One of Asia’s major cryptocurrency investment firms, NGC Ventures, has funded the blockchain-focused incubator and consultant PANONY in a Series A funding round, putting the business on pace to grow both its portfolio and geographic reach.
The Series A gave PANONY a valuation of $100 million, the company claimed on Monday, though the investment specifics weren’t made public. The Hong Kong-based PANONY announced that it would utilize the money to increase its networking capabilities, create new service offerings, and enter new jurisdictions.
Alyssa Tsai and Tongtong Bee founded PANONY in 2018, which invests in startups with a blockchain and Web3 focus and provides continuous business support. The business continues to operate in Greater China, South Korea, and the US.
Although the firm’s CEO, Tsai, cited nonfungible tokens, decentralized autonomous organizations, and decentralized finance as interesting breakthroughs, PANONY did not specify the kinds of businesses it will support after its successful financing.
Decentralized cloud computing was hailed by Bee as one of the most potential applications for blockchain technology in a recent interview with Cointelegraph Magazine. Decentralization, in her opinion, is what distinguishes Web3 from Web2, as well. Individuals, not a mega corporation or anyone else, can control their data in a decentralized network, she claimed.
As institutional investors want to profit from the development of the decentralized internet, the venture capital sector has channeled billions of dollars into funds that are Web3-focused. In August, the founder of Polygon, Sandeep Nailwal, contributed $50 million to ventures of a similar nature. Shima Capital set aside $200 million for Web3 firms.
