THE DAILY ENCRYPT

October 3, 2022

Pinata a Popular NFT Management Company Raises $21 Million in Funding Round

Pinata received funding from Pantera Capital and Offline Ventures, Greylock, Pantera Capital and Offline Ventures....

Pinata received funding from Pantera Capital and Offline Ventures, Greylock, Pantera Capital and Offline Ventures. Alchemy was also involved in the financing. Pinata creates web hosting services that are similar to Amazon Web Services and GoDaddy, but it uses decentralized storage technology IPFS.

Pinata is a company that creates a decentralized media management platform for non-fungible tokens. It has raised $21.5 million in venture capital.

Greylock, Pantera Capital, Offline Ventures and Offline Ventures led the financing round. Volt Capital, Opensea, and Alchemy also participated. The $21.5 million includes $18 million in Series A financing and $3.5 millions in seed funding.

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Pinata is integrated with the Interplanetary File System, a decentralized data storage and system. This gives users the infrastructure to create NFT projects, markets, or web3 apps on any blockchain. The funding will be used by the firm to expand its product line and to hire more people.

Pinata is joining a growing number of web3 companies creating blockchain-based services like GoDaddy Amazon Web Services.

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CEO Kyle Tut stated in a press release that creators need storage and a fast and efficient way to distribute their content across the web, metaverses and social media. Pinata allows creators of any kind to distribute content at scale, without the need for technical knowledge. “

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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