Highlights of this Issue
According to PANews incomplete statistics, there were 20 blockchain investment and financing events globally last week (11.27-12.3), with a total fund size exceeding $320 million, as follows:
- In the DeFi sector, there were 3 investment and financing events, including DeFi yield platform Coinchange completing a $10 million financing, led by G1.VC;
- No investment and financing events were announced in the NFT and Metaverse field;
- In the Blockchain Game track, there was 1 investment and financing event: blockchain game studio Farcana received strategic investment from Animoca Brands;
- In the Infrastructure and Tools track, there were 5 financing events, with cross-chain protocol Wormhole announcing a $225 million financing at a valuation of $25 billion;
- In the Other Web3/Encryption-related Projects sector, there were 9 financing events, including Web3 entertainment company AnotherBall completing a $12.7 million seed round financing, with Hashed and others leading the investment;
- In the field of Centralized Finance, there were 2 investment and financing events, including Singapore remittance company Wind completing a $3.8 million pre-seed round financing.
DeFi
DeFi Yield Platform Coinchange Completes $10 Million Financing
DeFi yield platform Coinchange completed a $10 million financing, led by G1.VC, Spirit Blockchain, Good News Ventures, K2.CA, and Atoia Ventures, with participation from Mintfox. The company will use this funding to develop its business and services, and attract new customers. Coinchange allows its commercial users to trade and earn digital asset yields through its Earn API service. The Earn API is a risk management platform that supports Bitcoin, Ethereum, and all major stablecoins, providing stable returns. In addition to DeFi yield services, Coinchange also manages compliant brokerage services in the United States and Europe.
Crypto Derivatives Protocol MYX Completes $5 Million Seed Round Financing, Led by HongShan
Crypto derivatives protocol MYX, incubated by D11 Labs, announced the completion of a $5 million seed round financing at a valuation of $50 million, led by HongShan (formerly Redpoint China), with participation from Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR Markets, Alti5, Leland Ventures, Cypher Capital, Bing Ventures, and Lecca Ventures. MYX also announced the upcoming Treasure Hunting Event to incentivize and reward early supporters in the community, which will continue until the end of the TGE. The first phase is about to begin, and the deployment of critical early plot vouchers on the BRC-20 network is being considered. MYX is a decentralized perpetual contract exchange that achieves 0 slippage trading through its innovative MPM mechanism, and efficiently matches long and short positions.
DeFi Protocol Term Structure Completes $4.25 Million Seed Round Financing, Led by Cumberland DRW
DeFi protocol Term Structure completed a $4.25 million seed round financing, led by Cumberland DRW, with participation from Decima Fund, HashKey Capital, Longling Capital, and MZ Web3 Fund. To date, Term Structure has raised a total of $8 million. The Term Structure Protocol has been launched on the Ethereum Goerli test network.
Blockchain Game
Blockchain Game Studio Farcana Receives Strategic Investment from Animoca Brands
UAE-based blockchain game studio Farcana announced that it has received strategic investment from Animoca Brands. Most of the new funds will be used to enhance Farcana and its integration into the Bitcoin ecosystem, as the project prepares for the token release and full game launch early next year. The company is committed to advancing digital property in games and the metaverse to drive the testing and development of Farcana within the Bitcoin ecosystem. Farcana is built using Unreal Engine 5 and is a team-based arena third-person shooter game that offers competitive tournaments supported by a permanent Bitcoin prize pool, and will be one of the first AAA Web3 games to launch "Free Mint" Bitcoin Ordinals. The game has attracted over 40,000 users and is hosting new tournaments based on preliminary game testing plans in Dubai.
Infrastructure & Tools
Cross-chain protocol Wormhole announced a $225 million financing at a valuation of $25 billion, making it the largest crypto project financing in 2023. There was no lead investor in this round, and participating investors include Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dialectic, Borderless Capital, Arrington Capital, and Jump Trading. Wormhole Labs CEO Saeed Badreg stated that technically, this is the company's first financing; and Jump Crypto, the crypto arm of high-frequency trading firm Jump Trading, has been incubating the project for several years. Badreg stated that the equity of these investors will be entirely in the form of token warrants, not company equity, and he declined to comment on the name of the Wormhole token or when it will go live (there have been no previous reports on this).
Web3 Super App ParaX Rebrands as Parallel Finance, Financing Exceeds $30 Million
Web3 super app ParaX announced that it will rebrand to its original name, Parallel Finance. The application and its smart contracts will remain unchanged, and users do not need to migrate any assets. Parallel Finance stated that its mission, roadmap, and commitment to the community remain consistent. The company also stated that it has raised over $30 million in cumulative financing from investment institutions such as Sequoia Capital, Polychain, Blockchain Capital, Coinbase Ventures, and Founders Fund.
