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Sunday, September 25, 2022

Rarify Has Raised Around $10 Million From Pantera Capital

Rarify, an infrastructure startup of NFT, has been able to raise around $10 million in Series A funding from Pantera Capital at $100 million. The backing received from Pantera Capital is quite significant- considering it is one of the top venture capital firms in the entire cryptocurrency sector. One of the major offerings of the startup is an NFT commerce-focused application programming interface- something that enables most firms to start launching and integrating user-friendly marketplaces in their platforms. The API would also allow the porting and minting of NFTs between different blockchains.

Rarify Has Received Major Funding From Pantera Capital

In an interview with Forbes on the 3rd of March, Revas Tsivtsivadze, the co-founder of Rarify, stated that the company had major plans of simplifying the purchase of NFT and then selling similarly to how Square made it pretty easy to accept the payments. The co-founder also remarked that the check-out process of marketplaces such as OpenSea could be brought down to three steps from its earlier 14-step process. 

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The latest round of funding to Rarify has also added around $2 million seed round from late last year that went on to include participation from Eniac Ventures, Pareto, and Protocol Labs- to name a few. The firm has major intentions of using the funds in order to scale up the employee count while launching multiple new products with varied partners. 

Rarify currently has been pushing for NFT embedding services that would enable owners of several websites such as stores or blogs to integrate simplistic purchase and selling of NFT. The startup has also been working on a data API that would track NFTs through multiple blockchains, verify the profile picture of a user’s NFT, and gauge the specific value of NFTs. 

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