Fortress Blockchain Technologies Announces $22.5M Seed Funding Round
- The Fortress team plans to use the funds to create revolutionary B2B infrastructure systems for the Web3 industry.
- The main focus of this B2B firm is to further develop its proprietary ideas, especially the API-driven, user-friendly NFTs (non-fungible tokens) and crypto wallets.
On Wednesday, Fortress blockchain technologies revealed that it generated $22.5 million from its latest seed funding round led by Ayon Capital (a single-family office asset management firm). Some selected angel investors, such as Scott Purcell-owned soaring investment management, also participated in this funding round.
It is worth noting that Purcell is also the founder and CEO of Fortress Technologies. According to the announcement, the Fortress team plans to create revolutionary B2B systems for the Web3 sector. The fintech and blockchain tech firm has 84 full-time product managers and software engineers on its team.
Fortress Blockchain and the Web3 Market
The main focus of this B2B firm is to further develop its proprietary ideas, especially the API-driven, user-friendly NFTs (non-fungible tokens) and crypto wallets. Others include API-driven and white-label minting engines for NFTs, fungible tokens, and core infrastructure for trust and financial services. Besides engineering, Fortress also has enormous investments in regulatory initiatives.
Hence, the company hired Albert Forkner to head its fully-independent subsidiary (Fortress trust). Forkner’s experience includes being chairman of the conference of state bank supervisors and ex-banking commissioner with the state of Wyoming. His primary responsibility with Fortress trust is to guide the firm to accomplish the trust charter and develop a complete financial service stack.
This stack includes utilities for Web3 innovators, such as crypto liquidity, asset custody, trustee, payments, and compliance. Fortress also plans to deploy the funds to build a world-class sales team to reach the “go to market” phase of the startup’s lifecycle.
Thus, it is no wonder the company hired Ryan Miller as its Chief Revenue Officer. Miller was formerly the head of sales at MX technologies (the multi-billion-dollar fintech firm). The company has tasked Miller with building a team of sales go-getters across various industry verticals.
Fortress Technology CEO Scott Purcell commented that using fungible and non-fungible tokens to tokenize information and assets will cause a huge global transformation. He added that the company plans to help Web3 innovators with the necessary infrastructure to scale their businesses. Such infrastructure can be financial, regulatory, or technology-based.
Fortress intends to help these Web3 innovators, whether they are next-generation startups, fintech, or fortune 500 brands. Ayon Capital’s Rahul Pagidipati also commented on why the fund invested in this fund-raising round. He said Ayon has investments in various crypto sectors and continues to see the direct impact of blockchain technology on multiple industries.
He added that Ayon’s vision has always been to back top founders, and Scott and his team fit that profile perfectly. They have the vision and the capability to utilize funds appropriately.
Frank Zhang, a top-level executive of soaring investment management, predicted that Fortress would be crucial to developing the technological and societal paradigm shifts that are happening and will happen in the Web3 space.
Zhang also said Fortress is laying the foundation to become the choice infrastructure partner for celebrities, other top figures in the crypto space, and other industries seeking to explore the Web3 sector. Through this funding, Fortress will develop better utilities, expand its regulatory services to other regions and recruit sales teams that support B2B customers from various industries.