Cryptocurrency markets remain stuck in a macroeconomic downtrend, with Bitcoin (BTC) and Ether (ETH) showing further signs of weakness in late April. However, venture capital activity in the cryptocurrency and blockchain sectors is at its strongest in history, offering further evidence that major investors are looking beyond immediate price action and ignoring the divisive narratives between bulls and bears. The latest edition of the VC Roundup highlights the growing excitement around web 3.0 gaming, decentralized finance, and blockchain infrastructure.
bloXroute secures $70 million from major investors
Blockchain distribution network provider bloXroute has raised $70 million in funding to continue developing scalable infrastructure services for the cryptocurrency and decentralized finance (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 on buy and sell orders.
HBAR Foundation launches $50 million fund for fintech innovation
The HBAR Foundation, promoter of the Hedera ecosystem, has launched a $50 million fund to incentivize Hedera-focused development work around central bank digital currencies, stablecoins, remittance services, micropayments, and asset tokenization. The Fintech and Payments Fund is now seeking proposals for these and other finance-based integrations. At press time, Hedera was the 35th most valuable blockchain network, with a total market capitalization of $3.2 billion, according to CoinMarketCap.
Crypto Industry Heavyweights Back Decentralized Venture Capital Study
Venture capital studio Decent Labs has partnered with BlockTower Capital, Digital Currency Group, and others to launch a new incubation ecosystem called Decent DAO. Backers allocated a total of $10 million in on-chain investments to the initiative at a valuation of $56 million. Decent DAO wants to solve a major problem that plagues many decentralized autonomous organizations, namely the lack of proper governance and leadership, and has developed a system that ensures that all project sponsors fully invest in the space.
Many believe DAOs are what can help achieve a fair decentralized world. And as they develop more, it is clear that we are just scratching the surface of the potential DAOs have. https://t.co/VqnKfoo3SA
— Cointelegraph (@Cointelegraph) February 28, 2022
a16z leads Spruce’s $34 million fundraiser
Andreessen Horowitz, also known as a16z, led a $34 million funding round for decentralized identity startup Spruce. The Series A funding round also saw participation from Ethereal Ventures, Electric Capital, and Y Combinator, among others. Spruce is developing a protocol that allows users to control their personal data in the Web 2.0 and Web 3.0 economies. Spruce has also partnered with the Ethereum Foundation to develop a new authentication method for Ethereum accounts and ENS profiles.
Video game industry veterans raise capital for a Web 3.0 studio
Video game industry professionals who have worked at EA, Disney and Epic Games have raised $4 million for Playmint, a new venture studio developing massively multiplayer on-chain games, also known as MMOCGs. The seed funding round has been led by BITKRAFT Ventures, with the participation of Ethereal Ventures, Cherry Ventures, Play Ventures and 1kx. Playmint’s first title is called TheCrypta loot-gathering dungeon crawler built on the blockchain.
GamerGains closes a $5.8 million 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-to-earn platform. Unlike other crypto-focused developers, GamerGains is creating a platform for traditional PC and console gamers, allowing gamers to earn cryptocurrency and reward tokens for playing casually. The funding round was backed by some of the biggest venture capital studios in the blockchain space, including Tiger Global, FTX, Winklevoss Capital, CMS Holdings, and BlockFi.
While future games may be blockchain-connected, the executives think that they may not fully run on the blockchain. https://t.co/8ppRbVkZcd
— Cointelegraph (@Cointelegraph) March 15, 2022
Blockchain developer Venly raises $23 million
Belgian technology provider Venly wants to bring more industries onto the blockchain and has secured $23 million in Series A investment to fuel this initiative. The funding round has been led by Courtside Ventures with participation from Transcend Fund, Coinbase Ventures, Tioga Capital and others. The company, which develops tools and APIs that enable Web 2.0 companies to use Web 3.0 technology, primarily focuses on game publishers and e-commerce companies. Its API platform has been used by companies like Shopify and The Sandbox, among others.
Oasis.app Closes $6 Million 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 cryptocurrency wallets and earn returns on their Bitcoin, Ether, and other holdings. The funding round, which was secured through a mix of crypto and fiat, was led by Libertus Capital, with additional participation from a number of angel investors from the crypto industry.
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