This week, there were five financing deals of over 10 million US dollars:
Cryptocurrency bank Sygnum completed a financing of over 40 million US dollars at a valuation of 900 million US dollars, with Azimut Holding leading the investment.
Ethereum Layer 2 developer Polymer Labs completed a Series A financing of 23 million US dollars, with Blockchain Capital and others leading the investment.
Cryptocurrency chip company Ingonyama completed a seed round financing of 21 million US dollars, with IOSG Ventures leading the investment.
Ethereum ZK co-processor Axiom completed a financing of 20 million US dollars, with Standard Crypto and Paradigm leading the investment.
Securities investment platform Dinari completed a seed round financing of 10 million US dollars, with former Coinbase CTO participating in the investment.
This week, the cryptocurrency market saw a surge in financing activities, with more large-scale financings. The heat around ZK and BTC ecosystems has significantly increased, and infrastructure, CeFi, DeFi, NFT, SocialFi, and tool areas have all seen active financing.
The financing projects this week are sorted by financing amount as shown in the following figure:
Infrastructure
According to ChainCatcher, Ethereum Layer 2 developer Polymer Labs completed a Series A financing of 23 million US dollars, with Blockchain Capital, Maven 11, and Distributed Global leading the investment, and Coinbase Ventures, Placeholder, Digital Money Group, North Island Ventures, and Figment Capital participating. Polymer Labs is reportedly building an "Ethereum Interoperability Hub" to first connect to Ethereum and its rollups, and then to connect to all blockchains, with the goal of establishing the next generation of the internet.
Decentralized data platform Bagel Network announced the completion of a 3.1 million US dollars pre-seed round financing, with CoinFund leading the investment, and Protocol Labs, Borderless Capital, Maven11 Capital, Graph Paper Capital, and Breed VC participating. Bagel Network plans to compete with existing Web2 competitors such as HuggingFace, Kaggle, and Pinecone using blockchain and zero-knowledge encryption technology, with the goal of mainstreaming machine learning and AI fields.
Decentralized data marketplace developer Masa Network completed a seed round financing of 5.4 million US dollars, with Anagram leading the investment, and Avalanche Blizzard Fund, Digital Currency Group, GoldenTree, OP Crypto, Unshackled Ventures, and PEER VC participating. Masa Network is used to build a decentralized network focused on user personal data on Avalanche. Since its launch in August 2022, Masa has connected over 1 million wallets, permitted data points exceeding 15 million, and operated over 23,000 testnet nodes.
Tools
According to ChainCatcher, Web3 investment application Dopamine's developer Web3Intelligence completed a 4.5 million US dollars private placement round financing, with DAO MAKER, Shima Capital, and Gate participating. Web3Intelligence will issue the token DOPE as a utility token for accessing Dopamine. Web3Intelligence aims to provide anti-money laundering information to institutions to offer compliance standards similar to traditional finance.
Digital asset data company CCData announced the completion of a strategic round financing, with VanEck and MarketVector Index participating. The specific financing amount has not been disclosed. The company currently aggregates real-time encrypted data sources from global exchanges, providing comprehensive and accurate digital asset data, reference rates, and indices. Its data solutions have been adopted by institutions in traditional finance and digital asset fields, and it has established strategic distribution partnerships with platforms such as Refinitiv and SIX Digital.
CeFi
According to ChainCatcher, security and financial escort company Brink’s, known for cash and valuables transportation in armored vehicles, has made a strategic investment in cryptocurrency custodian BitGo. The financial details of this investment have not been disclosed. Brink’s is a global provider of secure logistics and security solutions for cash and other valuables.
According to The Block, cryptocurrency bank Sygnum announced that it has received over 40 million US dollars in financing at a valuation of 900 million US dollars in the mid-term financing round led by Milan asset management company Azimut Holding. This financing will enable it to further build a fully regulated solution to support investors in increasing their investment in this asset class. Sygnum intends to use the newly raised funds to drive the bank's expansion into new markets and further develop its regulated products, such as interbank digital asset services.
Foresight News reported that South Korean digital asset custodian BDACS completed a seed round financing, with Blizzard Fund participating. The specific financing amount has not been disclosed. In addition, BDACS will provide AVAX and BTC.b as institutional custody assets for Avalanche and provide staking support for Avalanche P-Chain. In addition to expanding products and access on Avalanche, BDACS also plans to more widely open access to digital assets in South Korea.
DeFi
According to ChainCatcher, cross-chain lending protocol Synonym announced the completion of a 1.5 million US dollars seed round financing, with Bordless leading the investment, and Robot Venture, Big Brain Holdings, and Wormhole Cross-Chain Ecological Fund participating.
ChainCatcher also reported that on-chain financial platform VETA Finance announced the completion of a 2.85 million US dollars strategic financing, with Matrixport Ventures leading the investment, and imToken Ventures, WT Capital, Future Money Group, and 280 Capital participating. This round of funding will be used to further optimize the platform's product supply, strengthen IT and data service construction, expand cooperation channels, and achieve new business growth.
Foresight News reported that DeFi sustainable protocol aggregator Cadence Protocol has completed a strategic round of financing. Dewhales Capital, CSP DAO, FourMoons Investment Group, Code4Arena/Canto/Slingshot founder Scott Lewis, Zellic co-founders Stephan Tong and Jasraj Bedi, former Chief Operating Officer of Akash Network Boz Menzalji, co-founder of Biconomy Aniket Jindal, Ryon Nixon of Marin Ventures, Chief Financial Officer of TRGC Mark Santin, 4RC DeFi Dad, and co-founders of Nomatic, among others, participated in the investment, with the specific financing amount not disclosed. The new funds will be used to launch sustainable protocols on the Canto chain, improving capital efficiency through the integration of RWA assets, Contractual Support Revenue (CSR), and Liquid Staking Derivatives (LSD).
