Highlights of this Issue
According to incomplete statistics from PANews, last week (4.27-5.3) there were 17 financing events in the global blockchain sector, with a total funding of over $176 million, as summarized below:
DeFi sector announced 4 financing events, including the cryptocurrency derivatives trading platform Liquid that completed $18 million in Series A financing, led by Neo and Left Lane Capital;
AI+Web3 sector announced 2 financing events, among which the decentralized AI computing Layer 1 network Kaisar Network announced that it has completed $4 million in financing to date;
Infrastructure & Tools sector announced 5 financing events, including the Solana ecosystem multi-signature agreement Squads that completed $18 million in equity financing, led by Solana Ventures;
Centralized Finance sector announced 2 financing events, with the cryptocurrency exchange service company Fun completing $72 million in Series A financing, led by Multicoin Capital and SignalFire;
Prediction Market sector announced 1 financing event, with the prediction market platform XO Market completing $6 million in seed round financing;
Other Web3 Applications sector announced 3 financing events, including the collectible card game platform Chance Studios that completed $3.2 million in financing;
DeFi
Cryptocurrency derivatives trading platform Liquid completed $18 million in Series A financing, led by Neo and Left Lane Capital, with participation from Haun Ventures, K5 Global, SV Angel, AntiFund, and Sunflower Capital. Liquid was founded by former Two Sigma quantitative researcher Franklyn Wang and initially positioned as an aggregated platform for cryptocurrency perpetual contracts, but has now expanded into stocks, cryptocurrencies, foreign exchange, Polymarket positions, and secondary market equity of pre-IPO companies, offering leverage of up to 200 times in certain jurisdictions. Reports indicate that as platforms like Coinbase and Robinhood extend into non-crypto assets, Liquid is attempting to create a universal leveraged exchange with a unified interface to cover retail trading needs for various risk assets.
RWA yield platform Nuva Digital completed $5.2 million in seed round financing, led by Morgan Creek Digital, with participation from Ulu Ventures, to build its RWA yield platform Nuva Finance. Nuva was co-incubated by Animoca Brands and Nuva Labs and is positioned as a self-custodial RWA market connecting asset issuers with users. After depositing USDC, users can receive nvAsset tokens representing shares, with yields reflected in the token price. The first products will offer nuYLDS and nuHELOCs based on on-chain assets from Figure Technologies, corresponding to the SEC-registered yield-bearing stablecoin YLDS and over $16 billion issued home equity loan assets. Nuva also plans to issue a functional token NUVA, with specific launch timelines for the platform and token yet to be disclosed.
Solana yield trading platform Exponent completed $5 million in seed round financing, led by Multicoin Capital, with participation from Solana Ventures, RockawayX, L1D, Prelude, Theia Blockchain, and Solana Labs CEO Anatoly Yakovenko. This round utilized a SAFE plus token warrant structure, with valuation not disclosed. Exponent plans to launch a new version of the platform next month, expanding from single-rate trading to yield infrastructure, introducing an on-chain interest order book and strategy vaults that support converting floating yields into fixed or leveraged positions, with fixed-rate cyclical and hedging strategies issued by asset managers. Since its launch in late 2024, the platform has processed over $2 billion in yield trades, serving more than 35,000 users. The new funding of approximately $1 million will be used for security investments such as audits and bug bounties.
On-chain trader competition platform Legend Trade announced the completion of $3.5 million in seed round financing, led by Electric Capital, with participation from Amber Group and GSR Markets LTD. Its cumulative financing amount has exceeded $5 million. Legend Trade is described as a "trader to trader" on-chain derivatives platform where users compete against each other through perpetual contracts, deciding outcomes based on price trends and trading performance. In the three weeks of public testing, the platform has exceeded $80 million in trading volume. The project states it will launch Season 0 next week.
AI
Decentralized AI computing Layer 1 network Kaisar Network completes $4 million in financing to date
Decentralized AI computing Layer 1 network Kaisar Network announced that it has completed $4 million in financing to date, with $1 million being strategic pre-seed. Kaisar Network was incubated by Outlier Ventures and Borderless Capital, with investors including Merov Capital, StoneBlock, WM Capital, Arche Fund, Q42, and Unicorn Ventures. Kaisar has announced the launch of Token AI, allowing users access to decentralized GPU computing, AI credit, and agency services.
