From December 16th to December 22nd, a total of 24 investment and financing events occurred in the cryptocurrency market, including 7 in the infrastructure sector, 1 in the CeFi sector, 3 in the DeFi sector, 3 in the Web3 sector, 3 in gaming, 2 in NFT, 3 in tool platforms, 1 in marketing solutions, and 1 in cryptocurrency media.

During this week, there were 3 financing events of tens of millions of US dollars or more. The largest one was by game developer Nexon, injecting $100 million into its blockchain game ecosystem MapleStory Universe. Additionally, Web3 fan platform Medallion completed a $13.7 million Series A financing, with Dragonfly and Lightspeed Faction as lead investors, and Web3 tax service company Tres Finance completed an $11 million Series A financing, with Lightspeed Faction as the lead investor.

The cryptocurrency market remained active this week, with overall increased activity in investment and financing across various sectors. Financing activities in the infrastructure sector continued to stand out, while DeFi, NFT, gaming, and tool sectors saw increased activity. The gaming project received the largest financing this week. Projects related to the Bitcoin ecosystem saw a sudden surge in popularity.

This week's investment and financing projects are sorted by financing amount as shown in the following figure:

Infrastructure

1. According to Foresight News, Web3 staking protocol Web3mine, which supports open access storage and computing networks, disclosed that it completed a $6 million seed round of financing in 2022. Investors include 1kx, Protocol Labs, PL Ventures, and others.

2. According to Foresight News, Web3 computing platform 4EVERLAND completed a $2 million financing round, with participation from Arweave, WaterDrip Capital, Bing Ventures, Forward Research, Web3.com Ventures, Arweave SCP Ventures, GTS Ventures, and Hillstone.

3. According to ChainCatcher, Layer2 network Frame announced the completion of a new round of financing on the X platform. Electric Capital, 9gag founder Ray Chan, Luca Netz, and former Sushiswap CEO 0xMaki participated. The specific amount has not been disclosed. Frame launched its testnet in November this year, and its mainnet and native token FRAME are expected to launch on January 31, 2024. In addition to the latest investment, Frame also announced an airdrop of FRAME for active NFT traders on the Ethereum network over the past two years.

4. According to Foresight News, decentralized incentive network Wynd Network behind the web3 staking network Grass completed a $3.5 million seed round of financing, with Polychain Capital and Tribe Capital as lead investors, and participation from Bitscale, Big Brain, Advisors Anonymous, Typhon V, Mozaik, and others. Wynd's total financing reached $4.5 million.

5. Voi Network completed a seed round of financing, with the amount undisclosed. Voi, a new version of open-source code for the Algorand proof-of-stake blockchain ecosystem, is currently in the testnet phase. Its basic concept is that the blockchain should better align with the incentives of its developer and user community, driven by Swenor's perception of the shortcomings in the crypto industry. Voi's investors include original Algorand investor Arrington Capital and Sonic Boom Ventures, founded by former Algorand, Inc. CEO Steven Kokinos.

6. According to ChainCatcher, Tokyo-based crypto investment firm CGV officially announced a strategic investment in the Bitcoin ecosystem aggregation toolset and automated asset issuance platform Biis. Biis is positioned as a "BRC ecosystem toolbox" for developers and users, aiming to provide a comprehensive integrated toolset for project developers and users. It integrates a range of technology stacks, including batch distribution and aggregation of BRC20 tokens, batch distribution and aggregation of BRC-721 NFT assets, and more integrated tools. It will also launch a fully automated asset issuance platform, supporting multiple asset issuance modes such as Free Mint/AirDrop/IDO, and will provide project parties with a written Dao voting system, completing the automated issuance of projects and decentralized community governance, and plans to open-source its code in the future.

7. According to CryptoSlate, OrdFi project Tap Protocol completed a $4.2 million financing round, with Sora Ventures as the lead investor, and participation from Cypher Capital, Rw3, Oak Grove Capital, Perock Capital, Kosmos Ventures, New Tribe Capital, Cogitent Ventures, Compute Ventures, and MSA Novo. Individual investors include executives from Animoca Brands and Quantstamp. This round of financing will be used to hire developers to promote the Ordinals-based protocol.

CeFi

1. According to Tech Funding News, banking-as-a-service Web3 platform Fiat Republic completed a $7 million seed round of financing, with participation from Kraken Ventures, Fabric Ventures, Arca, Inovo.vc, Pretiosum Ventures, and existing investors Speedinvest, Credo Ventures, and Seedcamp. The new funds will be used for its development and expansion, as well as strategic recruitment and strengthening of banking partnerships.

DeFi

1. According to official sources, Coded Fi Ltd announced the successful acquisition of cross-chain liquidity protocol Chainge Finance, with the transaction valuing Chainge at $47 million. After the acquisition, Chainge Finance founder Dejun Qian will join the board of Coded Fi Ltd along with Najam Kidway and Mike Lempres.

