If you are someone who is eagerly anticipating the transformative impact of Web3 technology, you would not want to miss out on the latest developments from Kresus. The San Francisco-based start-up has recently concluded a highly successful Series A funding round, which has secured an impressive $25 million to support its ongoing efforts in the space. Led by Liberty City Ventures, JetBlue Ventures, Franklin Templeton, Marc Benioff, Cameron & Tyler Winklevoss, and Craft Ventures, among others, this funding will be used to continue building out Kresus’ SuperApp, a platform that lets users mint, manage, and store digital assets.
Thinking what’s so special about Kresus’ SuperApp? Well, it has the potential to bridge the gap to Web3 and enable broader consumer adoption of digital assets. By allowing users to buy and sell digital goods such as nonfungible tokens, access financial services, and create a universal identification for their internet activity, Kresus’ SuperApp could be a game-changer in the digital asset space.
And Kresus isn’t alone in its pursuit of Web3 innovation. According to Cointelegraph Research, Web3 was the focus of 182 venture funding deals in the fourth quarter of last year, with a total of 616 individual Web3 deals in 2022 amounting to $9.2 billion in funding. Clearly, investors are bullish on the potential of Web3, and Kresus is one of the startups aiming to deliver the first wave of Web3 products and services.
The company, founded by serial entrepreneur Trevor Traina, is no stranger to success. Traina has previously founded or co-founded five technology startups and invested in many others, with successful exits such as IfOnly (sold to MasterCard in 2019), StepUp Commerce (sold to Intuit in 2006), and CompareNet (sold to Microsoft in 1999) under his belt. With Traina at the helm, Kresus is poised to make waves in the Web3 space.
Overall, the Series A funding round for Kresus is a clear sign of the growing interest in Web3 technology and the potential for startups that aim to deliver on its promise. As the Web3 ecosystem continues to evolve, Kresus’ SuperApp has the potential to be a key player in driving the adoption of digital assets. And with Google Cloud recently announcing its partnership with Tezos blockchain as a validator, it’s clear that Web3 is only going to become more important in the years to come.