Kyro raises $10M for next-gen crypto marketplace platform

Kyro Digital has secured $10 million in funding for its software-as-a-service platform for crypto marketplaces. The funds came from large blockchain companies and crypto venture funds.

The investors include Avalanche through its Blizzard fund, Polygon, Rally, and Tezos, as well as almost a dozen others.

Kyro is working with multiple blockchains, marketplaces, and individuals to make it easier to mint, launch, and scale nonfungible token (NFT) storefronts. NFTs, which use the transparent and secure digital ledger of the blockchain, have been a hot topic — popular among crypto enthusiasts and derided by critics who think they’re scammy.

Kyro’s long-term goal is to create long-lasting on-chain value from new genesis blocks and secondary sales of all crypto assets.

It will support a handful of established blockchains at launch, including Avalanche, Ethereum, Flow, Polygon, Rally, and Tezos. Kyro also offers ten digital and real-world crossover applications, third-party applications, and the first Web 3 builder.

“Rally enables creators to navigate the complex Web 3 landscape, both on the front end with their fans and in the tech infrastructure that ultimately plugs them into the broader Web 3 ecosystem,” said Rally’s Stephanie Pereira. “The investment in Kyro will help creators with both of these aspects of their online communities: enabling a branded standalone interface on the front end, and the possibility of cross-chain interoperability at the core of their offering.”

The platform gives creators launching NFTs or other crypto assets through Kyro’s partners the ability to create their own marketplaces. NFT, Token, or Coin deployments include usable real-world and digital utilities including merch, rewards, events, donations, virtual goods, and more.

All of it can now be managed with the Kyro platform. Kyro is led by Samir Arora, who started working on distributed applications at Apple and was the former CEO of NetObjects, which launched the first website builder for Web 1.0.

Originally appeared on: TheSpuzz