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Despite Security Issues OpenSea Secures $300 Million at $13 Billion Valuations

OpenSea has managed to raise $300 million in Series C at a valuation of $13.3 billion. The company said the money will be used for improving customer and community experiences. Paradigm and Coatue were the leads.

OpenSea wants to use this investment in four important areas:

  1. Accelerating Product Development
  2. Significantly improving customer support and safety
  3. Investing in wider NFT and Web 3 communities
  4. Growing the team

Shiva Rajaraman, who recently left Meta and joined OpenSea, will be in charge of these initiatives.

The CEO and co-founder of OpenSea, David Fenzer, declared:

“We’re focused on lowering the barriers to entry for NFTs by introducing features and simplified flows that abstract away the complexity of the blockchain. We’re also accelerating our multi-chain support and prioritizing improvements to help people discover, manage, and showcase their NFTs with better tools, analytics, and presentation.”

Since OpenSea is the biggest NFT marketplace on the globe, the company needs to direct more attention to its security issues since recently hackers were able to do away with 15 Bored Ape NFTs from the platform worth $2.2 million.

The platform managed to suspend the buying and selling of the assets, but it did show that the platform is vulnerable to external attacks.

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