Highlights of This Issue
According to incomplete statistics from PANews, there were 21 financing events in the global blockchain sector last week (February 10 - February 16), with a total funding scale exceeding $139 million, an increase compared to the previous week. The overview is as follows:
- DeFi announced 7 financing events, including decentralized finance platform Legends, which raised $15 million from a16z and Coinbase Ventures;
- Web3 Gaming announced 3 financing events, including GamerBoom, an AI game data analysis and incentive protocol in the Solana ecosystem, which raised $9 million;
- AI + Web3 announced 2 financing events, including FrodoBots, which completed $8 million in funding and plans to launch the BitRobot network combining crypto and robotics technology;
- Infrastructure & Tools announced 6 financing events, including Plasma, which announced it raised $24 million in its first round of financing, led by Framework Ventures;
- Other categories announced 1 financing event, with AI-driven music generation platform Fireverse announcing it completed $2.5 million in Series A financing;
- Centralized Finance announced 2 financing events, including Gaorong Ventures investing $30 million in HashKey Group.
DeFi
Decentralized finance platform Legends announced its first round of financing, raising $15 million from Andreessen Horowitz (a16z) and Coinbase Ventures. Legends was launched by former Compound CEO Jayson Hobby and two other former Compound executives, aiming to improve upon the foundation they built at Compound. Legends will provide users with decentralized financing, eliminating the need to log into multiple different applications to use their cryptocurrencies. The company's current focus is on getting listed on the Apple App Store and building a reliable user base. In the future, Legends plans to generate revenue through subscriptions.
Web3 Innovative Trading Application Blum Announces $5 Million Pre-Seed and Seed Round Financing
OKX Ventures announced a seed round investment in the innovative trading application Blum, which aims to create a trading experience connecting DEX and CEX for 90 million users. This round of financing was led by gumi Cryptos Capital, with participation from Spartan and No Limit Holdings. It also received continued investment from pre-seed supporters YZi Labs and Top.co, as well as participation from well-known institutions like Bitscale Capital and Wintermute. Currently, Blum has raised a total of $5 million in pre-seed and seed round financing.
DeFi.app Completes $4 Million Financing, Total Valuation at $100 Million
DeFi trading platform DeFi.app raised an additional $4 million in its latest seed extension round, maintaining a token valuation of $100 million. This financing was jointly participated in by venture capital firms and Cobie's Echo platform, with Mechanism Capital, DCF Capital Partners, Balaji Srinivasan, Pentoshi, and others investing $2 million, while Echo's Comfy Capital and George Beall's team contributed another $2 million. To date, DeFi.app's total financing amount has reached $6 million. Additionally, DeFi.app announced the official opening of public testing, offering "no gas fee" cross-chain token swaps, decentralized asset management, and fiat-to-crypto purchasing functions, with plans to launch perpetual contract trading, yield farming, and lending services in the future.
DeFi Project InfiniFi Completes $3 Million Pre-Seed Financing, Led by Electric Capital
DeFi project InfiniFi announced the completion of $3 million in Pre-Seed financing, led by Electric Capital, with participation from New Form Capital, Kraynos Capital, BaboonVC, and others. InfiniFi is described as a deposit-driven DeFi system, with its upcoming deposit receipt token (DRT) set to launch as an asset pegged to the US dollar, integrating with AAVE, Pendle, Ethena, and others in the second quarter of this year.
Yield generation protocol Cabal announced the completion of $3 million in financing, with participation from Hack VC, Delphi Ventures, Nascent, CitizenX, and others. Cabal is a yield generation protocol built on the Layer 1 network Initia, designed to accumulate governance rights and reward VIP users. It allows users to deposit INIT and Enshrined Liquidity positions in exchange for liquid, income-generating assets, thereby enhancing participation and rewards within the Initia ecosystem.
Whetstone announced the completion of $1.3 million in Pre-Seed financing, with investors including Variant, Nascent, Credibly Neutral, Uniswap Ventures, Ambush, Figment, and several angel investors. Whetstone launched the Doppler protocol, aimed at optimizing on-chain asset issuance and liquidity guidance, reducing bot sniping, improving price discovery efficiency, and introducing programmable, auditable vesting periods to enhance long-term incentive alignment between project teams and communities. Doppler has been deployed to Unichain and is the first to provide front-end support through Pure Markets.
