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Octopus Network Announcement: Seed Funding Round Complete!

The Octopus Network Team recently announced the completion of a seed-funding round for building out the base level infrastructure of Octopus Network. The $3 million dollars fundraise includes capital from deep-crypto venture firms including: 

  • D1 Ventures
  • SevenX Ventures
  • Puzzle Ventures
  • PNYX Capital
  • Electric Capital
  • Ascensive Assets
  • Origin Capital
  • ZMT Capital
  • Bixin
  • OKEx Block Dream Fund
  • Spark Digital
  • ChainX
  • Stafi
  • NGC Ventures 

Prior to this seed round, Octopus had received a $1 million dollar strategic investment from the NEAR Foundation. In context this fundraise is a strong vote of confidence in both the future of appchains, as well as NEAR Protocol. 

The Early Days of Appchains on NEAR: Octopus in Context

An Appchain is a decentralized Web3.0 application in the form of an independent blockchain. Octopus Network provides appchains with flexible on-demand shared security, out-of-the-box cross-chain interoperability, and infrastructure services including blockchain explorers, API endpoint, indexers, etc. In short, Octopus Network allows for projects to quickly and efficiently customize and launch their own blockchain, without needing to source all of the features required to maintain that blockchain. 

By reducing the capital expenditure for publishing and launching an Appchain by two orders of magnitude – from millions of dollars to tens of thousands dollars – Octopus Network is preparing to unleash a new wave of innovation in Web3.0 applications. 

On Octopus Network the next generation of Web 3.0 applications can develop in a cost-effective, scalable, and secure manner. The $3 million dollar seed round fundraise for Octopus is the first step of an inevitable software revolution. To stay up to date with Octopus Network and the many different appchains preparing to deploy on Octopus, follow the team on Discord and Twitter

If you’re a developer who wants to see what building on NEAR is all about, check out the NEAR documentation to get started. If you want to be part of the NEAR community, join our Discord or Telegram channels or follow NEAR on Twitter.

Written By

NEAR Team

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