A group of founders have banded together to launch a $100 million fund that will support early-stage Web3 and blockchain companies.
Protaganist, a Miami-based crypto fund and innovation lab, aims to power startups that will support emerging Web3 ecosystems. The term refers to a new version of the internet that will be built using decentralized blockchains.
"The key innovation of these networks is the creation of platforms that no single entity controls, yet everyone can still trust," Protaganist co-founder George Bousis told Miami Inno. "Web3 technologies eliminate the need for intermediaries, and make capital markets and platforms more efficient."
Bousis is an angel investor and founder of Raise and Tampa-based Slide, a gift card, loyalty, and payments company. Protagnist's founding team also includes Saber Labs founders Dyan Macalinao and Ian Macalinao; and Harry Hurst, founder and co-CEO of Miami-based Pipe, a trading platform for recurring revenues. The startup hit "unicorn" status last year when it reached a $2 billion valuation.
Protagnist already has three portfolio companies, including Aptos, a project focused on building a scalable blockchain; Cardinal, a Solana blockchain that will power non-fungible token (NFT) rentals and subscriptions; and Cogni, a digital banking and lifestyle platform.
Web3 is advertised as an alternative to the current version of the internet, controlled by large technology companies that sells user data for profit. The idea is Web3 will build open platforms and users will own their data and digital assets, like posts or photos.
Miami became a magnet for blockchain and Web3 ventures last year, when local officials such as Miami Mayor Francis Suarez have made vocal efforts to recruit those companies to the region.
Protagnist wants to develop the technology that will power emerging Web3 ecosystems, said co-founder and general partner Dylan Macalinao.
“There will continue to be multiple thriving blockchain networks as each chain forms its own niche of applications and primitives in the next 20 years, and we are excited to play a big part in supporting these networks," he said.
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