Azuro, a decentralized autonomous group (DAO) constructing a protocol for blockchain-based predictions, has raised $11 million with funding from SevenX Ventures and Arrington Capital.
Different members within the funding spherical embrace Fenbushi Capital, Polymorphic Capital, Pink Beard Ventures, Dewhales, and G1 Ventures.
In an announcement, Azuro stated the funding shall be used to additional speed up ecosystem growth throughout this crucial part of growth and to accentuate advertising efforts within the decentralized prediction market area.
Funding Secured Forward of $AZUR Token Launch
Azuro has plans to drop a token, “AZUR” shortly though no timeline has been given.
“This spherical of funding arrives simply as we’re about to hit some main milestones in our journey, together with the much-anticipated launch of our $AZUR token, which is on the coronary heart of what we’re constructing,” stated Rossen Yordanov, core contributor at Azuro, in a press launch.
“With this new capital injection, we’ll carry Azuro even nearer to our large aim: making prediction markets clearer and extra open to everybody,” added Yordanov.
Azuro Obtained $7.5M Funding in 2022
Azuro stated this newest funding spherical follows a earlier injection of $7.5 million again in 2022 from a cohort of 25 traders secured in Seed and Strategic rounds.
Contributions within the 2022 spherical got here from AllianceDAO, Ethereal Ventures, Delphi Digital, Gnosis, and Benefit Circle.
In anticipation of its token launch, Azuro introduced it has additionally lately progressed to the third and remaining stage of the Azuro Rating, witnessing important momentum throughout its increasing ecosystem.
Because the begin of Stage 2 in September 2023, transaction volumes have soared past $225M, with revenues exceeding $2.4 million.
The agency stated over 20 dapps are already operational and using Azuro’s infrastructure to run their companies, with dozens extra within the pipeline, and 4,400+ liquidity suppliers actively taking part within the swimming pools.
VC Funding Surges 2024
Enterprise capital funding within the Web3, gaming, AI and crypto area has skilled a surge within the first quarter of 2024, breaking a two-year downtrend.
Each the full quantity invested and the variety of initiatives receiving VC funding have seen substantial will increase since This fall 2023, in line with knowledge gathered by crypto evaluation platform Crypto Koryo, as reported by Ruholamin Haqshanas from Cryptonews.
Information reveals there was a notable 38% rise in funds invested throughout the quarter, indicating a renewed investor confidence within the crypto business. Furthermore, there was a outstanding 49% enhance within the variety of initiatives securing funding, a degree not witnessed since This fall 2021.
