Blockchain incubator valued at $100M after NGC Ventures-led Series A

PANONY, a Hong Kong-based investment and advisory agency, prioritizes Web3 startups for its incubator program.< /p> New

Blockchain incubator and advisor PANONY has closed a Series A funding round backed by NGC Ventures, one of Asia's largest crypto investment firms, putting the company on track for expand its portfolio and geographic presence.

Although financing terms were not disclosed, the Series A gave PANONY a valuation of $100 million, the company reported Monday. Hong Kong-based PANONY said it would use the funds to expand into other jurisdictions, launch new service offerings and expand its networking capabilities.

Founded in 2018 by Alyssa Tsai and Tongtong Bee, PANONY invests in blockchain and Web3-focused startups and offers ongoing business consulting and support. The company has a presence throughout Greater China, South Korea and the United States.

Although PANONY did not reveal the types of companies it will support after its successful raise, Tsai, who is the CEO of the company, identified non-fungible tokens, decentralized autonomous organizations and finance decentralized as promising innovations.

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In a recent interview with Cointelegraph Magazine, Bee highlighted decentralized cloud computing as one of the most promising use cases for blockchain technology. She also felt that decentralization was...