As per the latest reports, Highstreet has provided an update in regards to its latest funding round. The firm has announced that from the latest funding round, it has managed to generate $5 million. Highstreet is prominently known as a metaverse that is centered on the commerce sector.
It is considered to be the first-ever metaverse in the entire world that is centered on commerce and offers decentralized finance support. Highstreet reportedly offers a marketplace that is decentralized in nature and is known for offering products that are considered limited edition.
The firm has announced that it has successfully carried out its funding round, which was not possible without the support of world-renowned contributors. The firm has announced that the funding round was led by several traditional and cryptocurrency venture capital firms.
Highstreet has also provided names of some of the most prominent contributors/investors in the funding round. These firms include Shima Capital, Panony, GBV, Jump Trading, Cherubic Ventures, Palm Drive Capital, NGC Ventures, and Mechanism Capital.
Apart from the firms, there were individual personalities belonging to the cryptocurrency industry as well as community building who participated in the investment round. The name of these cryptocurrency participants includes Miss Bitcoin, Mr. Block, and Encrypt Club. These personalities like to go with their pseudonyms, instead of going with their original names.
Following the success of the funding round, Highstreet has revealed what it aims to do with the funds it has raised through the particular round. The firm is going to use the funds in order to expand its support and development teams.
According to the firm, the first task on their list is to expand their team of engineers and technicians. This would ensure that the future projects they are looking forward to launching, are launched flawlessly, and fast. The technicians would ensure that their platform is fully protected and secure from any outside threats.
As the number of cybercrime cases continues rising in the decentralized finance sector, the need for high security is being felt throughout the crypto-verse. Therefore, Highstreet is aiming to achieve the same and provide users with all the safety and security once could ask for.
They will also be spending the funds to introduce new features and products for the users in order to sustain the metaverse based on commerce. They are aiming to offer more services and benefits to the users, in order to bring more exposure to the cryptocurrency industry.
The firm has also announced that the funds will aid in expediting the process of developing companion applications for the platform. These companion applications will be launched through browsers and smartphones. This would allow users to access the commerce-based metaverse from anywhere they want through their smartphones and browsers.