Oak Grove Ventures has invested $5 million in the Telegram-connected blockchain project, DuckChain.
The investment firm noted that it sees significant potential in the platform’s unique integration with Telegram, which it believes could accelerate blockchain adoption and simplify the transition to Web3 for users and developers alike.
DuckChain is designed to integrate with Telegram’s ecosystem, offering developers the tools to build dApps that cater to Telegram’s vast user base. The platform aims to unlock the blockchain potential of over 30 million Telegram Star users, bridging Web2 and Web3 through scalable solutions.
The funding round also saw contributions from several prominent investment firms, including dao5, Tandem by Offchain Labs, Kenetic Capital, DWF Ventures, Skyland Ventures, and angel investors from top projects like Camelot and Quantstamp.
According to Oak Grove, the move demonstrates its commitment to fostering innovative technologies within the blockchain space. Notably, this investment follows a prior and similar investment in October. The firm invested in ZEROBASE, a real-time ZK-proof network provider. The project focuses on advancing privacy-preserving computation for ZK applications, addressing inefficiencies and confidentiality issues in crypto and Web3 environments. Oak Grove views this investment as pivotal to accelerating the adoption of ZK technology, enhancing privacy in Web3, and driving innovation in privacy-centric crypto solutions.
Meanwhile, this news builds on Oak Grove Ventures’ recent strategic move in the crypto sector, announcing the acquisition of Coin Master Co., Ltd., a Japan-based crypto exchange it invested in, by Gate Group. Gate Group’s Singaporean entity, Gate Information PTE. Ltd., now owns all shares of Coin Master, which will operate under the name Gate Japan K.K. The acquisition strengthens Gate Group’s presence in Asia, a key region for cryptocurrency adoption. For Oak Grove Ventures, this move allows the firm to refocus on its global crypto investments, while ensuring continued growth for Japan’s crypto operations under Gate Group’s leadership.
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