Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-paginate domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/opticuqi/public_html/wp-includes/functions.php on line 6114

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wprss domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/opticuqi/public_html/wp-includes/functions.php on line 6114
Blockchain-Focused Polychain Capital Fuels AI Firm Ritual’s $25M Funding Round With Significant Investment – Options Armor
Featured

Blockchain-Focused Polychain Capital Fuels AI Firm Ritual’s $25M Funding Round With Significant Investment

Apr 08, 2024
Blockchain-Focused Polychain Capital Fuels AI Firm Ritual’s $25M Funding Round With Significant Investment

Blockchain-centric venture capital company Polychain Capital has invested a significant amount in artificial intelligence (AI) platform Ritual.

What Happened: The investment by Polychain supplements Ritual’s $25 million funding round from last November. The round, led by Archetype, also saw contributions from Accomplice and Robot Ventures. Polychain has confirmed its investment but has kept the exact figure under wraps, CoinDesk reported.

Ritual aims to tackle the centralized nature of AI systems. The funding from Polychain arrives at a time when interest in the convergence of blockchain and AI is on the rise. Blockchain companies aim to counter an AI monopoly by tech behemoths like Microsoft, Meta, and Alphabet by incorporating decentralization into data storage and infrastructure access.

In January, BitMEX co-founder Arthur Hayes joined the advisory board of Ritual, highlighting the need for a more censorship-resistant, collaboration-fostering technology in the rapidly growing AI economy.

Benzinga future of digital assets conference

Also Read: EXCLUSIVE: The Top Crypto VC Funding Trends In 2024

Why It Matters: The investment by Polychain in Ritual aligns with the current trend in the crypto venture capital landscape, which is witnessing a significant shift towards specific sectors.

Moreover, the recent surge in cryptocurrency prices has sparked a new wave of fundraising activities among venture capitalists. Recently, Paradigm, a prominent crypto-focused investment firm, announced that it is in talks to secure a new fund valued between $750 and $850 million.

The investment by Polychain in Ritual underscores the growing interest in the intersection of blockchain and AI, which is expected to shape the future of technology.

What’s Next: These topics are expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Elon Musk Says VCs Who Went Bullish On Crypto To AI Are ‘Right’ About The Latest Fad

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock

Featured Sponsor

Stay informed with the latest market alerts by subscribing today!

Subscribe and receive daily afternoon commentary and trade opportunities focused on Options Armor events.

*By submitting your information you agree to the terms of our Privacy Policy. You will receive the Options Armor newsletter, and third party offers. You can unsubscribe anytime by selecting unsubscribe at the bottom of our emails.

Related Articles

Featured
Pepe Set to Join Dogecoin, Shiba Inu As Multi-Billion Dollar Meme Coin By 2025: ‘Massive Breakout’ Coming Soon, Trader Predicts
Nov 27, 2024,
Featured
Dogecoin Up 3%, Shiba Inu Up 4%: What Is Going On?
Nov 22, 2024,
Featured
Nvidia Set For Gains From AI Cloud Demand, Blackwell Launch, And Data Center Expansion: Analyst
Nov 15, 2024,
Featured
Reddit Stock Soars 167% Year-To-Date, Unshaken By Exec Sell-Offs
Nov 11, 2024,

Stay informed with the latest market alerts by subscribing today!

Subscribe and receive daily afternoon commentary and trade opportunities focused on Options Armor.

*By submitting your information you agree to the terms of our Privacy Policy. You will receive the Options Armor newsletter, and third party offers. You can unsubscribe anytime by selecting unsubscribe at the bottom of our emails.