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Pinata received funding from Pantera Capital and Offline Ventures, Greylock, Pantera Capital and Offline Ventures. Alchemy was also involved in the financing. Pinata creates web hosting services that are similar to Amazon Web Services and GoDaddy, but it uses decentralized storage technology IPFS.

Pinata is a company that creates a decentralized media management platform for non-fungible tokens. It has raised $21.5 million in venture capital.

Greylock, Pantera Capital, Offline Ventures and Offline Ventures led the financing round. Volt Capital, Opensea, and Alchemy also participated. The $21.5 million includes $18 million in Series A financing and $3.5 millions in seed funding.

Pinata is integrated with the Interplanetary File System, a decentralized data storage and system. This gives users the infrastructure to create NFT projects, markets, or web3 apps on any blockchain. The funding will be used by the firm to expand its product line and to hire more people.

Pinata is joining a growing number of web3 companies creating blockchain-based services like GoDaddy Amazon Web Services.

CEO Kyle Tut stated in a press release that creators need storage and a fast and efficient way to distribute their content across the web, metaverses and social media. Pinata allows creators of any kind to distribute content at scale, without the need for technical knowledge. “

The post Pinata a Popular NFT Management Company Raises $21 Million in Funding Round first appeared on The Daily Encrypt.



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Angie Byrd