In the BTC Ecosystem, Bitflow Labs, a Bitcoin DeFi protocol, announced the completion of a $1.3 million Pre-Seed round of financing, led by Portal Ventures, with participation from Bitcoin Frontier Fund, Bitcoin Startup Lab, Big Brain Holdings, Newman Capital, Genblock Capital, Tykhe Block Ventures, and others. Bitflow, through strategic wallet partnerships such as Hiro (Leather), Xverse, and Asigna, and utilizing technologies like PSBT, atomic swaps, AMM, and second-layer solutions like Stacks, provides efficient decentralized exchanges and sustainable BTC yields.
Additionally, Bitcoin Layer 2 network B² Network announced the successful completion of a seed round of financing, with investors including HashKey Capital, OKX Ventures, IDG Capital, Kucoin Ventures, ABCDE, Waterdrip Capital, OGs FUND, and Antalpha Group. B² Network uses ZK Rollup technology to address Bitcoin's scalability challenges while ensuring security consistent with the Bitcoin mainnet, and is EVM-compatible. B² Network also provides a data availability layer for other Bitcoin Rollups, making it the first data availability layer in the Bitcoin ecosystem.
In the NFT sector, Web3 esports fan community Stan completed a $2.7 million financing round, with participation from Aptos Labs, Pix Capital, Maelstrom Fund, GFR Fund, CoinDCX Ventures, Climber Capital, TDV Partners, and Coinswitch Ventures. STAN is a community of esports fans where fans can interact, play, and grow with their idols using digital collectibles and variable NFTs.
Furthermore, the first NFT cross-chain lending protocol supporting the BTC ecosystem, Singular, announced the completion of a $3 million seed round of financing, with IOBC Capital leading the investment and participation from BCH Foundation, Bing Ventures, DG Capital, Divide Labs, and others. Singular is the first NFT lending protocol to support multiple ecosystems such as BTC, ETH, and Arbitrum, and is currently the only protocol supporting BTC ecosystem Ordinals NFT for instant lending.
In the SocialFi sector, ECLand successfully raised $600,000 in its Series A financing, with participation from well-known institutions and individuals including Icetea Labs and Moonrock Capital. PECLand is an innovative MetaFi (decentralized finance + infinite fun) platform, offering immersive gaming experiences, social interaction, and rich DeFi innovations.
Additionally, social DAO organization Friends With Benefits (FWB) announced that its software development company Scene Infrastructure Company (SIC, also known as FWB Labs) completed a $3 million seed round of financing, with a16z crypto leading the investment. SIC, led by Jose Mejia and Ethan Daya, aims to accelerate FWB software development and expand FWB token utility.
In the ZK sector, Ethereum ZK co-processor Axiom completed a $20 million financing round, with Standard Crypto and Paradigm leading the investment. The funds will be used for further protocol development and new hires. Axiom allows smart contract developers to access Ethereum's historical data and then execute computations off-chain.
ChainCatcher News reported that the cryptocurrency chip company Ingonyama has announced the completion of a $21 million seed round of financing, led by IOSG Ventures, Walden Catalyst Ventures, and Geometry, with follow-on investments from RockawayX, BlueYard Capital, Samsung Next, StarkWare, IOBC Capital, Maven11, and Mirana Ventures. Ingonyama is a next-generation semiconductor company that designs accelerators for advanced cryptography. The technical stack of the Ingonyama accelerator will enable programmers to build increasingly complex applications while leveraging privacy and scalability facilitated by ZKP.
In Foresight News, ZK-L1 network development company Zorp has completed a $5 million seed round of financing, with Delphi Ventures leading the investment and participation from North Island Ventures, CMCC Global, Portal Ventures, Champion Hill Ventures, Breed VC, Octu Ventures, and Labyrinth DAO. Nockchain is a proof-of-work blockchain based on ZKVM, aiming to build high throughput and provide proofs for computation and storage.
Depin
According to Odaily, decentralized physical network Meson Network announced that it has completed a new strategic financing round led by Presto Labs, with a valuation of $1 billion. The specific financing amount was not disclosed. Meson Network focuses on DePIN+AI, aiming to create a user-authorized decentralized physical network. The Meson Network "DePIN" nodes are developed using user-friendly technology and can accommodate various hardware such as personal laptops, servers, and IoT devices.
RWA
ChainCatcher News reported that blockchain-based securities investment platform Dinari announced the completion of a $10 million seed round of financing in Q4 2023, with participation from former Coinbase CTO Balaji Srinivasan, 500 Global, Alchemy, Version One Ventures, and Sancue Ventures.
Security Solutions
Foresight News reported that Web3 security company KEKKAI has completed a $1.5 million seed round of financing, with participation from Bixin Ventures, Sora Ventures, Decima Fund, Plug and Play, FlickShot, Mask Network, Stratified Capital, MZ Web3 Fund, Presto Labs, GoPlus Security, and Dora Ventures. The raised funds will be used to deepen and enhance its product line, including the existing KEKKAI Plugin and the newly launched KEKKAI Mobile application.
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