Decentralized Physical Infrastructure Provider Grove Completes $7.9 Million Financing
The decentralized physical infrastructure provider Grove (formerly Pocket Network) has raised $7.9 million from Avon Ventures under Fidelity, Placeholder Capital, and Druid Ventures. Grove will use this funding to establish new partnerships and drive DePIN towards mainstream adoption. DePIN refers to the use of blockchain technology and token incentives to build a physical infrastructure network, so that other projects do not have to bear the cost of purchasing and operating their own equipment. In this sense, it can be seen as a decentralized version of Amazon Web Services (AWS) or Google Cloud. Grove provides Web3 infrastructure for building products and services on its POKT network, which supports over 40 different chains.
Crypto Financial Operating System Company Acctual Completes $3.85 Million Financing
Crypto financial operating system company Acctual has completed a $3.85 million seed round financing at a valuation of $15 million, led by Third Prime and IDEO, with participation from Alchemy Ventures, OrangeDAO, Soma Capital, Ryan Selkis (founder of Messari), Prajit Nanu (founder of Nium), and others. Acctual was co-founded by Bana, Issa Hassan, and Mohamedeq Mohamed. Bana and Mohamed have a background in product development at Stripe, while Hassan previously worked as a software engineer at Google. Acctual aims to help cryptocurrency companies better manage funds. Acctual aims to help crypto companies introduce automated accounts receivable (AR) and accounts payable (AP) processes into Web3 financial operations, and the financial operating system is currently in the testing phase.
Decentralized Identity Solution Gataca Completes Approximately $1.41 Million Strategic Financing
Decentralized identity management solution Gataca has completed a strategic financing of 1.3 million euros (approximately $1.41 million), with participation from Signature Ventures, SBXi, and early supporters of Gataca. This round of financing will be used for Gataca to develop new products and features and expand the team. Gataca's decentralized identity solution allows individuals to privately control their personal data. The company's technology has been successfully applied in various use cases, including higher education and finance.
Others
Web3 Entertainment Company AnotherBall Completes $12.7 Million Seed Round Financing, Led by Hashed
Web3 entertainment company AnotherBall has announced the completion of a $12.7 million seed round financing, bringing the company's total funding to approximately $14.8 million. The round was led by ANRI and Hashed, with participation from Global Brain, Globis Capital Partners, Sfermion, HashKey Capital, Everyrealm, Ethereal Ventures, Emoote, and Kun Gao (founder of Crunchyroll), among several individual investors.
It is reported that AnotherBall has been actively involved in technical projects such as "Ailis" and "SAI by IZUMO". AnotherBall is currently developing a platform that allows creators from around the world to connect with fans and earn money through their content. The beta version of the platform is planned to be released in the first quarter of 2024 (January to March), with a full public release expected later this year. AnotherBall is a venture capital firm founded in May 2022, with its main focus on the Web3 virtual content creator project IZUMO, aimed at providing a place for streamers, illustrators, music and video producers who love anime, manga, and gaming culture to continue creating income based on their hobbies.
Decentralized Bitcoin mining pool Mummolin, based in Wyoming, has announced the successful completion of a $6.2 million seed round financing led by Block CEO Jack Dorsey. Other investors include Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and Bitcoin Opportunity Fund, among other well-known investors. OCEAN Pool is the first transparent and non-custodial platform, where miners can directly receive block rewards from coinbase transactions, eliminating the related risks of traditional mining pools withholding payments from individual miners.
Web3 Consumer App Setter Completes $5 Million Seed Round Financing, Led by a16z
Web3 consumer app Setter has completed a $5 million seed round financing, led by Andreessen Horowitz (a16z), with participation from Marcy Ventures Partners, Superlayer, Thirty Five Ventures, and retired tennis superstar Serena Williams. The app plans to help brands innovate in promoting exclusive products and provide limited edition products to customers. It is reported that Setter aims to address the "complexity and unfriendliness of current wallet technology" and provide a more seamless Web3 experience for more users. Setter's initial focus is on partnering with streetwear and sneaker brands to expand into the fashion, luxury, and consumer collectibles space.
The fan engagement platform MITH, based on the Polygon blockchain, has announced the completion of a $3.5 million seed round financing, led by Point72 Ventures and A+E Networks, with participation from Warner Music Group, CMT Digital, Winklevoss Capital, Synergis Capital, Near Foundation, 4RC, and Alpha Praetorian Capital. It is reported that MITH, incubated by Range Media Partners, helps creators and brands interact with fan communities and profit. The company has launched its first product, Private Garden, on the Polygon blockchain, allowing creators and brands to offer community forums, photos, videos, text, and live content and digital business services to fans, and the team will also collaborate with other blockchains.
Binance Labs Invests $3.15 Million in Web3 Education Protocol Open Campus
Binance Labs has announced a $3.15 million investment in the Web3 education protocol Open Campus. The investment aims to onboard new users to Web3 and attract more local users by launching new Publisher NFTs. These NFTs can increase the income potential for content creators and enable revenue sharing for co-ownership. Open Campus is a community-driven Web3 education platform that allows content creators to tokenize their educational content. Open Campus plans to drive Web3 adoption by providing entry services through adopters like TinyTap (a subsidiary of Animoca Brands), including wallets, token payments, and incentives. Recently, Open Campus launched a global educator fund in partnership with Animoca Brands, a $10 million program to incentivize eligible educators or individuals to generate content intended for release on Open Campus as Publisher NFTs, allowing educators to truly own their content.
