Diagonal Finance Netted $2.5M Funding Led By Coinbase Ventures

Diagonal finance, a non-custodial protocol netted $2.5 million in funding in a pre-seed round with the main goal to make the subscription process seamless for companies that focus on web3 as we are reading furhter in today’s blockchain news.

Diagonal Finance netted $2.5 million in funding led by Coinbase Ventures, Mechanism Capital, MetaCartel, Messari’s Ryan Selkis, and more. The platform plans to deploy the funds secured in the pre-seed round to ramp up the team as it moves ahead in the beta release. The protocol also plans to unveil a complete product suite for the developers while trying to provide them with the needed tools and infrastructure they need to integrate the on-chain subscription in their businesses:

“This pre-seed round will enable us to execute faster on our ambitious roadmap. Additionally, we are now beginning to scale up our team, and are making our very first hires as we continue to race towards our beta release.”

Today we are excited to announce that we have raised a $2.5 million pre-seed round, to enable crypto native subscriptions on Ethereum.

👉 https://t.co/iRh6uKxPka pic.twitter.com/vA5kqWve2T

— Diagonal (@DiagonalFinance) March 4, 2022

The latest developments came a month after Diagonal Finance announced getting the Polygon DAO grant that was used to develop the product and to accelerate the roadmap. Web3 is buzzing with VC activity and while it could be years from capturing major market shares, the evolving investment landscape shows a highly competitive field with venture capitalists becoming less skeptical. Over the past year, the next iteration of the internet grabbed the interest of investors. The space got a vote of confidence from Sundar Pichai who is the Chief Executive Officer at Google’s parent company Alphabet Inco that disclosed closely monitoring the blockchain industry and the Web3 universe.

Pichai also said that the tech company is focused on moving in the direction and said that Web3 is something that they want to support. Also, the Norwegian company behind the Opera browser announced the beta version of the Crypto Browser Proejct for Mac, Windows, and Android uses.

Speaking of fundraisers, Burnt Finance is a protocol built on Solana and now Animoca led an $8M funding round for it while also launching its own nonfungible token platform. The capital will go towards adding more staff and exploring partnerships with other artists and other Solana-based projects. Burnt Finance known for burning a piece of artwork from Banksy before selling a digitized version as an NFT, said that it also launched its  NFT marketplace that will feature auctions and will allow the users to mint and sell digital assets.