Supra, a Web3 project designed to Supercharge Web3 for a better-decentralized future, is elated to announce the success of its private investment round that raised over $24 million.
Strategic partners participated in The private investment round, recognising Supra’s game-changing potential within the Web3 space. These partners include Animoca Brands, FiveT Fintech (formerly Avaloq Ventures), BCW, Razer.com, Republic Crypto, Shima Capital, Coinbase Ventures, Galaxy Interactive, UOB Venture Management (United Overseas Bank), Huobi Ventures, No Limit Holdings, Hashed, HashKey, Prosus Ventures, SMO Capital, Sound Ventures, Signum Capital, Sublime Ventures, and Valor Equity Partners.
In facilitating the massive migration of Web2 to Web3, Supra seeks to create innovative cross-chain oracle and bridgeless communication networks. The team behind the projects hopes to achieve sub2-second finality with security guarantees. The team will use its bespoke consensus algorithm, “Moonshot Consensus”, and projects that these bridges will be over 10 times more secure than incumbent bridges. To date, over 1.5 million cryptocurrency data pairs are updated daily using Supra’s next-gen Oracle technology.
Commenting on the funding, Joshua Tobkin, CEO and Co-Founder of Supra, stated:
“We’re very pleased to have achieved the support of some of the biggest names in the blockchain industry. Building our network of strategic partnerships is extremely important to our future growth. These partnerships will go a long way towards developing the momentum necessary to bring a much-needed security upgrade to the oracle space to further protect DeFi.”
Adding to the funding, Supra has brought in over 500 other funds, angel investors, and node operators to decentralize network ownership and governance through token supply distribution. Notably, Supra believes increased token distribution is crucial in the project’s long-term success of a decentralized network.
Supra seeks to unlock limitless interoperability. In supporting its vision, Supra recently announced a learn-to-earn airdrop gamified opportunity for community members. This gamified airdrop was aimed at distributing $SUPRA to stakeholders. Dubbed the Countdown to Blast Off campaign, the airdrop event invites users to join the Supra cadets and learn more. Notably, Supra hopes to have 500,000 KYC token holders during their Token Generation Event, which is scheduled for early 2024.
Supra is led by a team of experts headed by Dr. Aniket Kate, known for his work on KZG Polynomial Commitments. The team is working to build a low latency interoperability infrastructure that will provide Web3 capability that traditional blockchain design lacks.
