Funding
VC Roundup: Web3 dev, EVM sharding and crypto banking headline blockchain funding deals
Web3 dominance within crypto funding rounds has been well documented by Cointelegraph Research. In addition to the Web3 mega funds announced recently, venture capital has also been making smaller, more targeted investments in the sector. In this week’s Venture Capital (VC) Roundup, we chronicle the latest Web3 funding initiatives and draw attention to a sharding platform, nonfungible token (NFT) marketplace, crypto banking solution and co-ownership infrastructure provider. Related: Blockchain games and metaverse projects raised $1.3B in Q3: DappRadar Gamers, athletes and content creators back WWVentures WWVentures, a boutique crypto venture firm, has raised $15 million for its Web3 fund — putting the company on track to invest in metaverse, decentralized finance and blockchain gaming...
Web3 infrastructure firm ChainSafe raises $18.75M as attention shifts to GameFi
Canadian Web3 infrastructure company ChainSafe has closed an $18.75 million funding round that was backed by prominent industry venture firms, putting the company on track to expand operations at a time when demand for blockchain infrastructure and gaming services was on the rise. The Series A round was led by venture firm Round13 with additional participation from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital. ChainSafe said the funding would go toward supporting the growth and adoption of Web3 technology. ChainSafe’s founding team met at an Ethereum meetup in Toronto in 2017. Later that year, ChainSafe was founded as a blockchain research and development firm. The company mainly focuses on multi-chain R&D and other Web3 umbrel...
Crypto Biz: $43T bank enters crypto — Probably nothing, right?
As crypto traders debate whether Bitcoin (BTC) is going to $25,000 or $15,000 first, the world’s largest financial institutions are laying the groundwork for mass adoption. The proverbial floodgates are unlikely to open before the United States provides a clear regulatory framework for crypto, but regulators and industry insiders are confident that guidance could come in 2023 at the earliest. In the meantime, megabanks like BNY Mellon, whose roots date back to 1784, are entering the space. This week’s Crypto Biz chronicles BNY Mellon’s foray into digital assets, JPMorgan’s ongoing experimentation with blockchain technology and Crypto.com’s new European headquarters. BNY Mellon, America’s oldest bank, launches crypto services Arguably the biggest story of the week was news of another ...
a16z leads $40M raise for decentralized knowledge protocol
Decentralized knowledge protocol Golden has closed a $40 million funding round led by venture firm Andreessen Horowitz, or a16z, with additional participation from Protocol Labs, OpenSea Ventures and the founders of Solana, Dropbox, Postmates and Twitch, among others. In addition to leading the Series B funding round, Andreessen Horowitz’s general partner Ali Yahya will join Golden’s board alongside a16z cofounder Marc Andreessen. The funding gives Golden additional resources to continue building its protocol, which is designed to standardize the discovery and verification of knowledge in the era of Web3. Specifically, Golden is developing a decentralized interface that incentivizes collecting and verifying canonical data. The company claims that over 35,000 users participated in ear...
DEX dev Uniswap Labs looks for new funding at unicorn valuation: Report
Major decentralized exchange (DEX) Uniswap is in the early stages of raising significant funds to further expand its decentralized finance (DeFi) offerings, according to a new report. Uniswap Labs, a DeFi startup contributing to the Uniswap Protocol, is engaging with a number of investors to raise an equity round of $100 million to $200 million, TechCrunch reported on Sept. 30. The startup is working with investors like Polychain and one of Singapore’s sovereign funds as part of the upcoming funding round, the report notes, citing two anonymous people familiar with the matter. According to the report, Uniswap would be valued at $1 billion, but the terms of the deal are subject to changes as the discussions around the round have not been finalized. The new funding reportedly aims to bring m...
Pantera plans to raise $1.25B for second blockchain fund: Report
Dan Morehead, founder and CEO of Pantera Capital, reportedly said the hedge fund was planning to raise $1.25 billion for a second blockchain fund. According to a Sept. 28 Bloomberg report, Morehead said Pantera aimed to close the blockchain fund by May. The fund will reportedly invest in digital tokens and equity in an effort to appeal to institutional investors. “We want to provide liquidity for people that are kind of giving up because we’re still very bullish for the next 10 or 20 years,” said the Pantera CEO, according to the report. Pantera Capital is seeking $1.25 billion for its second blockchain fund, founder Dan Morehead says https://t.co/H5AXy55hqa — Bloomberg Crypto (@crypto) September 28, 2022 Launched in 2013, Pantera was one of the first crypto funds in the United States at a...
