The NFT community ARC raised $4.5 million to launch a crypto incubator.

ChainCatcher news, the NFT closed community ARC with over 850 members announced today that it will launch a crypto incubator. According to Decrypt, ARC, headquartered in Singapore, positions itself as the "Y Combinator of the Web3 world," with Y Combinator being a long-standing startup accelerator based in San Francisco that provides funding, guidance, and resources for early-stage companies.

ARC stated that the new capital will be used to enhance the ARC ecosystem, provide dedicated support for new Web3 projects, establish strategic partnerships to accelerate concept development and testing, and streamline the process from concept to market launch.

The incubator's startup funding comes from a recent fundraising of $4.5 million, raised by its 163 members, with the lead investor being the venture capital firm Arcane Group. Participants include Adrian Lai (The Newman Group), Arthur Cheong (Defiance Capital), Cecilia Lee, Germaine Jiang (Mask Network), and Chris Sirise (LiquidX Studio).