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Coinweb raises capital from blockchain VC firm Magnus Capital

Coinweb raises capital from blockchain VC firm Magnus Capital

Last updated 12th Apr 2022
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Coinweb, a small but growing blockchain network, announced a new partnership with Magnus Capital, a leading VC firm. 

Magnum and Coinweb partnership

Coinweb is a fast-growing blockchain project that is best-known for introducing the Inchaim architecture. This is a distributed ledger technology (DLT) that offers cross-chain computation processes. As a result, it can help developers with cross-chain token issuances and cross-chain DeFi protocols.

In a statement on Tuesday, the developers announced a new partnership with Magnus Capital. Magnus is a leading VC firm that focuses on digital assets. It invests and offers advice to blockchain creators. 

Some of the other companies that have received investments from Magnus are LaunchX, B21, Stater, and TrustSwap among others. In a statement, a representative from Magnus said:

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“It’s our pleasure to partner up with Coinweb to achieve great things and be part of the early adopters to blockchain’s future. The fund has been investing in promising projects and Coinweb is definitely one of them. Magnus looks forward to supporting the project and providing as much value as we can, while creating together a community that shares core value and mission.”

Crypto investments rise

The announcement came at a time when many venture capital firms have allocated millions of dollars to blockchain projects.

For example, last week, Gemini raised $400 million at a $7 billion valuation. Some of its investors were Morgan Creek Digital and Commonwealth Bank of Australia. 

In the same week, Consensys, a company started by an Ethereum co-founder raised $200 million at a $3.2 billion valuation from HSBC and Coinbase Ventures.

Other companies that have received huge investments are FTX, Solana, Avalanche, and The Sandbox.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.