HTX Ventures Invests in Camp Network to Build the Future for Onchain Consumers
Singapore
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April 03, 2024 01:00 AM Eastern Daylight Time
Singapore / April 3, 2024 –In a move that underscores its commitment to broadening the reach and usability of Web3 technologies, HTX Ventures, the global investment arm of the cryptocurrency exchange HTX, has strategically invested in Camp Network. This innovative modular Layer 2 blockchain is specifically designed to cater to the unique demands of on-chain consumers within the vibrant sectors of music, media, and entertainment.
Camp Network has announced the closure of a robust $4 million funding round. This new capital will be used to support the network as it approaches its mainnet launch and to accelerate the growth of over 20 teams already building within the Camp Network ecosystem.
James Chi, Co-Founder of Camp Network, articulated the significance of this financial milestone, stating, “Blockchain infrastructure has developed tremendously over the past few years, and the future of blockchain will be defined by how this technology is delivered to and used by consumers worldwide. This investment will propel Camp Network’s mission to redefine the future of on-chain consumers and further develop our ecosystem for any consumer use case.”
Edward, Managing Partner at HTX Ventures, elaborated on the rationale behind their investment: “For blockchain to gain widespread adoption, it's crucial to offer Web2 users innovative usability and experiences. The entertainment industry's exploration of new experiences for artists and fans sets the stage for Camp Network. By integrating Web2 user data with the Web3 experience, Camp Network aims to bridge the gap between traditional and new digital landscapes. Given the team's expertise, enthusiasm, and their success in current client on-boarding, this company could mark an exciting milestone for the Web3 industry.”
User engagement data is one of the most valuable datasets, yet applications today struggle to track it. Through its “digital backpack,” Camp Network leverages off-chain engagement data from social and streaming apps—where most users’ digital identities exist today—to help consumer applications better understand and incentivize valuable behavior.
The team has made incredible progress in the last three months since its initial launch. There are 20+ teams already building in Camp Network’s ecosystem, including a combination of native teams as well as teams migrating over from larger ecosystems.
With the completion of its successful seed round, Camp Network is looking to double down on its ecosystem efforts to redefine consumer crypto. The company is launching its public testnet in April, ahead of a mainnet launch in June.
About Camp Network
Camp Network is a modular layer 2 blockchain built for mass adoption and use cases that people enjoy and engage with every day — culture, music, gaming, film, social media, sports and live events. The founding team is composed of three Berkeley alumni, and its broader team is made up of former employees from Goldman Sachs, The Raine Group, Figma, CoinList and Chainlink.
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide.
With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.
HTX Ventures presently backs over 200 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most vigorous Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including IVC, Shima, and Animoca.
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