Digital Finance Group (DFG), a blockchain investment firm, has decided to announce a $20 million fund dedicated to Polkadot to support projects that will want to use this blockchain.
The fund manages as much as $550 million in total and has also previously invested in Cosmos, Ethereum Classic and Ethereum, while its portfolio of companies includes Ledger X, Bloq, Circle and Brave.
Why Digital Finance Group invested in Polkadot
James Wo, founder of Digital Finance Group, had this to say about the fund’s reasons for investing specifically in Polkadot:
“We believe Polkadot’s scalability and interoperability innovations are key to mass adoption of blockchain technology. The experience and expertise of the founding and developing teams set Polkadot apart from other blockchain projects, and we are very pleased to announce the Polkadot Ecosystem Fund to support the development of applications that will further the growth of the Polkadot ecosystem”.
The latest news concerning Polkadot
First in terms of value of DOT locked in staking with as much as $3 billion locked, Polkadot is a relatively new project that is attracting more and more attention.
Exchanges have also taken notice, so much so that Bitfinex recently announced the listing of the Polkadot (DOT) pair against Bitcoin (BTC) for trading on the platform.
According to data from the end of January, DOT has marked an increase of more than 100% since the beginning of 2021 reaching over the value of $20 per single token and now in fact stands at $24 with a climb of almost 3% in the last 24 hours.
Moreover, a few hours ago Polkadot Plasm Network’s parachain received as much as $2.4 million in an investment round led by Binance Labs.
Recently, Curve Finance also announced that they are looking to expand on Polkadot’s blockchain in order to get save on fees.