Kresus, a Web3 app developer, has completed a $25 million investment round to fund the creation of its so-called SuperApp, which may pave the way for more extensive consumer adoption of digital assets.
JetBlue Ventures, Craft Ventures, Franklin Templeton, Marc Benioff, and Cameron and Tyler Winklevoss also contributed to the Series A fundraising round, which was headed by Liberty City Ventures. Kresus said the funding would be used for recruitment and product development.
SuperApp, a Web3 platform developed by Kresus, will allow cryptocurrency users to access financial services, purchase and trade nonfungible tokens, and generate a universal identifier for their online activity.
The company said that its upcoming app would assist customers in making the transition to Web3, a hazy term for a potential blockchain-powered internet in the future.
Although the notion of Web3 is still in its infancy, firms promising to offer the initial wave of Web3 products and services have drawn large venture capital investments. Web3 was the subject of 182 venture capital deals in the fourth quarter, according to research. In terms of finance, only blockchain infrastructure initiatives received more interest, with 616 separate Web3 deals totaling $9.2 billion in 2022.
In February, Google Cloud announced that it would act as a validator for the Tezos blockchain, which was the subject of the most recent high-profile Web3 partnership. The chief Web3 engineer for Google Cloud stated that the company is working to provide a safe and reliable infrastructure for Web3 entrepreneurs and developers to create and scale their applications.
