Non-custodial protocol, Diagonal Finance has announced a $2.5 million pre-seed round. The main objective of the platform is to make the subscription process seamless for companies focused on Web 3.
According to the official blog post, the funding round was led by Mechanism Capital. Other investors, such as Coinbase Ventures, MetaCartel Ventures, The LAO, Founder Collective, Angel DAO. Messari’s Ryan Selkis, The Daily Gwei’s Anthony Sassano, were among the angel investors who participated in the round.
Diagonal Finance plans to deploy the funds secured in the pre-seed round to ramp up its team as it moves towards the beta release. Additionally, the protocol also plans to unveil a complete product suite for developers in a bid to provide them with the necessary tools and infrastructure they need to integrate on-chain subscriptions into their business.
“This pre-seed round will enable us to execute faster on our ambitious roadmap. Additionally, we are now beginning to scale up our team, and are making our very first hires as we continue to race towards our beta release.” – reads the statement.
The latest development comes just a month after Diagonal Finance announced receiving the Polygon DAO grant, which was used to develop the product, schedule auditors, and overall accelerate its roadmap.
Web 3, Next-Gen Internet
Web 3 is buzzing with VC activity. While it may still be years away from capturing major market share but the evolving investment landscape demonstrates highly competitive as venture capitalists become less skeptical.
As a matter of fact, over the past year, this next iteration of the internet has grabbed significant investor interest. The space has also received a vote of confidence from Sundar Pichai – Chief Executive Officer at Google’s parent company Alphabet Inc. who recently disclosed closely monitoring the blockchain industry and the Web 3 universe.
Pichai also asserted that the multinational tech company is focused on moving in that direction. The 49-year-old exec said Web 3 is “something that we want to support.”
Besides, Opera, the Norwegian company behind the popular namesake internet browser, recently announced the beta version of its – “Crypto Browser Project” for Windows, Mac, and Android users. The new project features built-in Web 3 functionalities and aims to advance the sector’s growth.