Fintech startup CoinFlip raises $1m initiative to support emerging Web 3.0 startups
CoinFlip, a fintech company powered by cryptocurrency, announced the launch of CoinFlip Ventures, a new initiative that will support Web 3.0 based startup companies. CoinFlip will fund a total of $1 million to various entrepreneurial teams, with a focus on university students and underrepresented or minority-owned businesses. Entrepreneurs will receive financial assistance and direct access to CoinFlip's executive leadership team who will provide industry insight, leadership coaching, business advice, and influential networking opportunities.
Daniel Polotsky, Founder and Chairman, CoinFlip: "We understand firsthand the diligence, passion, and dedication it takes to build a tech company from the ground up. We've learned so much through trial and error since our founding and are honored to pass along our knowledge and resources to startups we believe in."
The program is looking to support applicants involved in decentralized finance, NFT tools/marketplaces or tokenization of traditional assets. Funding opportunities are available to qualified applicants, up to $250,000 per company. Those interested in applying to CoinFlip Ventures must be in the pre-seed or early stages of maturation, meaning the brand has developed a prototype, service model or business plan, but is not yet profitable.
Kris Dayrit, Director and Co-founder, CoinFlip: "CoinFlip remains committed to innovation and is dedicated to the growth of this evolving industry. Diversity is a fundamental principle at our company. We are passionate about supporting underrepresented entrepreneurs and university students, and excited to launch this initiative to help further drive adoption of decentralized internet, from some of the most brilliant minds out there."
CoinFlip was founded in 2015 and was completely bootstrapped from the start. Since then, CoinFlip saw revenue of nearly $100 million in 2021, doubling from 2020. The company was also ranked No. 60 on the Inc. 5000, the highest-ranking crypto company included on the list. Since its inception, CoinFlip has expanded to over 4,000 ATMs across 49 states, taking its place on the frontline of a financial revolution where cryptocurrency and blockchain technology can empower investors across the country. In June, the company expanded to Canada, marking its first foray into international growth. With its headquarters located in Chicago, CoinFlip continues to expand its footprint across the United States and internationally.