Billionaire Bill Ackman has thrown his support behind a Web3 venture fund focused on the metaverse, gaming, social media and decentralized finance, according to a Monday (March 7) report from Bloomberg.
The fund, called OP Ventures Fund I, has been closing in on $50 million in funding. Ackman was among the supporters, which also included Solana co-founder Raj Gokal, Terra founder Do Kwon, Polygon co-founder Sandeep Nailwal, billionaire financier Alan Howard and Asian gaming giant Animoca Brands Corp.
Howard, the report noted, has also been looking into the area of non-fungible tokens (NFTs).
This investment is the latest from traditional money managers looking for a new option for the internet based on blockchain technology. There have been other calls to action over the past year, with Ackman calling on New York officials to facilitate more crypto innovation in the state.
Web3 applications have seen an influx of interest from several large venture capital firms like Andreessen Horowitz, but they’ve also seen some critiques over technical features and mechanisms from high profile tech leaders like Jack Dorsey.
According to the report, OP Crypto has plans to focus on cross-border investments between the U.S. and Asia. It has invested in over 10 projects in the Web3 area thus far, including crypto gaming project Merit Circle and Aurory.
Binance has also been looking at Web3 as it has moved recently into payments processing, PYMNTS reported.
Binance’s new payments firm Bitfinity will be working alongside Checkout.com to provide fiat currency on- and off-ramps for users of cryptocurrency exchanges. That will let them use digital assets for retail purchases, and will allow the company to empower businesses to adopt crypto and reach new audiences.
Bitfinity will reportedly promise “intuitive merchant APIs” and low payments processing fees. It will also have a user-friendly front end where people can buy crypto, and will work with other exchanges along with EQONEX, a Nasdaq-listed exchange and digital financial services firm.