American RW3 Ventures secures $60m to drive Web3 innovations. 2 other stories and a trivia - Ripples Nigeria
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American RW3 Ventures secures $60m to drive Web3 innovations. 2 other stories and a trivia



This line-up of stories will help you discover the latest happenings around the tech world, today.

1. American RW3 Ventures secures $60M to drive Web3 innovations

RW3 Ventures has announced securing $60 million to support early-stage blockchain and Web3 companies, signaling a promising outlook for blockchain technology.

The company announced this in a statement seen by Ripples Nigeria on Monday February 19th, 2024.

The investment, according to the startup, aims to propel nascent ventures in the blockchain sector, and prioritize foundational elements, protocols, and applications crucial for the advancement of blockchain technologies.

The influx of venture capital into blockchain and Web3 sectors amidst a dynamic digital finance landscape reflects growing investor confidence.

With support from notable entities such as The Raptor Group and Mubadala Capital, RW3 Ventures is positioned to elevate early-stage ventures into leading positions within blockchain infrastructure, decentralized applications, and protocol development.

Trivia: Which of the following is a type of testing?


Find answer below

2. Toast announces plan to Cut 10% of workforce

A restaurant management software manufacturer, Toast, has unveiled plans to lay off 550 employees, amounting to 10% of its workforce.

Despite reporting fourth-quarter earnings that surpassed Wall Street’s projections, the startup is embarking on downsizing its workforce.

In response to the announcement, Toast’s shares experienced a surge of up to 16% in after-hours trading, although these gains were moderated later.

The company anticipates charges ranging from $45 million to $55 million, predominantly in the first quarter, but expects annualized savings of approximately $100 million from the layoffs.

The layoff comes on heels of a trend in the technology sector, following Cisco’s recent decision to slash 4,000 jobs amidst dwindling sales and cautious client expenditure.

3. UAE-based exverse secures $3m funding round

A UAE-based Web3 gaming platform, Exverse, has closed a private funding round totaling $3 million.

The round was spearheaded by Cogitent Ventures, Cointelligence, and Moonrock Capital, with participation from KuCoin Labs, Epic Games, Seedify, and ChainGPT.

Fei Ooi Hoong, CEO of Exverse, confirmed this in a statement seen by Ripples Nigeria on Monday February 19, 2024.

The gaming platform, established in 2020 by Nikita Uriupin, seeks to deliver a cutting-edge gaming experience by melding traditional AAA-quality first-person shooter gameplay with Web3 innovation.

The fresh injection of capital will expedite the rollout of Exverse’s forthcoming products and facilitate the establishment of key partnerships, alongside an expansion of marketing endeavors across the Asia-Pacific (APAC) region.

Fei emphasized the company’s trailblazing stance within the gaming sphere, remarking, “We envision ourselves as pioneers in the gaming industry, having developed an AAA-quality, classic first-person shooter enriched with Web3 elements.”

Trivia Answer: UAT

UAT Stands for “User Acceptance Testing.” UAT is a process designed to help ensure products will meet user expectations when they are released. It involves running a product through a series of specific tests that help indicate whether or not the product will meet the needs of its users.

While the user acceptance testing process can be applied to any type of product, in the computer industry, it is most often associated with software programs.

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