Fortress, a popular blockchain firm, has raised over $22.5 million in its latest seed funding round. The funding round was led by a family office asset management venture, Ayon Capital. Other investors in the round include Scott Purcell-owned soaring investment management and a host of others.
The blockchain firm intends to harness the funds further to develop its proprietary initiatives. Fortress intends to fund its API-oriented, user-friendly NFTs and crypto wallets. Additionally, it plans to further upgrade its API-oriented and “white-label” engines for minting NFTs and fungible tokens. The firm will use part of the funds to enhance its major infrastructure and regulative initiatives.
Similarly, the protocol wants to use the funds to hire and sustain a seasoned sales team. Also, it intends to devise revolutionary B2B mechanisms for the Web3 space.
The firm hired Albert Forkner to head its autonomous subsidiary, Fortress trust, to implement the plan fully. According to reports, Forkner is saddled with leading Fortress toward actualizing its trust charter. He is expected to help the firm develop a complete financial service stack. Notably, the stack revolves around Web3 utilities explored by innovators. The utilities include crypto liquidity, asset custody, trustee, payments, and compliance.
Fortress employed Ryan Miller as its Chief Revenue Executive. With this role, he is expected to build a team of sales go-getters across various “industry verticals.” As of press time, the firm has 84 full-time product managers and software engineers as its team members.
According to Fortress CEO Scott Purcell, the usage of NFTs to tokenize information and assets possesses the capacity to foster worldwide transformation. Purcell affirms the intention of the firm to empower Web3 innovators with the needed enablers. This, according to the CEO, will help brace up their businesses. He added that the enablers could be finance, technology, or regulatory.
The CEO of Ayon Capital, Rahul Pagidipati, justified his firm’s involvement in the funding round. According to Pagidipati, Ayon possesses numerous investments across different spheres in the crypto space. He noted that Ayon is aware of the underlying impact of blockchain technology and will always aid its development. Pagidipati added Ayon Capital is always out to support top blockchain technology providers. The CEO admitted that Fortress fit such a requirement, hence the decision to support it. He does not doubt that Fortress will utilize the funds well.
An executive of soaring investment management, Frank Zhang, also reacted to the development. Zhang is optimistic that Fortress will become instrumental in developing technology and “societal paradigm shifts” ravaging the web3 industry. He added that Fortress is close to becoming the choice infrastructure collaborator for celebrities and other heavyweights in the crypto sphere.