According to ChainCatcher, ARC, an NFT closed community with more than 850 members, announced that it will launch a crypto incubator. ARC positions itself as the "Y Combinator of the Web3 world" to provide support for early-stage companies.
ARC said the new capital will be used to strengthen the ecosystem, provide support for new Web3 projects, establish strategic partnerships, accelerate concept development and testing, and streamline the market launch process.
The incubator’s start-up capital comes from a recently raised US$4.5 million round of financing, which was raised by 163 members, led by Arcane Group, with participants including Adrian Lai, Arthur Cheong, Cecilia Lee, Germaine Jiang and Chris Sirise.