Highlights
According to incomplete statistics from PANews, there were 26 financing events in the global blockchain sector last week (10.21-10.27), with a total funding scale exceeding $100 million. The funding scale has decreased, as summarized below:
- DeFi reported 8 financing events, including DeFi platform Azura, which completed a $6.9 million seed round led by Initialized;
- Web3 gaming announced 4 financing events, with Web3 mobile gaming platform Party Icon completing a $9 million seed round led by Bitkraft Ventures;
- AI sector reported 2 financing events, including Web3 data and AI company Validation Cloud announcing $10 million in funding from True Global Ventures;
- Infrastructure and tools sector reported 4 financings, with on-chain asset management solution provider karpatkey completing $7 million in funding, with participation from AppWorks and others;
- Other blockchain/crypto applications reported 6 financings, including social media platform Bluesky completing $15 million in Series A funding, led by Blockchain Capital;
- Centralized finance sector reported 2 financings, with Malaysian digital asset exchange Hata completing $4.2 million in seed round funding.
DeFi
Variational is a crypto derivatives trading protocol built on the Ethereum Layer 2 network Arbitrum, which has raised $10.3 million in seed round funding. Bain Capital Crypto and Peak XV Partners (formerly Sequoia India and Southeast Asia) co-led the round, with participation from Coinbase Ventures, Dragonfly Capital, North Island Ventures, Hack VC, and other investors.
Founded in 2021, Variational began raising seed round funds in the third quarter of that year, concluding in December, and started operations in January 2022. Initially operating as a proprietary market maker for two years, the company later shifted to building its own DeFi protocol. The company has now launched a testnet and is preparing for the mainnet, prompting the announcement of its seed round funding. Variational co-founder and CEO Lucas Schuermann stated that the invite-only mainnet will launch by the end of this year, with a public mainnet expected in the first quarter of 2025; the protocol's token is also planned for release next year, although it will launch at some point after the public mainnet goes live. Although Variational was initially launched on Arbitrum, the protocol can expand to other blockchains in the future.
DeFi platform Azura completes $6.9 million seed round funding, led by Initialized
DeFi platform Azura officially launched on Tuesday after raising $6.9 million in a seed round led by Initialized. Other investors include Volt Capital, Winklevoss Capital, and Solana co-founder Raj Gokal. The funds will be used to scale the application, including increasing company payroll, improving software, and purchasing better servers.
Azura provides access to market data, full trading lifecycle support, and DeFi asset trading by connecting various crypto wallets, blockchains, exchanges, and other protocols within a single interface layer. Azura also reduces trust risks by eliminating intermediaries and returning control to users. Azura was launched a year ago under the name Thunder as a closed beta available only by private invitation, a product test that only a select group of users could participate in; all Thunder users are expected to migrate to Azura.
Self-custody digital trading company Shuttle Labs announced it has completed $6 million in seed round funding, with participation from Anthony Scaramucci, CMCC Global, SALT Fund, Flow Traders, and several former FTX employees. Shuttle Labs also announced the launch of the beta version of its self-custody digital trading platform Genius, which aims to address a series of issues that led to FTX's bankruptcy, such as security, user control, and decentralization, while exploring the risks eliminated by self-custody models, ensuring users always hold their private keys.
Fluid Protocol completed $3.9 million in seed round funding, with participation from Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom, Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, Relayer Capital, and others. Angel investors participating in this round include Meltem Demirors, Kartik Talwar, Cami Ramos Garzon, Mike Silagadze, Alan Curtis, and Ben Lakoff. The seed round funding will accelerate the development and launch of the Fuel Network's native stablecoin USDF, fund security audits to ensure protocol safety, and expand the team. Fluid Protocol is a decentralized lending platform built specifically for the Fuel Network, with its flagship product USDF being an over-collateralized native stablecoin soft-pegged to the US dollar. Fluid is expected to launch on the mainnet soon.
