Asia-based Rangers Protocol valued at $63M following private equity round

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Rocket Protocol has been rebranded to Rangers Protocol after completing a major investment round. Pantera, Huobi Ventures Blockchain Fund and Alameda Research are among the backers.

The newly rebranded Rangers Protocol has a valuation of $63 million following its latest private equity round, as the high-performance blockchain protocol eyes further expansion into new corners of the digital asset market.  

The Shanghai-based Rangers Protocol describes itself as a provider of “virtual worlds blockchain infrastructure,” which allows entrepreneurs and creators to build on top of the platform in a permissionless environment. Rangers Protocol includes a cross-chain protocol, nonfungible token protocol and Ethereum Virtual Machine compatible system.

An impressive list of venture funds participated in the investment round, including Pantera Capital, Huobi Ventures Blockchain Fund, Framework Ventures, bit-cointalk.com/news/alameda-research-invests-20m-in-reef-finance”>Alameda Research, bit-cointalk.com/news/polygon-and-au21-capital-unveil-21m-fund-to-support-polygon-developers”>AU21 Capital, Hashkey Capital, SevenX Ventures, SNZ, Spark Digital Capital, Incuba Alpha Holdings and Consensus Lab, among others. These venture firms are behind bit-cointalk.com/news/crypto-hedge-fund-pantera-capital-files-for-massive-134-million-raise”>some of the biggest raises in crypto.

The protocol upgrade that accompanied the rebranding also included a new bit-cointalk.com/tags/nft”>NFT platform. The team behind Rangers Protocol believes the “NFT market will explode soon.” MixMarvel, an incubator established by Rangers Protocol, believes the NFT market will eventually scale to include “large-scale human collaboration.” As Cointelegraph reported, the bit-cointalk.com/news/nft-market-projected-to-double-by-october-as-trading-volume-surges”>NFT market is projected to double by October as demand for digital collectibles continues to grow.

The company is planning to establish several community organizations in the near future, including the Ecosystem Governance Foundation, Developer Community and Pioneer Investment Alliance. These communities will support a “fair and open environment for pioneer developers,” the company said.