Voran obtains $3 million in seed round financing, with participation from IBC Group and others
Decentralized computing power platform project Voran announced the completion of $3 million in seed round financing. Participants include IBC Group, Mario Nawfal, CGVFOF, 0xALLINCLUB, Harbor Digital VC, and several early Web3 participants. The project team stated that these funds will primarily be used to accelerate platform development, expand infrastructure, and promote the implementation of scalable decentralized computing capabilities.
Infrastructure & Tools
Fence completes $20 million financing, led by Galaxy Digital
Asset-side financial infrastructure startup Fence completed $20 million in financing, led by Galaxy Digital, with participation from Parafi Capital and Crane Ventures, aiming to reform the backend processes of the approximately $60 trillion asset-backed financing market. Fence utilizes blockchain, smart contracts, and asset tokenization to automate loan pool tracking, collateral verification, and fund transfers without emphasizing its position as a "blockchain company," replacing traditional forms, PDFs, and email processes. The company has integrated with institutions like BBVA, BlackRock, and Fortress, managing approximately $1.5 billion in assets on its platform, and plans to use this funding round to expand into the U.S. market and continue optimizing its products.
Solana ecosystem multi-signature agreement project Squads completed $18 million in equity financing, led by Solana Ventures, with participation from Coinbase Ventures, Haun Ventures, and L1D, raising the total financing to $42.9 million. Squads will be used to expand its stablecoin settlement platform Altitude, which focuses on allowing enterprises to manage funds and payments with stablecoins instead of traditional bank accounts. Since public testing began last December, Altitude has processed over $200 million in payments for exporters and cross-border teams, with funds held in self-custodial wallets. Squads claims the platform has built-in compliance procedures such as sanction screening, anti-money laundering, transaction monitoring, and enterprise KYC, and has integrated with payment service providers like Bridge and MoonPay to cover global operations.
Stablecoin financial service platform UnblockPay announced the completion of $4.5 million in seed round financing, led by Prelude, with participation from Plug and Play, Wintermute, Signature Ventures, and several well-known institutions and angel investors. The funds raised in this round will primarily focus on developing compliant financial products to assist enterprises in integrating stablecoin systems into daily financial operations, establishing standardized cross-border settlement solutions, and enhancing the mutual seamless exchange capability between fiat currencies and mainstream stablecoins like USDT and USDC, while continuously expanding the compliant stablecoin enterprise service ecosystem.
Four Pillars has obtained A round financing from Pantera Capital and Further Ventures
Four Pillars announced it has obtained A round financing from Pantera Capital and Further Ventures, with the specific amount undisclosed. It plans to transform from a research institution into a blockchain research and infrastructure provider for institutional users. Over the past three years, Four Pillars has partnered with over 100 protocols and companies, releasing more than 600 research reports. In the future, it will focus on three main areas: FP Research (divided into five specialized departments: cryptocurrency, investment, institutional, Asia, technology), FP Validated (institutional-level validator infrastructure providing staking services), and FP Institution (a newly established institutional department offering workshops and consulting services).
Jack Ma's Yunfeng Financial strategically invests in cross-border payment service provider WooshPay
Yunfeng Financial, in which Jack Ma holds shares, officially announced its strategic investment in cross-border payment service provider WooshPay, with the specific investment amount not disclosed. WooshPay holds dual regulatory qualifications from the UK's FCA and Hong Kong Customs, making it a compliant financial infrastructure platform. Following this investment, Yunfeng Financial will integrate its digital asset infrastructure, AlphaToken, and build an AI+Web3 model, enhancing the complete ecosystem of asset tokenization and compliant settlement. Currently, Yunfeng Financial has obtained the Hong Kong SFC's virtual asset trading license, enabling it to compliantly launch trading services for mainstream digital assets like Bitcoin and Ethereum.
Centralized Finance
Cryptocurrency exchange startup Fun announced it has completed $72 million in Series A financing, led by Multicoin Capital and technology venture capital firm SignalFire, with participation from Infinity Ventures, Pharsalus Capital, and Tinder co-founder Justin Mateen. This financing deal was completed in January of this year but was only recently made public, and Fine declined to disclose the valuation of this financing.