Sports Metaverse company secures $200 million funding
Sports Metaverse startup LootMogul secured a $200 million investment commitment from Gem Global Yield, providing the company a share subscription facility of up to $200 million for a 36-month term following an equity exchange listing. The company said that the funding is expected to boost the development of LootMogul’s metaverse focused on sports games, including “building meta (virtual) sports cities around the world with real-world benefits, brands & professional athletes on a true cross metaverse & blockchain (multichain) platform on multiple devices such as Oculus, HoloLens, Web, Mobile & Console,” explained the company in a statement. The deal will allow LootMogul to withdraw funds by issuing equity shares to GEM without a minimum drawdown obligatio...
Bitcoin price falls under $19K as data shows pro traders avoiding leverage longs
An $860 surprise price correction on Sept. 6 took Bitcoin (BTC) from $19,820 to $18,960 in less than two hours. The movement caused $74 million in Bitcoin futures liquidations at derivatives exchanges, the largest in almost three weeks. The current $18,733 level is the lowest since July 13 and marks a 24% correction from the rally to $25,000 on Aug. 15. Bitcoin/USD 30-min price. Source: TradingView It is worth highlighting that a 2% pump toward $20,200 happened in the early hours of Sept. 6, but the move was quickly subdued and Bitcoin resumed trading near $19,800 within the hour. Ether’s (ETH) price action was more interesting, gaining 7% in the 48 hours preceding the market correction. Any conspiracy theories regarding investors changing their position to favor the altcoin can be dismiss...
Blockchain incubator valued at $100M following NGC Ventures-led Series A
Blockchain-focused incubator and adviser PANONY has closed a Series A funding round backed by NGC Ventures, one of Asia’s largest crypto investment firms, putting the company on track to expand its portfolio and geographic presence. Although the funding terms weren’t disclosed, the Series A gave PANONY a valuation of $100 million, the company reported Monday. The Hong Kong-based PANONY said it would use the funds to expand into other jurisdictions, launch new service offerings and expand its networking capabilities. Founded in 2018 by Alyssa Tsai and Tongtong Bee, PANONY invests in blockchain- and Web3-focused startups and offers ongoing advisory and business support. The company maintains operations across Greater China, South Korea and the United States. While PANONY didn’t disclos...
Bnk To The Future eyes acquisition of crypto lender SALT
Crypto lending platform SALT has received a buyout offer from a prominent online investment platform — a move the company said could potentially enhance its product offerings and advance its mission of making digital assets more accessible to mainstream audiences. Bnk To The Future, or BF, has submitted a letter of intent to acquire SALT for an undisclosed amount, the companies disclosed Friday. The acquisition is contingent on both parties signing definitive agreements and requires regulatory approval. Robert Odell, SALT’s chief product officer, described the potential acquisition as being a unity of first-movers in the cryptocurrency market: “This potential union will combine SALT, the world’s first crypto lending platform, with BF, the world’s first Bitcoin and crypto securi...
Polygon founder Sandeep Nailwal raises $50M for Web3 fund
Cryptocurrency entrepreneur and Polygon founder Sandeep Nailwal has raised $50 million for a new startup fund dedicated to Web3 companies, underscoring venture capital’s growing interest in the blockchain-powered internet. Nailwal’s venture firm, Symbolic Capital, is backed by cryptocurrency protocols, exchanges, crypto-focused auditing firms and other venture capital investors, the company disclosed Thursday. Symbolic’s fund has already invested in three blockchain-focused gaming startups: BlinkMoon, Planet Mojo and Community Gaming. The initial funding received by these startups was not disclosed. In perhaps a new take on venture funding, Nailwal said his company is focused on supporting project founders from emerging markets. “Starting Polygon in India, we struggled to get connect...
Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows
After the rising wedge formation was broken on Aug. 17, the total crypto market capitalization quickly dropped to $1 trillion and the bulls’ dream of recouping the $1.2 trillion support, last seen on June 10, became even more distant. Total crypto market cap, USD billion. Source: TradingView The worsening conditions are not exclusive to crypto markets. The price of WTI oil ceded 3.6% on Aug. 22, down 28% from the $122 peak seen on June 8. The United StatesTreasuries 5-year yield, which bottomed on Aug. 1 at 2.61%, reverted the trend and is now trading at 3.16%. These are all signs that investors are feeling less confident about the central bank’s policies of requesting more money to hold those debt instruments. Recently, Goldman Sachs chief U.S. equity strategist David Ko...
