Australia markets closed
  • ALL ORDS

    7,490.10
    -178.80 (-2.33%)
     
  • ASX 200

    7,175.80
    -166.60 (-2.27%)
     
  • AUD/USD

    0.7187
    -0.0041 (-0.56%)
     
  • OIL

    84.83
    -0.72 (-0.84%)
     
  • GOLD

    1,836.10
    -6.50 (-0.35%)
     
  • BTC-AUD

    49,942.01
    -7,793.39 (-13.50%)
     
  • CMC Crypto 200

    870.86
    +628.18 (+258.85%)
     
  • AUD/EUR

    0.6333
    -0.0054 (-0.85%)
     
  • AUD/NZD

    1.0702
    +0.0008 (+0.07%)
     
  • NZX 50

    12,348.00
    -149.10 (-1.19%)
     
  • NASDAQ

    14,438.40
    -408.06 (-2.75%)
     
  • FTSE

    7,494.13
    -90.88 (-1.20%)
     
  • Dow Jones

    34,265.37
    -450.02 (-1.30%)
     
  • DAX

    15,603.88
    -308.45 (-1.94%)
     
  • Hang Seng

    24,965.55
    +13.20 (+0.05%)
     
  • NIKKEI 225

    27,522.26
    -250.67 (-0.90%)
     

Crypto VC Chiron Raises $50M to Invest in Terra Ecosystem as LUNA Stays Hot

·1-min read

Hong Kong-based venture capital firm Chiron has raised a $50 million fund dedicated to backing projects on the Terra blockchain, the company announced Wednesday.

The firm will use the funds to boost “decentralized finance applications, metaverse-linked non-fungible token (NFT) platforms and more,” according to a press release.

The fund is the latest cash influx into Terra’s rapidly growing ecosystem, which attracted a $150 million decentralized finance (DeFi) fund in July.

Investor confidence in the Terra ecosystem has never been higher, a representative of the fund told CoinDesk, as the blockchain’s native LUNA token continues testing all-time highs despite an overall market downturn.

Chiron is just the latest of many funds to bet on the future of metaverse and Web 3 gaming. South Korean-based Hashed raised a $200 million Web 3 fund last week, along with a $100 million Solana gaming fund raised by Lightspeed and FTX in November.

“The Terra ecosystem’s growth potential, particularly after the latest Columbus-5 upgrade and announcements on Risk Harbor insurance wrapped protection, is limitless,” said Jake Cormack, chief operating officer at Chiron Partners. “We want to work closely with visionaries behind up-and-coming projects built on Terra, supporting them with not just capital, but also our strategic, extensive resources and expertise.”

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting