Quick take:
- The company will use the funds to accelerate the development of its developer and user-centric layer-1 blockchain, Nibiru Chain.
- The company said its focus on performance and security makes Nibiru Chain ideal for real-world assets (RWAs), gaming, and DeFi.
- Nibiru Chain offers a “dev gas” royalty mechanism which developers can use to ensure a sustainable model for long-term growth.
Nibiru Chain has announced a $12 million funding round backed by Kraken Ventures, ArkStream, NGC Ventures, Master Ventures, Tribe Capital, and Banter Capital, among others.
The company said it will use the funds to accelerate the development of its developer and user-centric layer-1 blockchain. Nibiru Chain is built with performance and security at the core of its vision, making it ideal for developers building gaming projects, decentralised finance (DeFi) apps, and those looking to bring real-world assets (RWAs) to the blockchain.
The company offers a “dev gas” royalty mechanism which developers can use to ensure a sustainable model for long-term growth.
Commenting on his firm’s participation in the fundraising, Tom Dunleavy, CIO and Partner at Master Ventures Capital said in a statement: “Nibiru has taken all of the best in class technology and research developed over the past few cycles and packed them into the best new chain we have ever analysed. They optimize for developers with a built-in dev toolkit, easy-to-use APIs, language SDKs, and a native oracle. MV Capital could not be more excited to partner with Nibiru as we move into the new level of adoption for crypto.”
This announcement comes on the heels of Nibiru’s community sale on CoinList, which saw the company sell out its initial allocation of $3M in 9 minutes, with a $3 million extension also sold out in 11 minutes.
“By the end, this sale had 842% in pre-funded excess interest, attracting 42,713 registrants and over 5,000 purchasers of the network’s staking and utility token, NIBI,” Nibiru wrote in a statement.
Brandon Gath, Managing Partner at Kraken Ventures commented: “We look forward to supporting the distinctive Layer 1 model Nibiru has designed, where the core primitives are built alongside the core foundation for maximum interoperability — all while incentivizing developers and users through its smart contract royalty mechanism.”
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