Web3 Kresus raises $25M for consumer blockchain access

SuperApp, Kresus’ Web3 platform, is aimed at enabling users of cryptocurrencies to purchase, trade, and make use of other financial services.

Kresus, a creator of Web3 applications, has concluded a $25 million investment round to assist the creation of its so-called SuperApp, which might pave the way for greater consumer acceptance of digital assets.

Liberty City Ventures led the Series A fundraising round, with participation from JetBlue Ventures, Craft Ventures, Franklin Templeton, Marc Benioff, and Cameron and Tyler Winklevoss.

Kresus said that the funds will be used for product development and recruiting.

Kresus is presently building SuperApp, a Web3 platform that allows crypto users to purchase and trade digital products such as nonfungible tokens, get access to financial services, and provide a global identifier for their online activities.

The business said that its upcoming application will assist users in bridging the gap to Web3—a nebulous term referring to a future version of the internet powered by blockchain technology.

Although the Web3 idea is still in its infancy, firms promising to offer the first wave of Web3 goods and services have drawn substantial venture capital funding.

Web3 attracted 182 venture capital investments in the fourth quarter.

In 2022, there were 616 separate Web3 agreements worth $9.2 billion; only blockchain infrastructure projects had a greater financial interest.

Google Cloud, which announced in February that it would become a validator for the Tezos blockchain, is the newest prominent Web3 partner.

The chief Web3 engineer for Google Cloud said that the Google subsidiary is trying to offer “safe and dependable infrastructure for Web3 founders and developers to build and expand apps.”