HBAR Foundation, bloXroute, GamerGains, Spruce, Venly, Playmint and
Oasis.app headline the latest funding deals from the world of
blockchain.
Cryptocurrency markets remain caught in a macro-based downtrend, with Bitcoin (BTC) and Ether (ETH)
showing further signs of weakness at the end of April. But, venture
capital activity in the crypto and blockchain sectors is the strongest it has ever been,
offering further evidence that major investors are looking beyond
immediate price action and ignoring divisive bull/bear narratives. The latest edition of VC Roundup highlights the growing excitement surrounding Web3 gaming, decentralized finance (DeFi) and blockchain infrastructure.
bloXroute secures $70M from major investors
Blockchain
distribution network provider bloXroute has raised $70 million in
funding to continue developing scalable infrastructure services for the
cryptocurrency and DeFi industries. The Series B funding round was led
by SoftBank Vision Fund 2, with participation from Dragonfly Capital,
Jane Street, ParaFi Capital, Blindspot, GSR and others. The company
recently launched its Blockchain Distribution Network, which is said to
overcome network congestion to provide users with reliable information
about buy and sell orders.
HBAR Foundation launches $50M fintech innovation fund
Hedera ecosystem promoter HBAR Foundation has launched a $50 million fund to incentivize Hedera-focused development work around central bank digital currencies (CBDC),
stablecoins, remittance services, micropayments and asset tokenization.
The fintech and payments fund is now seeking proposals for these and
other finance-based integrations. At the time of writing, Hedera was the
35th most valuable blockchain network with a total market
capitalization of $3.2 billion, according to CoinMarketCap.
Related: HBAR Foundation launches a $250M metaverse fund to enhance consumer brand adoption
Crypto industry heavyweights back decentralized venture studio
Web3
venture studio Decent Labs has partnered with BlockTower Capital,
Digital Currency Group and others to launch a new incubator
decentralized autonomous organization (DAO) ecosystem called Decent DAO.
The backers allocated a combined $10 million in on-chain investments to
the initiative at a valuation of $56 million. Decent DAO wants to fix a
major problem plaguing many decentralized autonomous organizations
— namely, a lack of proper governance and leadership — and has
developed a system that ensures all project backers are fully invested
in the space.
a16z leads $34M Spruce raise
Andreessen Horowitz, also known
as a16z, led a $34 million funding round for decentralized identity
startup Spruce. The Series A funding round also had participation from
Ethereal Ventures, Electric Capital and Y Combinator, among others.
Spruce is developing a protocol that lets users control their personal
data across the Web2 and Web3 economies. Spruce has also partnered with
the Ethereum Foundation to develop a new authentication method for Ethereum accounts and ENS profiles.
Gaming industry veterans raise capital for Web3 studio
Gaming
industry professionals formerly of EA, Disney and Epic Games have
raised $4 million for Playmint, a new venture studio developing
massively multiplayer on-chain games, also known as MMOCG. The seed
round was led by BITKRAFT Ventures with participation from Ethereal
Ventures, Cherry Ventures, Play Ventures and 1kx. Playmint’s first title
is called The Crypt, a loot-based dungeon game that’s built on the blockchain.
Related: Animoca Brands to bet big on MMORPG blockchain games
GamerGains closes $5.8M seed round backed by Winklevoss Capital
Developer
GamerGains Labs has closed a $5.8 million seed round to support the
development of a cryptocurrency-based play-and-earn (P2E) platform.
Unlike other crypto-focused developers, GamerGains is building a
platform for traditional PC and console gamers, allowing players to earn
crypto and token rewards for typical gameplay. The funding round had
backing from some of blockchain’s biggest venture studios, including
Tiger Global, FTX, Winklevoss Capital, CMS Holdings and BlockFi.
Blockchain developer Venly raises $23M
Belgian technology
provider Venly is looking to bring more industries to blockchain and has
secured $23 million in Series A investments to further this initiative.
The funding round was led by Courtside Ventures with participation from
Transcend Fund, Coinbase Ventures, Tioga Capital and others. The
company, which develops tools and APIs that allow Web2 companies to
utilize Web3 technology, is primarily focused on game publishers and
e-commerce businesses. Its application programming interface (API)
platform has been used by the likes of Shopify and The Sandbox, among others.
Related: Crypto Biz: If you think crypto is bearish, you’re not paying attention, April 21–27, 2022
Oasis.app secures $6M Series A funding round
Decentralized
finance platform Oasis.app has raised funds to continue building its
consumer-focused DeFi products and tools. The platform allows DeFi users
to connect their crypto wallets and earn yields on their Bitcoin, Ether
and other holdings. The funding round, which was secured through a
combination of crypto and fiat, was led by Libertus Capital, with
additional participation from several angel investors from within the
crypto industry.
source link : https://cointelegraph.com/news/vc-roundup-gaming-crypto-fintech-and-blockchain-infrastructure-dominate-venture-capital-rounds