Fun specializes in providing infrastructure for recharge and withdrawal between cryptocurrencies and fiat currencies (like US dollars) for platforms, allowing users to complete fund flows without going through exchanges or banks. Its clients include the prediction market platform Polymarket, the cryptocurrency derivatives platform Lighter, and the lending protocol Aave. Currently, the annual payment processing scale has exceeded $18 billion. The company's founder and CEO Alex Fine stated that as more fintech companies and new banks adopt tokens and stablecoins, Fun hopes to become the "gateway to the new economy."
Tether leads Belo's $14 million Series A financing to expand stablecoin payments in Latin America
Tether led the $14 million Series A financing for Latin American digital wallet platform Belo, with participation from Titan Fund, The Venture City, Mindset Ventures, and G2. Belo stated that it will use the new funds to expand into markets in Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, and to continue strengthening its business presence in Brazil, focusing on serving freelancers, remote workers, and users of cross-border fund flows.
Belo, established in 2021, is headquartered in Buenos Aires, Argentina, and currently has over 3 million users in Latin America. Its product is a digital wallet based on cryptocurrency infrastructure, enabling users to hold, transfer local currencies, and "digital dollars" (stablecoins). Stablecoins have rapidly gained popularity in emerging markets like Latin America in recent years, mainly used for hedging against inflation, cross-border remittances, and bypassing high-cost foreign exchange systems. Belo integrates payment, currency exchange, and cross-border transfers into a single application process and uses cryptocurrency infrastructure for backend settlement, aiming to reduce costs and delays for cross-border transfers.
Prediction Market
The prediction market platform XO Market completed $6 million in seed round financing, with investors including 20VC, Picus Capital, Coinbase Ventures, etc. This platform features a user-built market model and has attracted over 30,000 users and 600 active markets since its mainnet launch, with a cumulative trading volume exceeding $150 million. XO plans to launch the "XO Vaults" product, allowing users to jointly fund prediction markets based on strategies or categories (such as sports, politics) to provide liquidity, with target annual yields of approximately 8% to 10%, supporting passive market-making participation similar to "copy trading."
Others
Collectible card game platform Chance Studios completes $3.2 million in financing
Collectible card game platform Chance Studios completed $3.2 million in financing, led jointly by Makers Fund and Hashed, with participation from Arbitrum Gaming Ventures, Gam3Girl Ventures, and Digital Elm. It aims to provide a unified platform for TCG collectors, enabling instant liquidity of collectibles, transparent trading, and social interactions.
DeSci project NanoVita announces completion of strategic financing, with participation from Harbor Digital Ventures and others
DeSci project NanoVita officially announced the completion of strategic financing, with the amount not disclosed. This round of financing saw participation from Credit Scend, Harbor Digital Ventures, and Apus Capital. NanoVita is a decentralized science (DeSci) protocol that integrates nanotechnology, AI bio-intelligence, and real-world health data, aiming to build an open and transparent health research infrastructure. Previously, NanoVita completed seed round financing with participation from Cryptogram Venture (CGV), UDS Space, Candaq Fintech Group, and Susie Venture, as well as pre-A round financing with participation from K24 Ventures, LandScape Capital, and WestLabs.
Blockworks completes A round extension financing with a valuation of $192 million
Cryptocurrency data and research platform Blockworks announced the completion of A round extension financing, with a latest valuation of $192 million. This round was co-led by Parafi Capital and Reciprocal Ventures, with participation from Coinbase Ventures, Advancit Capital, MoonPay, and other institutions. More than 20 founders and operators from projects like Solana, LayerZero, Pyth, EigenLayer, Kraken, Arbitrum, and Polygon also followed as personal investors.
Investment Institutions
Founders Fund's fourth growth fund completes $6 billion in fundraising
Peter Thiel's Founders Fund's fourth growth investment fund, Founders Fund Growth IV, has completed $6 billion in fundraising, aimed at investing in late-stage companies, setting a record for the largest fundraising in the fund's history. Of this, $4.5 billion came from limited partners (LPs), including sovereign wealth funds; the remaining $1.5 billion was contributed by senior management and employees of Founders Fund, including Peter Thiel himself.
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