With maiden $42M fund, Bonfire Union wants to invest in web3 like Tencent does in web2

Mask Network, a Binance-backed startup that enables users to send cryptocurrencies and encrypted messages on established internet platforms like Twitter, has an ambitious goal: to become the corporate venture capital powerhouse in web3 as Tencent has done in web2.
To that end, the five-year-old company recently completed the first close of its venture investment arm called Bonfire Union. With a fresh $42 million in its coffer, the firm plans to invest in the “social ecosystem” of web3, a version of the internet built largely on blockchain that promises to be more decentralized.
The

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