Developers of the Mask Network (MASK) altcoin announced that it has launched a second fund under its investment arm Bonfire Union. This marks a major milestone for the company, which has raised a total of $100 million since its founding in 2022.
According to official sources, Bonfire Union aims to strategically invest in decentralized social networks and infrastructure. To date, more than 120 projects have joined the Mask Network ecosystem under the Bonfire Union umbrella. These include some of the fastest growing Web3 projects such as RSS3, Lens and Scroll.
Suji Yan, founder of Mask Network, said the following about the development:
“Mask Network actively contributes and supports the decentralized social networking community through various grants and donations. “With the new fund, more initiatives will be able to receive our support.”
In November 2023, Mask Network subsidiary Sujitech LLC donated $100,000 to Mastodon, making it the largest donation the non-profit and decentralized social media platform has ever received, according to Mastodon CFO Felix Hlatky.
“It is time for more talented and dedicated innovators to come together and build the Decentralized Social Network for the future,” says Suji Yan.
*This is not investment advice.