Coin Bureau Lists Five Altcoins That Have Received Major VC Backing
According to widely-followed crypto analyst and Coin Bureau host, known as ‘Guy’, investments by venture capitalists in later-stage cryptocurrency projects indicate the high potential those particular projects have.
Guy lists five crypto projects with high-performance blockchain Solana (SOL), which is among the many projects that have received massive financial backing from venture capital (VC) firms since the start of the year.
“When VCs invest heavily in a cryptocurrency that’s already up and running, it suggests the project in question has serious long-term potential and is not just some speculative short-term investment.In first place we have Solana.”
The YouTube show host tells his nearly 1.2 million YouTube subscribers that over $500 million has been poured into Solana in various tranches as he terms the haul a ‘bullish’ sign.
The rounds are a $40 million funding in March, a $60 million round in May, another $100 million in May and $314 million in June.
Dapper Labs is another project on Guy’s list, which owns the popular crypto-collectible platform NBA Top Shot.
Dapper has raised over $300 million from multiple VC firms in less than five months as excitement over the Top Shot ecosystem grew.
Proof-of-stake blockchain Algorand (ALGO) comes third on Guy’s list of cryptocurrencies that have high potential based on the financial backing received from VCs. Arrington Capital raised $100 million in June to ‘fund projects building on the Algorand blockchain’.
Fourth on the list is the proof-of-space blockchain Chia Network (XCH) which raised $60 million in May.
The multi-chain platform Kusama comes fifth on Guy’s list.
The project raised $30 million alongside its sister platform Polkadot in June. In addition, Kusama’s parachain auctions, which allow crypto communities to essentially bid for which projects will launch on the network, are up and running. The top project, Karura, allocated $100 million to Kusama in order to secure a 48-week lease to build on the network.