Decentralized Ordinals marketplace Ordzaar completes $2 million seed round funding
Decentralized Ordinals marketplace Ordzaar has completed $2 million in seed round funding, led by LongHash Ventures, with participation from SORA Ventures, GSR, Bitcoin Frontier Fund, PG Capital, and OIG Capital. The Ordzaar team stated that 42% of the total tokens will be distributed directly to loyal users and early supporters through a comprehensive airdrop campaign in the first quarter and an upcoming second quarter, ensuring the community plays a core role in the future development of the ecosystem. Additionally, only 10% of the tokens are allocated to key strategic investors, with a vesting period of 28 months. Ordzaar aims to enhance community interaction and participation through a SocialFi-driven Rune ecosystem.
BulbaSwap completes $1.3 million seed round funding, led by Foresight Ventures
Decentralized trading platform BulbaSwap announced it has successfully completed $1.3 million in seed round funding, led by Foresight Ventures, with participation from Morph L2, MEXC Ventures, and Kronos Research. The funds will be used to drive the construction of a high-throughput, low-latency decentralized exchange (DEX) within the Morph ecosystem, focusing on enhancing deep liquidity and cross-chain interoperability.
Echo Protocol completes Pre-Seed round funding, with participation from ABCDE Capital and others
Echo Protocol officially announced that it has completed Pre-Seed round funding, with investors including Spartan Group, ABCDE Capital, Maelstrom Fund, Selini Capital, Web3Port, Auros, Presto Labs, Sats Ventures, Aptos, Movement Labs, and B² Network among several well-known institutions.
Echo Protocol is the first liquidity re-staking and yield infrastructure layer for Bitcoin based on MoveVM, currently locking 2,000 BTC and integrating with DeFi projects such as Cellana and Aries. Users can convert BTC to aBTC through Echo and deposit it to earn up to 12% annualized APT yield, while also receiving rewards such as Echo Points and B² Points. Echo will launch its first public treasury on October 28, with participation limited to whitelisted users for BTC staking.
Art RWA project ARTTOO based on Sui receives strategic investment from the Sui Foundation
Arttoo will launch a real-world asset (RWA) art project based on the Sui blockchain. As a leading force in democratizing art ownership, Arttoo is transforming the high-end art market by building the financial infrastructure needed for a decentralized on-chain art trading platform. By bringing masterpieces from iconic 20th-century artists like Henri Matisse and Claude Monet into the Sui ecosystem, Arttoo will enable individuals to invest in and trade fractional ownership of these artworks.
Web3 Gaming
Bitkraft Ventures led the $9 million seed round funding for the Web3 mobile gaming platform Party Icon. This round also included participation from IDG Capital and The Sandbox co-founder Sebastien Borget. The funds will be used to drive the development of Party Icon's gaming and social experiences and strengthen its Web3 infrastructure. Bitkraft partner Jonathan Huang stated that Party Icon aims to combine the social elements of party games with the intensity of shooting games. Party Icon currently offers three different modes and hopes to become a platform where players engage in not just gaming but also social interactions. Despite the challenges that crypto gaming has faced in penetrating the mainstream market, investors continue to support Web3 gaming projects.
Web3 game developer Opti Games completes $2 million funding, with participation from YGG and others
Web3 game Sparkball's developer Opti Games has completed $2 million in funding to support the launch of the game's Season Zero. This round was led by L1D, with participation from CMS Holdings, Impossible Finance, Yield Guild Games (YGG), Monad, and others. The company is also developing on the blockchain platform Monad, supported by Monad CEO Keone Hon.
Sparkball is described as a 4v4 online sports fighting game where players can choose unique heroes and aim to score against the opposing team. Opti Games began developing Sparkball nine years ago, and Season Zero is expected to launch soon, expanding the game's reach and solidifying its existing community during early development.
Solana ecosystem Web3 gaming social platform LOScoin successfully completes $2 million funding, led by the Solana Foundation
The first Telegram Bot-based Web3 gaming social platform in the Solana ecosystem, LOScoin, has completed $2 million in funding. This round was led by the Solana Foundation, with participation from CMS Holdings, Impossible Finance, Yield Guild Games (YGG), and Monad. The LOScoin project's token, LOS, is issued on the innovative protocol launch platform AIMINT on the Solana chain, receiving strong support from AIMINT CEO Keone Hon. LOScoin_Games is dedicated to deeply integrating Web3 innovative interactive experiences with the enthusiasm of the LOScoin MEME community, building a highly interactive, fun, and economically active DAO community to provide users with new gaming and social experiences.
