Web3 app Kresus raises $25M to bridge consumers to blockchain

March 7, 2023 admin Cryptocurrency News 0

Web3 app developer Kresus has closed a $25 million funding round to support the development of its so-called SuperApp, potentially opening the door to broader consumer adoption of digital assets. 

The Series A funding round was led by Liberty City Ventures, with additional participation from JetBlue Ventures, Craft Ventures, Franklin Templeton, Marc Benioff and Cameron and Tyler Winklevoss. Kresus said the capital would go toward product development and hiring.

Kresus is currently developing SuperApp, a Web3 platform that enables crypto users to buy and sell digital goods such as nonfungible tokens, access financial services and create a universal identification for their internet activity.

The company said its forthcoming app would help users bridge the gap to Web3 — a vague concept that refers to some future iteration of the internet powered by blockchain technology.

While Web3 as a concept remains underdeveloped, startups promising to deliver the first wave of Web3 products and services have attracted sizable investments from venture capital. According to Cointelegraph Research, Web3 was the focus of 182 venture funding deals in the fourth quarter. There were 616 individual Web3 deals in 2022 totaling $9.2 billion — only blockchain infrastructure projects garnered more interest in terms of funding.

Related: Deal Box launches $125M blockchain and Web3 venture fund

The latest high-profile Web3 partnership involved Google Cloud, which announced in February that it would become a validator for the Tezos blockchain. Google Cloud’s head Web3 engineer said that the Google subsidiary is working to provide “secure and reliable infrastructure for Web3 founders and developers to innovate and scale their applications.”