This Tuesday, Dispersion Capital, a venture capital firm, announced the creation of a new $40 million fund. The fund is geared toward supporting projects that are building “foundational web3 infrastructure” that will be able to handle millions of users.

Dispersion Capital Seeking to Help Develop Infrastructure to Accommodate Millions of Users

On May 23rd, a venture capital firm called Dispersion Capital introduced its new $40 million fund focused on supporting projects working on “foundational web3 infrastructure”. The fund has an impressive array of backers including Circle and Ripple.

According to the company’s announcement thread, while the digital assets industry is facing a bear market, the fact remains that web3 is in need of infrastructure that will be able to accommodate millions of users. Additionally, Disperse Capital stated that their goal is both to decentralize and “disperse the power of web3 worldwide”.

Patric Chang, Disperse Capital’s Managing Partner and Founder described the current situation within the industry as “an opportunity to invest in the resilient infrastructure web3 needs to thrive.” He also added that the ultimate goal is to help developers build “a multichain, multi-currency, and multi-platform world.”

Digital Assets Have No Shortage of Backers Despite “Crypto Winter”

Over the previous year, the digital asset industry has taken numerous hits that precipitated a somewhat diminished enthusiasm for blockchain technology. The “crypto winter” saw a string of high-profile bankruptcies and the ensuing regulatory and investor pressure saw the closing of two major crypto-friendly banks within only a few days.

Additionally, the emergence of advanced artificial intelligence also caused a shift of attention among venture capital firms. Despite the adverse events, cryptocurrencies have proven their staying power and even now have no shortage of backers.

Earlier on Tuesday, for example, Num Finance announced the end of a successful pre-seed round geared toward expanding its tokenized assets offering in South America. Additionally, multiple major traditional companies remain enthusiastic with regard to blockchain with Visa stating in April that it has an ambitious crypto product roadmap.

This article originally appeared on The Tokenist

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