DMM Crypto completes a new round of strategic financing, led by Neoclassic Capital
DMM Crypto, the blockchain gaming and NFT division of Japanese cryptocurrency exchange operator DMM, announced the completion of a new round of strategic financing, led by Neoclassic Capital based in Florida, USA. The parties did not disclose the amount of financing. Additionally, DMM Crypto has established a strategic partnership with Presto, a quantitative trading company and liquidity provider based in Singapore. The new funds are intended to support DMM Crypto in developing a "Web3 economic ecosystem" called Seamoon Protocol.
AI
Web3 data and AI company Validation Cloud completes $10 million in new funding
Web3 data and AI company Validation Cloud announced it has received $10 million in funding from True Global Ventures, which the company plans to use to expand its AI products and achieve seamless access to Web3 data.
The company's product platform consists of three parts: staking, node API, and data and AI. In terms of staking, Validation Cloud's staked assets have exceeded $1 billion. Some of Validation Cloud's clients include Chainlink, Aptos, Consensys, Stellar, and Hedera. Previously, in February, it was reported that Validation Cloud completed $5.8 million in funding, led by Cadenza Ventures.
Coinbase Ventures and a16z Crypto Startup Accelerator (CSX) announced a new strategic investment in Skyfire, a payment company focused on artificial intelligence. This new investment increases Skyfire's total seed round funding from the previous $8.5 million to $9.5 million. Skyfire is building infrastructure that allows AI agents to make autonomous payments, avoiding human intermediaries. Skyfire provides AI agents with a unique digital wallet, where users can preload stablecoins like USDC or traditional fiat currencies. AI agents are AI-driven programs that can perform tasks or answer questions.
Infrastructure & Tools
Stripe acquires stablecoin payment platform Bridge for $1.1 billion
Payment company Stripe has acquired stablecoin payment platform Bridge for $1.1 billion, marking the largest acquisition in the crypto industry to date. Bridge previously raised $58 million in funding, with a valuation of $200 million. Founded by Sean Yu and Zach Abrams, the platform provides software tools for businesses to accept stablecoin payments. This acquisition also represents Stripe's largest deal in its history, demonstrating the company's expansion into the crypto payment space. Previously, Stripe restored the ability to use USDC for crypto payments in the U.S. and integrated with Coinbase to incorporate its Base Layer 2 network. (Note: The acquisition amount is not included in last week's total funding amount)
STOKR completes $7.98 million funding, plans to develop native Bitcoin Layer 2
European digital asset platform STOKR has completed $7.98 million in funding, planning to use most of the funds to establish one of the first corporate Bitcoin reserves in Europe. This round was led by Fulgur Ventures and includes 100 Bitcoin (approximately $6.78 million) and €1.2 million in cash (totaling €7.4 million). STOKR stated that it will emulate MicroStrategy's strategy and actively expand its Bitcoin reserves over the next few years. Additionally, the company plans to launch tokenized assets based on Bitcoin and develop institutional tokenization infrastructure on native Bitcoin Layer 2 technologies (such as Liquid Network). STOKR's co-CEO Arnab Naskar stated that establishing a Bitcoin reserve is an important step for the platform's development in the field of Bitcoin derivatives tokenization.
On-chain asset management solution provider karpatkey announced it has completed $7 million in funding, attracting participation from over 40 angel investors and investment funds, including AppWorks and Wintermute Ventures. Notable participants include ConsenSys founder Joe Lubin, Avara's Stani Kuchelov, Balancer Labs' Fernando Martinelli, GnosisDAO's Stefan George, Friederike Ernst, and Martin Koeppelmann, Nexus Mutual's Hugh Karp, Rotki's Lefteris Karapetsas, and ACI's Marc Zeller.
karpatkey focuses on decentralized autonomous organizations (DAOs) and financial institutions, and this funding will help karpatkey expand its solutions to more DAOs while accelerating its market expansion towards traditional funds and institutions. Founded in 2020, karpatkey was initially established to manage Gnosis's finances and now provides a range of complex financial solutions to many successful crypto organizations, including Aave, Balancer, CoW, ENS, Lido, and Safe.
