San Francisco-based investment fund Momentum Capital has announced that it has received a $10 million investment from Canadian BM Fund. Following the investment, Momentum Capital is on a mission to find the next Apple in the cryptocurrency market. Here are the key details about the investment announcement.
$10 Million Investment to Support Early-Stage Web3 Projects
According to today’s announcement, the $10 million investment was completed last month. The capital allocation will be used to support early-stage Web3 projects that are still in the mission of finding the next Apple in the cryptocurrency market, as stated in the announcement.
BM Fund stated that the decision to make such an investment was based on Momentum Capital’s performance during high volatility market periods. Carmen, the Founder of BM Fund, said, “Our decision to invest in Momentum Capital during a bear market shows that they are extremely capable and competent.”
Momentum Capital, focusing on the next phase of the current cycle in the cryptocurrency market, stated that it is ready to strengthen its focus on opportunities in Web3.
Gary, Managing Partner at Momentum Capital, said, “Momentum Capital continues to invest in Web3 projects that have real value and is committed to developing them. As we navigate the depths of the market in the next six to twelve months, our focus will extend from Web3 infrastructure to regional Web3 opportunities and building globally in Web3 applications.”
The Evolution of the Web and Web3
The term “Web3” is a general name used for decentralized networks and technologies where decentralized applications (dApps) and smart contracts are executed. Web3 represents a decentralized version of the internet.
The first phase of the Web, known as Web1, corresponds to the early days of the internet when websites were static and users had limited ability to influence the content. The second phase of the Web, known as Web2, is characterized by the emergence of social media, blogs, video sharing, and interactive platforms where users can create content. Web3, on the other hand, is a decentralized internet that is entirely controlled by the user and often powered by blockchain technology.
