Metis Protocol has finally shared details of a recent funding round that it successfully concluded in the month of May 2021. Metis Protocol team has confirmed that the funding round was a success and it managed to generate $4 million from it.
Prior to the above funding round, Metis Protocol had raised funding from successful private, seed, and angel investments. As for the $4 million funding, Metis Protocol has confirmed that it had the support of many venture capital firms.
According to Metis Protocol, several venture capital firms led the funding round, making it a huge success. Some of the major venture capital firms that participated in the funding round included Parsiq, Master Ventures, DFG, and Block Dream Fund.
Metis Protocol has revealed that several venture capital firms had competed against each other to gain prominence among all other firms. However, the hot competition among the venture capital firms worked out in favor of Metis Protocol and it successfully raised $4 million.
Furthermore, several other investors and capital firms had also added their contributions to the funding round. Some of the most prominent mentions include CDF, Lotus Capital, Titan Ventures, Oasis Capital, BMW Capital, and AC Capital.
Additionally, there were firms such as Chain Capital, YBB Foundation, 7 o’clock Foundation, M6, Consensus Lab, AU21, and Kernel Ventures, Waterdrop Capital, CryptoMeria, Genblock Capital, and Autonomy Capital that participated in the round.
Metis Protocol is a project that is based on Optimistic Rollup. The reason behind the creation and launch of the Metis Protocol is to build the Web3 economy’s infrastructure. The platform aims to establish Decentralized Autonomous Companies (DACs) with the help of the Web3 economy.
This platform would serve as one of the most reliable, trustworthy, and decentralized entities for gig workers. They would be able to benefit a lot from the platform and will have numerous opportunities of increasing their earning opportunities.
With the raised funds, Metis Protocol will be developing its Layer 2 protocol. Once fully developed and operational, Metis’s Layer 2 protocol would support DEX trading and yield farming. While these features are extremely beneficial for the users, yet they are the secondary features offered by the protocol.
The key feature of Metis Protocol is to develop decentralized applications (DApps) with aims to power up the gig economy that is emerging from within the cryptocurrency sector.
With the creation of decentralized applications (DApps), Metis Protocol will be able to offer faster and cheaper micropayments to the users. Furthermore, the non-fungible token (NFT) functionality will be used for name-tagging the users on the protocol.
The utility of the NFT name-tagging would come in handy in order to asset and measure the reputation of the users. The NFT name-tagging would also ensure that the bad actors from within the Metis Protocol would be identified and dealt with accordingly.