B² Network completes a new round of funding, led by Alliance and others
The modular Bitcoin Layer 2 solution B² Network announced the completion of a new round of financing, led by Spartan Group, Animoca Brands, Alliance, and P2 Ventures, with participation from Cypher Capital, Candaq Ventures, Future Money Group, Skyland Ventures, TPC, and Maxx Capital. The specific amount of financing has not been disclosed. B² Network stated that the newly raised funds will be used to optimize B² Network's performance, enrich the B² Network ecosystem, support the ecosystem fund Squared Ventures, explore more BTCFi opportunities, and expand B² Network's influence in the global market.
Others
Social Media:
Social media platform Bluesky completes $15 million Series A funding, led by Blockchain Capital
Social platform Bluesky has completed $15 million in Series A funding, led by Blockchain Capital, with participation from Alumni Ventures, True Ventures, SevenX, Pivot Global, and others. Despite receiving support from crypto venture capital, Bluesky has made it clear that it will not "over-financialize" the platform through tokens, NFTs, and other means.
Currently, Bluesky has over 13 million users and plans to use the new funds to strengthen community building, invest in trust and security, and support the AT Protocol developer ecosystem. The platform will also develop a subscription model to provide users with features such as video uploads and personalized configurations. Additionally, Bluesky will build payment services for creators and explore voluntary monetization pathways to support the growth of more Web3 applications.
Web3 social data portal Port3 Network completes new round of financing, with participation from OOKC Group
Web3 social data portal Port3 Network announced on the X platform that it has completed a new round of financing, with OOKC Group participating, though the specific investment amount has not been disclosed. Port3 Network previously disclosed that it had received investment from DWF Labs and grants from Binance Labs, Mask Network, and Aptos.
Consumer Entertainment:
Hana Network, focused on "hyper-casual finance," completes $4 million funding
Hana Network, focused on "hyper-casual finance," has completed $4 million in funding, with investors including SushiSwap, Alliance, and Orange DAO. The specific valuation for this round of funding has not been disclosed. Founded by Kohei Hanasaka, Hana combines social network effects to provide a user-friendly crypto finance experience. Hana Network will launch Hana Gateway in January 2024, offering a trustless crypto asset on-and-off ramp, currently focusing on developing "hyper-casual finance" through user-driven distribution on social platforms, such as attention incentives, social tipping, and P2P financing. The mainnet is divided into four phases, with the first phase featuring the launch of the card game "Hanafuda," allowing users to earn rewards through gameplay. More interactive experiences will be gradually introduced in the future, aiming to provide an easy-to-understand entry point for crypto newcomers.
Fitness app Moonwalk Fitness completes $3.4 million seed round funding, led by Hack VC
Fitness app Moonwalk Fitness has completed $3.4 million in seed round funding, led by Hack VC, with participation from Binance Labs, Reciprocal Ventures, and Solana co-founder Raj Gokal. Moonwalk Fitness is an application that incentivizes healthy habits by rewarding users with cryptocurrency, allowing them to challenge friends, family, or strangers in daily competitions, thus "gamifying" fitness. Users setting challenges can specify parameters, including how many days the competition lasts, daily step goals, and how much each player must deposit to participate. Players can submit deposits in USDC, Solana, or Bonk, and those who fail to meet the goals will lose part of their stake, with rewards distributed to the winners.
Web3 live streaming Launchpad platform UniLive successfully completes seed round funding, with multiple institutions participating in investment
Web3 project Launchpad live streaming platform UniLive announced on X that it has completed seed round funding, with investors including BitMart, EMURGO, Taisu Ventures, JuCoin, Adaverse, AC Capital, and Moore Labs, along with strategic investment partner DePINX providing strong support for its ecosystem expansion and global promotion of the live streaming token ILO model. UniLive innovatively supports Web3 projects in financing through live streaming token ILOs, and this funding will accelerate the platform's ecosystem development and promote its comprehensive growth in the Web3 field.
The decentralized platform has completed $2 million in seed round funding, led by Superscrypt, with participation from DCG and several well-known angel investors. Craftt aims to provide universal benefits for the modern workforce, helping independent workers gain financial confidence and achieve work freedom and flexibility.
