Thesis, the crypto incubator behind the Fold crypto rewards app and decentralized protocol Keep , announced Thursday that he has raised 21 million dollarsDollars in a Series A round.

Investors in the round included ParaFi Capital, Nascent, Polychain Capital and others in the crypto space.

According to CEO and founder of Thesis Matt Luongo, the studio company plans to use the funds to develop existing projects and launch new ones. Thesis' fifth studio project is an unnamed Web 3 wallet that Luongo described as an "open source alternative to MetaMask ".

Luongo said that Thesis was inspired to create a competitor MetaMask after the popular crypto wallet owned by ConsenSys tightened its licenses and switched from open-source to closed in August 2020.

Read more: Creators of the Keep Protocol Raise $ 7.7 Million to Bring Untrustworthy BTC to DeFi

Unlike previous funding rounds for the thesis, which were largely project specific , the $ 21 million raised in Series A is an investment in the thesis itself. For investors, this represents a bet that Thesis will continue to incubate and successfully develop projects.

"Thesis is one of the best recurring builders in our ecosystem, leveraging their crypto expertise to bring technology to market that plays a central role in making crypto more dynamic and accessible, "said Santiago Roel Santos of ParaFi Capital. .

Tour investors will receive equity in Thesis and all of its professionalsjets.

"Whoever invested in this ride now owns Fold, Keep, Saddle - really everything we've done so far," said Luongo.

Read more: Selle Raises $ 4.3 Million For No-Slip DeFi Trading