The crypto bear market hasn't fazed players in the crypto ecosystem from providing significant capital whatsoever.
Naoris Protocol, a Portugal-based cybersecurity network founded in 2021, has recently announced that it collected $11.5M in funds from world-class investors, including Drapper Associates, Holdun Family Office, Holt Xchange, Expert Dojo, and others.
According to the official announcement issued on July 27th, the company will leverage the fresh capital to boost and scale its operations, while building a prominent and innovative cybersecurity solution.
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David Carvalho, CEO and founder of Naoris Protocol, shed some light on how the current crypto bear market has affected the organization’s plans of creating a permissionless and credibly neutral protocol, noting that it granted a superb opportunity. He added:
"It has the effect of like clarity of mind. All the noise disappears, and suddenly people are interested."
On top of that, Carvalho is reportedly creating multichain security and decentralization-based Layer-2 and Layer-3 protocol, where users will be able to create individual validator nodes.
Likewise, Brendan Holt Dunn, CEO of Holdun Family Office, commented on the partnership and mentioned that Naoris has managed to create a much-needed contemporary product for every business out there, implying:
"We will stop at nothing to provide the support and financial resources required to bring Naoris to the forefront of the Cybersecurity industry in Web2 and Web3. Naoris Protocol has our unwavering support and commitment."
Other prominent figures in the crypto industry that participated in the fundraiser included SDC Management, Uniera, Level One Robotics, Holdun Opportunity Fund, and Brendan Holt Dunn.
It seems as though the harsh market conditions haven't scared away crypto giants from pouring significant amounts of money into up-and-coming initiatives. For instance, earlier in July, Web3 startup Aptos Labs secured $150M in funds to continue building “the safest and most scalable Layer-1 blockchain.”