Lemniscap reports 4.15% drop in average weighted asset price after of latest funding round
Lemniscap, an investment firm specializing in emerging crypto assets and blockchain startups, has recently experienced a 4.15% drop in its weighted average asset price as it helped Webb raise $7 million.
Lemniscap’s total market cap of all funds stood at $3.75 billion, with a 24-hour trading volume and dominance of its market share among other funds standing at 0.3% as of press time.
Despite this drop, Lemniscap still seems committed to its core belief that blockchain technology will upend traditional business models, resulting in profound changes in the world economy.
Lemniscap has been an active player in the cryptocurrency space since its founding in 2017.
The company has funded multiple investments in emerging crypto assets and blockchain startups, with a focus on innovative projects that have the potential to disrupt traditional industries.
Webb protocol secures $7 million in funding from Lemniscap and others
Despite the recent decline in the weighted average asset price change of funds, Lemniscap has a positive outlook on the cryptocurrency market’s future. This is evidenced by the fact that it recently co-led a seed funding round for Webb Protocol, a leading privacy system for cross-blockchain asset transfers.
It is a part of the company’s commitment to supporting innovative blockchain projects. Polychain, Zeeprime, and CMS Holdings were among the companies that participated in the investment round worth $7 million.
The cash will help Webb expand its employee base, accelerate the development of cutting-edge privacy technologies and protocols, and provide a simplified user experience.
Webb’s private bridge protocol aims to establish a new privacy standard on cross-chain applications, to create a more decentralized and privacy-centric ecosystem for web3 assets.
While the recent reduction in Lemniscap’s weighted average asset price change of funds may make some investors uneasy, it is still able to support companies that are growing in the web3 sector.