Trevor Traina Raises $25 Million in Funding for Kress Web3 Application

03/07/2023 13:37 • NFT Newsflash • 133 views

It is reported that Trevor Traina, a serial entrepreneur and former US ambassador to Austria, raised US $25 million in round A financing for its Web3 application Kress, and Liberty City Ventures led the investment. Other investors include Franklin Templeton, JetBlue Ventures and Marc Benioff of Salesforces.

Web3 application Kresus completed US $25 million round A financing

Analysis based on this information:

Trevor Traina, the former US ambassador to Austria, has successfully raised $25 million in round A financing for his Web3 application Kress. This is phenomenal news for Trevor and his team, as Kress has been achieving utmost success since its inception in the Web3 world.

The funding was led by Liberty City Ventures, and included prominent investors such as Franklin Templeton, JetBlue Ventures, and Marc Benioff of Salesforce. This round of funding marks a significant milestone for Kress as it gears up to transform the existing Web3 landscape.

Kress is a decentralized blockchain-based platform that connects creators, collectors, and curators of fine art. Its unique proposition lies in its ability to allow investors to own fractional shares in artwork, thereby making art investment more accessible and democratic.

Kress also addresses the issue of authentication, provenance, and ownership within the art world. Through its decentralized platform, it enables seamless and transparent transactions. Conventional art market participants (such as collectors, galleries, and auction houses) would know the benefits of such a platform as it guarantees reduced costs of intermediaries and less risk of fraud.

The round of funding is expected to fuel Kress’s ambitions to develop its ecosystem and onboard more users onto its platform. With the recent institutional acceptance of cryptocurrencies and the emergence of the metaverse, Kress’s growth prospects look promising.

Trevor Traina’s entrepreneurial and managerial experience across various industries would undoubtedly complement Kress’s journey as it navigates the complexities of the Web3 world. The presence of high-profile investors such as Marc Benioff reinforces Kress’s credibility and elevates its potential.

In conclusion, the successful round A funding of Kress marks a milestone in Web3’s art investment landscape. Trevor Traina and his team’s vision of bridging fractional ownership with fine art is a game-changer. Its growth potential with the backing of reputable investors signals a bright future for Web3’s art market.

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