2. According to ChainCatcher, LK Venture, a crypto investment and research institution under the Hong Kong-listed company Linekong Interactive (08267.HK), announced a strategic investment in the Bitcoin one-stop DeFi service platform ALEX Lab through the Bitcoin network ecosystem investment management fund BTC NEXT. According to crypto data platform RootData, ALEX Labs is a Bitcoin DeFi platform based on the Stacks blockchain, focusing on the next generation of Bitcoin users, innovators, and a broader ecosystem built on Bitcoin and BRC-20 tokens.

3. According to TechFlow, the liquidity re-staking network Rio Network's development team, Rio Development, announced the completion of a seed round of financing. Over 50 investors, including Polychain Capital, Blockchain Capital, Breyer Capital, Coinbase Ventures, and Fenbushi Capital, participated in the financing, with the specific amount undisclosed. Rio is a network for issuing Liquid Restaking Tokens (LRT), with its first product being re-staked Ethereum (reETH).

Web3 (Creator Economy)

1. According to ChainCatcher, Web3 fan platform Medallion announced the completion of a $13.7 million Series A financing, with Dragonfly and Lightspeed Faction co-leading the round. The platform provides an exclusive digital center for artists to promote album releases, tour dates, and merchandise, as well as sell digital collectibles and share exclusive content to deepen connections with fans.

2. According to ChainCatcher, HTX Ventures announced its investment in Web3 education platform Academic Labs. This investment will enable Academic Labs to provide more onboarding opportunities for new Web3 users and stimulate the educational participation of native users through its token and NFT system.

3. According to ChainCatcher, decentralized social network Formless announced the completion of over $2.2 million in Pre-Seed round financing, with participation from a16z crypto, Contango Digital Assets, Polygon co-founder Sandeep Nailwal, Beacon Accelerator, WAGMIventures, MH Ventures, Knights Capital, and others. This funding will drive their efforts to advance Share protocol development.

Gaming

1. According to Foresight News, Japanese entertainment giant DMM Group's Web3 subsidiary, DM2C Studio, announced the completion of a $2.3 million financing through the issuance of convertible bonds. Galaxy Interactive led the investment, with participation from Shima Capital, Bitfinex, MARBLEX, SQUARE ENIX HOLDINGS, Planetarium Labs, Mask Network, and DeFimans. Additionally, DM2C Studio released the whitepaper for its Web3 project "Seamoon Protocol" on its website. Seamoon Protocol plans to launch its proprietary blockchain "DM2 Verse" on the Oasys Layer2, introduce its "DM2P" token, and provide blockchain games and other initiatives.

2. According to ChainCatcher, nftgators reported that game developer Nexon announced the launch of a $100 million Web3 fund to support its blockchain game ecosystem MapleStory Universe and related IP. This funding will be used to support developers in building an SDK and creating a sandbox platform for players and creators to make blockchain games.

3. According to Foresight News, based on Coin Choice's report, blockchain-based mixed martial arts (MMA) management game MetaFight has received a strategic investment from Animoca Brands. Metafite will benefit from Animoca Brands' cooperation network and expertise in the blockchain field to expand its business and improve its game services.

NFT

1. According to Foresight News, Web3 community initiative protocol Moove Protocol completed a seed round of financing, with Morningstar Ventures leading the investment, and participation from BS Capital, Alpha Protocol Ventures, Let’s Go Ventures, NXGen, Antiga Capital, and Vijay Pravin Maharajan. The specific financing amount was not disclosed.

2. According to Foresight News, the DID market aggregator GoDID completed a new round of financing with a valuation of $30 million, with NGC leading the investment. The financing amount was not disclosed. GoDID's features include batch search, registration, trading, and management of various types of DIDs.

Tool Platforms

1. According to ChainCatcher, crypto information tool Zoomer News announced its acquisition by the data visualization website VeloData on Twitter. Zoomer News will continue to operate as usual while gradually integrating with Velo.

2. According to The Block, Web3 tax startup Tres Finance completed an $11 million Series A financing, with Lightspeed's new fund Faction leading the investment, and participation from New Form, Boldstart Ventures, Cyber Fund, and Ambush Capital. This financing brings Tres' total funding to $18.6 million.

3. According to BlockBeats, blockchain technology company Fyde Treasury, led by former NASA scientists, announced the completion of a $3.2 million seed round of financing, with OP Crypto Ventures leading the round, and notable funds and angel investors such as Arrington Capital, BigBrain Holdings, and Merit Circle participating.

Marketing Solutions

1. According to VentureBeat, Web3 growth marketing service company Addressable announced the completion of a $6 million new round of financing, with Bitkraft Ventures leading the investment, and participation from Karatage, Viola Ventures, Fabric Ventures, Mensch Capital Partners, North Island Ventures, and others. The company's total funding to date has reached $13.5 million.

Cryptocurrency Media

1. Leading Web 3.0 media Meta Era in Hong Kong announced strategic investment from leading Web 3.0 security firm CertiK and investment company CTH Group, reaching a strategic cooperation. This marks a significant breakthrough for Meta Era in the Web 3.0 field, and the three parties will work together to promote the development of the crypto industry, enhance the security capabilities of the crypto world, and explore the integration of global investment and traditional finance.

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