Parafi Capital, a digital asset management firm, has successfully raised $120 million from a range of investors, including Theta Capital Management and Accolade Partners.
Parafi Capital, a digital asset management firm, has successfully raised $120 million from a range of investors, including Theta Capital Management and Accolade Partners. This capital influx comes amid a positive shift in market sentiment towards cryptocurrencies, as prices have shown signs of recovery this year.
The firm, founded in 2018, has been investing in various digital asset companies. Earlier this month, Parfin, a digital asset infrastructure provider, announced completion of a $10 million Series
A funding round led by ParaFi Capital. The firm plans to utilize a portion of the funds to acquire general-partner (GP) stakes in other crypto funds, with plans to put together a portfolio of as many as 50 such stakes over the next three to five years. According to the report.
The recent fundraising follows a similar move by Lemniscap, a venture capital firm dedicated to blockchain technology, which raised $70 million to invest in various startups.
This includes sectors such as zero-knowledge infrastructure and decentralized physical infrastructure (DePIN). Accolade Partners also backs Lemniscap's efforts.
In addition to these developments, several other crypto firms are currently raising capital. For instance, Andrena, a wireless internet service provider, secured $18 million to launch DAWN, a decentralized autonomous wireless network. This investment was led by Dragonfly and included participation from ParaFi.
In the gaming sector, Cartridge, a game development company, raised $7.5 million in a Series A round led by BITKRAFT Ventures to support its open-source framework for blockchain-based games.
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