Titan Content, a new entertainment company founded by former president of Korean SM Entertainment Nikki Semin Han, has completed its seed round financing led by RW3 Ventures and Raptor Group, with Dreamus Company as a co-lead investor. Other participants include Animoca Ventures, Sfermion, Bell Partners AB, Heros Entertainment, Infinity Ventures Crypto, Scrum Ventures, Planetarium, and Avalanche. The amount of funding has not been disclosed. Titan aims to combine traditional Korean pop music business models and content with Web3, the metaverse, and artificial intelligence innovation.
Web3 video streaming platform Rad completes new round of financing, led by Ayre Ventures
Web3 video streaming platform Rad has completed a new round of financing led by Ayre Ventures, with the specific amount of funding not disclosed. Rad has also announced the integration of the BSV blockchain into its transactional video on demand (TVOD) and the release and purchase process of open or limited edition NFT videos. In addition, Rad has integrated with the mobile and web wallet HandCash, allowing users to directly stream funds to applications, games, and websites to facilitate payments. Users can create and purchase content on Rad without the need for browser plugins, and the company is able to expand to other forms of payment. Currently, Rad supports a variety of devices including PlayStation 5, PSVR, Oculus Quest, iOS, and Google TV.
Web3 social protocol Inspect completes new round of financing, with participation from Morningstar Ventures and others
Web3 social data protocol Inspect has announced the completion of a new round of financing with participation from Dewhales, BasementDAO, Morningstar Ventures, Kairon Labs, Optic Capital, Rarestone Ventures, Maven Capital, and others, with the specific amount not disclosed. Inspect's ecosystem partners include Mocaverse, MoonPay, MultiversX, Avalanche, Ronin, Axie Infinity, Polygon Ventures, Algorand Technologies, Floor Protocol, Cardano Community, and OKX Web3 Wallet, among others. Inspect is transforming the dynamic market into a user-friendly platform equipped with real-time analytics and insights accessible to everyone. The official reminder states that there are currently no authorized $INSP contracts.
Cryptocurrency tax service company Waltio completes €1.8 million financing
Cryptocurrency tax service company Waltio has announced the completion of a €1.8 million (approximately $1.97 million) financing round, with participation from Crédit Agricole Capital Développement, a subsidiary of the French Agricultural Credit Bank, Stake Capital founder Julien Bouteloup, Budget Insight co-founder Clément Coeurdeuil, and other angel investors. Waltio primarily helps users track digital asset portfolios to provide tax calculation, reporting, and planning services. The new funds will be used to advance software development, enhance tax compliance solutions, international expansion, and integrate artificial intelligence.
Centralized Finance
Singapore remittance company Wind completes $3.8 million pre-seed round financing
Singapore remittance company Wind (Wind.app, non-custodial wallet), supported by the Polygon blockchain, has announced the completion of a $3.8 million pre-seed round financing, led by German venture capital firm Global Founders Capital and Singapore blockchain investment firm Spartan Group, with participation from Saison Capital, Alumni Ventures, and Tiny VC. Wind focuses on blockchain remittance services for US dollars to Southeast Asia, particularly the Philippines, with a 0.3% transaction fee. The funding will be used for product development, strengthening compliance and licensing measures, and other initiatives.
Algorand Foundation announces strategic investment in digital payment platform HesabPay
The Algorand Foundation has announced a strategic investment in HesabPay. HesabPay is Afghanistan's first and only interoperable digital payment platform, initially established to address humanitarian aid crises, with over ten organizations, including the World Food Programme, using the platform to send funds directly to beneficiaries in Afghanistan. HesabPay has since expanded its use cases, allowing users to purchase airtime, pay electricity bills, and send digital funds to other users.
Venture Capital Firms
Vietnamese venture capital firm FEBE Ventures launches a second fund of $75 million
Vietnamese venture capital firm FEBE Ventures has announced the launch of a second fund of $75 million, with support from international family office Otium Capital and a joint investment partnership with Tekton Ventures. Additionally, FEBE Ventures has announced the addition of Aditya Pendyala as a partner, covering expertise in artificial intelligence (AI)/machine learning (ML), enterprise software as a service (SaaS), Internet of Things (IoT), and blockchain. FEBE Ventures has made multiple investments in the Web3 space, with its portfolio including licensed digital asset custody solution provider Atato from Singapore and Web3 brand retail platform SeMorpheus.
Web3 venture capital firm AC Capital is launching a new $20 million crypto fund
Web3 venture capital firm AC Capital has announced the launch of a new $20 million fund, with a strategic focus on key investments in the BTC ecosystem, non-EVM Layer applications, chain-agnostic liquidity layers, and user-friendly crypto interface solutions.
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