-led a $4 million seed round led by Dragonfly Capital.
Other notable blockchain investments recently raised by these funds include QLC Chain, a next-generation public chain. This project has raised $15 million from Dawnstar Capital. It plans to use the funds to accelerate its digital transformation. Another project, WormholesChain, has closed a $10 million seed round led by OKX Angels. It is developing a platform to trade decentralized derivatives. It plans to integrate with the Polygon blockchain.
Despite the recent volatility in the crypto market, Pantera Capital Management has been increasing its investment in cryptocurrencies, including Bitcoin. At year-end, the company had $5.6 billion of crypto assets. While bitcoin continues to trade below the $20,000 threshold, Ether has lost more than 50% in the past six months. As a result, the ongoing crypto winter has forced several crypto firms into liquidation.