Tokocrypto Injects Five Blockchain Developer Startups, Nanovest is One of them
Tokocrypto revealed that it has invested in five blockchain startups in Southeast Asia in order to support a more massive web3 ecosystem. There is no mention of the nominal amount that the company disburses for the five startups, but it is certain that this investment is in the early stages.
The names of the five startups are Avarik Saga (Indonesia), Play it Forward DAO (Singapore), Avarta (Singapore), Diamond Protocol (Singapore), and Nanovest (Indonesia).
Founder & CEO of Tokocrypto Pang Xue Kai said all the funding was carried out from the company’s own pocket and took place throughout 2021 yesterday.
The company’s desire to invest is because it is nothing but a form of support in order to stimulate the web3 ecosystem in Southeast Asia.
“The focus now is on identifying more web3 startups, and we do this through a series of incubation and acceleration programs that we launched through TokoLabs,” said Pang.
He also opened up the possibility to involve the Cydonia Fund in participating in this funding. This is a special fund formed by Indogen Capital and Finch Capital by partnering with Tokocrypto. This managed fund has a mandate to invest in the development of a global-scale web3 ecosystem and become a liaison for industry players.
5 Startups That Inject Investment
1. Avarik Saga
This local startup is GameFi which carries the concept of a 2D Japanese RPG (role-playing game) on the Ethereum network. Leveraging blockchain technology, Avarik Saga allows players to earn economic benefits through game rewards for their contributions.
Kevin Cahya as the founder and his team admitted that they made this game project because it was inspired by the phenomenal P2E game Axie Infinity.
Avarik Saga is one of 13 blockchain startups participating in the first batch of the Tokocrypto Sembrani Blockchain Accelerator (TSBA) program.
2. Play it Forward DAO
Play It Forward DAO is a unique combination of a guild management platform (P2E Board) and a large-scale guild of over 3,000 scholars (PIF Guild). Allowing broad access to Play-to-Earn games, PIF DAO is positioned as the growth engine of the Plug-and-Play Metaverse.
Just like Avarik Saga, this startup from Singapore is also included in the first batch of TSBA. Earlier this year, PIF DAO announced a $6 million fundraiser led by Signum Capital. Tokocrypto and BRI Ventures were among the investors who participated in the round.
Avrta overcomes the authentication and identification challenges that span traditional and blockchain applications. The startup is developing a multi-chain crypto wallet that provides blockchain users with unmatched security.
Blockchain applications leverage state-of-the-art solutions for checking and authenticating user identities including keyless biometric technology, TrustScore system, and whitelisting.
Offering military-grade security protocols, Avrta’s multi-chain wallet fosters a DeFi environment for users to trade with confidence without fear of fraud.
4. Diamond Protocol
This startup from Singapore was started by Coinomo and has not been officially released. Diamond Protocol is a modular vault protocol that allows anyone to get up to 20% of APY results.
Coinomo was founded after Turn Capital acquired Dapp Pocket (a crypto wallet player from Taiwan) and Cappuu (a yield aggregator service).
Coinomo is an application that allows users to buy and sell cryptocurrencies and participate in various return on investment (DeFi) products. The application has been released in beta for the Indonesian and Taiwanese markets since June 2021.
This is a marketplace for overseas digital asset and stock investment products made by the Sinar Mas Group. This startup is also incorporated into the TSBA. Although it has not been officially released, Nanovest offers the convenience of buying global shares and crypto-assets starting from IDR 5,000.
Tokocrypto is the platform provider to accommodate crypto transactions on Nanovest. As for global stocks, the company partners with brokers registered with the United States Financial Industry Regulatory Authority (FINRA).