Craftt's modular platform focuses on providing benefits traditionally enjoyed by full-time employees to freelancers, consultants, remote workers, and others. Through decentralized infrastructure, Craftt is committed to simplifying global payments and financial management while meeting compliance requirements through verifiable credentials. Craftt Pass is now in public testing, allowing users to access exclusive discounts on global health insurance. Recently, Craftt integrated with World’s digital human identity verification system World ID, enabling its over 7 million users to log in to Craftt Pass using World ID and enjoy universal benefits. Craftt plans to continue developing Layer-2 infrastructure, expand ecosystem partnerships, and further enhance users' benefits and income opportunities.
Centralized Finance
Malaysian digital asset exchange Hata completes $4.2 million seed round funding
Malaysia's fifth licensed digital asset exchange, Hata Digital Sdn Bhd, has successfully raised $4.2 million (18.07 million MYR) in seed round funding, which will be used to expand new products and grow its user base in Asia. This round of funding was led by American venture capital firms Castle Island Ventures and Cadenza Venture, with participation from global cryptocurrency exchange Bybit, Singapore investment firm AP Capital, American venture capital firm Plug and Play Tech Center, and crypto accelerator Alliance.xyz. Hata CEO David Low stated that support from internationally recognized institutional investors will help the company build a stronger digital asset trading platform in Malaysia and Asia, enhancing user confidence. Nic Carter, founding partner of Castle Island, believes that Southeast Asia is a core market for global cryptocurrency adoption, and Hata has a strong competitive advantage with its differentiated products and compliance strategies.
Blockchain payment company Borderless.xyz completes $3 million Pre-Seed round funding
Blockchain-based payment company Borderless.xyz has completed $3 million in Pre-Seed round funding, led by Amity Ventures, with angel investors including Talos founder Anton Katz and Fireblocks founder Michael Shaulov. Borderless.xyz aims to develop payment infrastructure that allows for global fund transactions between stablecoins, real-world assets, and other "internet-native currencies" and fiat currencies. The company operates in over 50 countries and accepts 23 currencies.
Investment Institutions
Borderless Capital announced the launch of a $50 million Latin America fund aimed at supporting Web3 innovation projects in Latin America. The fund will focus on promoting the development of blockchain and decentralized technologies in the region. Ariel Muslera of Borderless Capital stated that the fund will provide funding to startups to help them grow and expand within the Web3 ecosystem. Matias A., the finance and investment director of the Avalanche Foundation, also participated in this announcement, stating that Avalanche will support Web3 projects in Latin America through collaboration and technical support, providing more resources and opportunities for innovative companies in the region.
The decentralized autonomous organization behind Gnosis Chain, GnosisDAO, has approved a proposal to launch a $40 million venture fund aimed at accelerating early blockchain projects. GnosisDAO will inject $20 million into the fund, with the remaining $20 million coming from external LPs. The fund, named GnosisVC Ecosystem, will prioritize investments in projects engaged in the tokenization of real-world assets (RWA), decentralized infrastructure, and financial payment channels.
Crypto hedge fund JellyC merges with Trovio to attract institutional investments, including pensions
Australian crypto hedge fund management company JellyC has merged with Singapore's Trovio Asset Management to attract institutional investments, including pensions. JellyC will become the major shareholder of the merged entity, aiming to increase its assets under management by 150% to AUD 250 million by mid-2026. JellyC co-founder Prendiville stated that scaling up will help gain favor with large investors in the Asia-Pacific region, particularly Australian pension funds. Trovio plans to sell its shares in the merged entity in the future but has not provided a specific timeline.
EU launches "Trusted Investor Network" to promote venture capital in tech sectors like AI
EU Commissioner Iliana Ivanova announced the launch of the "Trusted Investor Network" during a meeting with Greek Prime Minister Kyriakos Mitsotakis. The initiative aims to support startups and promote investment in the tech industry across the EU. The "Trusted Investor Network" focuses on attracting venture capital, particularly in the semiconductor field for biotechnology and artificial intelligence development. The EU has gathered 71 investors from across the continent, signing an asset initiative worth over €90 billion ($98 billion), committing to invest in European deep tech companies.
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