TaoFi Completes Financing Led by DCG, Will Build AI Financial Layer on Bittensor
Decentralized AI financial platform TaoFi completed strategic financing led by DCG, with participation from Pantera Capital, Taostats, Lyrik Ventures, and others. TaoFi will launch the TAO USD stablecoin, TAO Swap decentralized exchange, and stTAO liquid staking on the Bittensor EVM, promoting the integration of decentralized AI and crypto finance.
Web3 Gaming
GamerBoom, an AI game data analysis and incentive protocol in the Solana ecosystem, raised $9 million in its latest round of financing, bringing its total funding to over $11 million. This round attracted investors including Bing Ventures, SKY Ventures, MBK Capital, INK Capital, CLF Capital, Metaverse Group, New Heights, and Tuna, and received strategic support from NVIDIA and Solana. GamerBoom utilizes AI data annotation and analysis to enhance the value and utility of Web3 game data. The latest investment will accelerate the development of its advanced analytics solutions, providing deeper insights for the gaming industry. GamerBoom plans to launch a new season of its points reward program and initiate core NFT sales later this month to further attract the Web3 gaming community.
Web3 development studio Mirai Labs completed $4 million in seed round financing, led by Mechanism Capital, with participation from Oak Grove Ventures, Sophon Capital, Selini Capital, Bitscale Capital, Manifold, Rubik Capital, Protagonist, and Lhava. Mirai Labs is developing a product called Partnr, which allows AI agents to perform consumer-facing crypto tasks, such as managing wallets, while learning user needs over time.
Beamable Receives Funding from Sui Foundation to Advance Web3 Game Development
The company has once again received funding from the Sui Foundation to expand its Web3 game development capabilities and strengthen integration with the Sui blockchain. New features include dynamic NFTs, closed-loop tokens, storage wallets, and seamless Web2 login via zkLogin (supporting Google and Twitch accounts to create Sui wallets). Game developers using Unity and Unreal Engine will be able to easily integrate blockchain features, enhancing the security, scalability, and immersive experience of games. Relevant technology will first be applied to projects such as Warped Games.
AI
FrodoBots Completes $8 Million Financing, Set to Launch Crypto Robot Network BitRobot
FrodoBots has completed $8 million in financing and plans to launch the BitRobot network, which combines crypto and robotics technology, focusing on advancing Embodied AI. This round of financing was led by Protocol VC, with participation from Big Brain Holdings, Fabric, Zee Prime Capital, Tioga Capital, Sfermion, Solana Ventures, and others. Additionally, Solana co-founders Anatoly Yakovenko and Raj Gokal, along with several DePIN project founders, participated in the investment. BitRobot will utilize crypto incentive mechanisms to pool computing resources, storage, human operations, physical robots, and researchers to accelerate the development of Embodied AI, with plans to open-source some research results to give back to the robotics research community.
Decentralized AI computing infrastructure provider NodeGo has completed $8 million in financing, led by Hash Capital. The funds will be used to expand its decentralized AI computing network, enhance real-time AI processing capabilities, and advance its layout in the Solana ecosystem. NodeGo aims to address the shortage of AI computing resources by distributing computing power through blockchain technology, reducing cloud computing costs, and improving scalability. Currently, NodeGo has over 1.5 million active users.
Infrastructure & Tools
Plasma Completes $24 Million Financing, Led by Framework Ventures
Stablecoin company Plasma announced that it has raised $24 million in its first round of financing, led by Framework Ventures, with participation from cryptocurrency exchange Bitfinex, renowned venture capitalist Peter Thiel, and Tether CEO Paolo Ardoino. Plasma is customizing a blockchain for the most popular stablecoins and hopes to launch it in the coming months. The blockchain aims to attract stablecoin users by offering zero-fee USDT transactions. Plasma co-founder Paul Faecks stated that he chose to build on the Bitcoin blockchain because it is considered one of the most secure and decentralized blockchains. Although the two chains are interconnected, Plasma has its own consensus mechanism—a set of rules that determine the blockchain's scalability, security, and decentralization.
Multi-VM Full-Chain Infrastructure Network Mango Network Completes $13.5 Million Financing
Multi-VM full-chain infrastructure network Mango Network announced the completion of $13.5 million in financing, with participation from Ainfra Ventures, Kucoin Ventures, Tido Capital, Connectico Capital, Becker Ventures, Mobile Capital, T Labs, CatcherVC, and others. Mango Network is a multi-virtual machine full-chain infrastructure network that claims to integrate the core advantages of OPStack and Move. Mango Network stated that the next step will be the mainnet and TGE.
