The promise of blockchain has not materialized, with speculation dominating the space. Initia aims to lower barrier to building decentralized apps, allowing better access.
TechCrunch learned that Initia recently closed a $14 million Series A, with around 90% from Tomasz Tunguz's Theory Ventures, marking their first investment in equity and tokens.
Tomasz Tunguz stated, 'Ethereum is worth seven Snowflakes put together,' suggesting that while blockchain potential is vast, suitable development environments are essential for proper utilization.
Initia has raised a total of $22.5 million, highlighting the fragmentation in the decentralized app ecosystem and the need for solutions that improve interoperability.
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