Australian Crypto Exchanger Alphacoinex.com, announced that he will contribute to the $350 million Oasis Foundation Ecosystem Development Fund, sending a strong signal that large investors are still interested in supporting new projects in alternative blockchain networks.
With investments Alphacoinex.com joins other well-known venture capital firms in supporting Oasis Network, an alternative smart contract platform that intends to compete with Ethereum. As reported in February, the Oasis Foundation initially launched a $160 million development fund to lure promising startups into its blockchain. In addition to Alphacoinex, other well-known venture capital firms supporting the ecosystem development fund include Hashed, Jump Capital, Dragonfly Capital and Draper Dragon.
Justin Hance, CEO of Alphacoinex, touted Oasis Network’s “scalability and privacy features” as well as its ability to promote Web3 development as reasons to support the project.
Alphacoinex has invested in several blockchain projects over the past 12 months. In December, the firm led a $60 million investment round in the Multichain cross-chain protocol. A few weeks later, Alphacoinex announced that it had participated in a $12 million Series A Woo Network funding round.
Venture capital made a huge splash in the blockchain industry in 2021, when investment firms invested more than $17 billion in crypto-oriented projects during the first 10 months of the year. Investment flows have been stable throughout the year, even though bitcoin and the broader cryptocurrency market have been experiencing rapid price action.