Ethereum security platform Drosera has completed $3.25 million in financing, bringing its total financing amount to $4.75 million. This round of financing was led by Greenfield Capital, with participation from Anagram, Paper Ventures, Arrington Capital, UDHC, and Pulsar. Drosera focuses on developing "Traps" smart contracts that can detect and eliminate security threats on the Ethereum network in real-time. The company plans to use the funds to continue optimizing Traps technology, expand to other EVM-compatible chains, and launch the mainnet in the second quarter of this year.
Decentralized Platform Teneo Protocol Completes $3 Million Seed Round Financing
Decentralized platform Teneo Protocol announced the completion of $3 million in seed round financing, co-led by RockawayX, Borderless, and Generative Ventures, with participation from Moonrock Capital, CertiK Ventures, Outlier Ventures, X Ventures, Token Ventures, EOT Ventures, MN Capital, Advanced Blockchain, and Venionaire Web3. Teneo is a decentralized platform that connects real-world data with Web3 applications, focusing on the utilization and tokenization of decentralized physical infrastructure networks (DePIN) and artificial intelligence (AI) data.
Index Completes AU$3.5 Million Seed Round Financing, Led by Blackbird and Bain Capital Ventures
B2B product management platform Index announced the completion of AU$3.5 million (approximately US$2.2 million) in seed round financing, led by Blackbird and Bain Capital Ventures, with participation from BOND, Y Combinator, and others. Since its official launch two months ago, the platform has attracted well-known companies such as Ramp, Uniswap, Clerk, and Semgrep to its waiting list. Index aims to address the fragmentation of traditional product management tools by providing real-time collaboration, customer feedback integration, demand management, and engineering integration with Linear. After the financing, Index has opened Early Access, allowing users to use the platform without a reservation. The team plans to use the funds to accelerate product development and expand into global markets.
Tether Announces Strategic Investment in Self-Custody Crypto Wallet Zengo Wallet
Tether announced that it has completed a strategic investment in the self-custody crypto wallet Zengo Wallet. Tether stated that this investment highlights its commitment to promoting the development of secure self-custody solutions and facilitating the global adoption of stablecoins. This investment will enable Zengo to further enhance its cross-chain capabilities, seamlessly supporting Tether's stablecoins across major blockchain ecosystems. The investment will also support the development of Zengo Pro, a premium service designed to enhance user experience through features such as theft protection, inheritance transfer, and real-time assistance.
Others
AI-Driven Web3 Music Generation Platform Fireverse Completes $2.5 Million Series A Financing
AI-driven music generation platform Fireverse announced the completion of $2.5 million in Series A financing, with investment co-led by Nobody and supported by OKX Ventures, along with participation from T-Fund, BingX, Gate.io, Chain Capital, TCC Capital, Central Research, and Stratified Capital. Fireverse is an AI-based music creation platform that enables users to create, promote, and monetize music through a Web3 business model. The platform offers one-click AI music processing tools for users to produce musical works. Additionally, Fireverse provides gamification, event building, and blockchain-based copyright protection features.
Centralized Finance
Gaorong Ventures Invests $30 Million in Hong Kong Licensed Crypto Exchange HashKey Group
Gaorong Ventures has invested $30 million in HashKey Group, the largest licensed crypto exchange operator in Hong Kong, marking a rare case of the venture capital giant entering the digital asset space. According to insiders, Gaorong Ventures—an early supporter of Chinese internet companies such as Meituan and PDD Holdings—made the investment in HashKey Group at a pre-investment valuation exceeding $1 billion; this valuation has seen little change compared to a year ago when HashKey Group raised $100 million and entered unicorn status. A spokesperson for HashKey Group stated that Gaorong Ventures' $30 million investment was made at a post-investment valuation approaching $1.5 billion.
Digital payment provider KUN announced the completion of seed round financing, led by BAI Capital, with participation from GSR Ventures, Hash Global, and other strategic investors. The specific amount of this round of financing has not been disclosed, only that it reached "multi-million dollars." KUN currently offers Web2+Web3 digital payment services supporting stablecoins, and the new funds are intended to build digital payment solutions for cross-border trade, overseas businesses, and Web3 enterprises and high-net-worth individuals.
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