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Blockchain

Dapper Labs Announces New Blockchain ‘Flow’; Receives $11.2 Million Funding

Dapper Labs, which is best known for its blockchain game, CryptoKitties has raised a whopping sum of $11.2 Million through its new phase of financing from the reputed investors.

The investors included Andreessen Horowitz, Digital Currency Group, and Warner Music Group with the largest investment in the funding process coming from Andreessen Horowitz’s crypto fund, reveals the latest report published by Forbes.

Based on the report, the funding amount will be utilized to draft out Dapper Lab’s highly-anticipated blockchain network, Flow. Flow promises to handle transaction volumes higher in comparison to Ethereum. Up until now, the firm has collected $39.2 million to build out its future project.

Roham Gharegozlou, CEO of Dapper Labs, quoted that,

Flow is a blockchain built from the ground up to support high-performance ecosystems of apps and games without compromising decentralization. Bitcoin and Ethereum show how crypto can make the world of finance more open and transparent; Flow will do the same for consumers of entertainment and culture.

Dapper Labs will give an equity stake in its platform to all the investors in lieu of the contribution made by them. The investors will be given a fair chance to convert their Dapper Lab’s equity stakes into Flow’s crypto token after getting the approval from SEC. Dapper Labs describes Flow as a “developer-friendly blockchain… to support the next generation of games, apps, and…digital assets.”

Roham also stated:

Imagine on flow, the possibility of a platform for billions of sports fans to trade verified, authentic and limited edition digital memorabilia in real time around the world.

By teaming up with reputed companies like the Billion Dollar firm Warner Music and the gaming development giant, Ubisoft, Dapper Labs aims to expand the usage of Flow blockchain. Jeff Bronikowski, VP of business development, Warner Music, said that they are searching for an array of options that could help in creating unique tradable merchandise featuring Cardi B, Bruno Mars amongst others.

Jeff said,

Warner Music is always searching for new opportunities for our artists and has dedicated itself to exploring emerging technologies to enable these.

He further added that,

When we met with Dapper Labs, they immediately understood our vision so we sought to solidify the partnership through this strategic investment.

Nicolas Pouard, Ubisoft’s blockchain initiative director, said:

We are eager to learn more from Dapper Labs, some of the most talented pioneers in the field of blockchain-gaming while bringing our own experience of the gaming industry and triple-A development. As a player-centric technology, we believe blockchain can help make players true stakeholders and we can’t wait to see what we will achieve with this partnership.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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