The cryptocurrency market has failed to make any significant headway in recent months, but that hasn’t stopped developers in the industry from getting on with it. Non-fungible tokens (NFTs), crypto mortgages, blockchain-powered cellular networks, and Web3 games have sparked the interest of venture capital investors. These new and familiar investment themes headline the latest edition of the VC Roundup, as hedge funds continue to target the most promising value plays in the blockchain space.
a16z executives back new NFT fund
Andreessen Horowitz’s foray into the blockchain industry continued this month after much of his team of investors backed a new non-fungible token fund called Curated. The fund, worth $30 million, has the singular purpose of buying and holding works of art in NFT format. Among the directors of a16z, Marc Andreessen, Arianna Simpson, Chris Dixon, Andrew Chen and John Lai are investors in the fund, according to Tech Crunch. NFTs and traditional art are increasingly seen as stores of value in an inflationary environment. (Interestingly, a16z has been talking about NFTs since at least 2020, which is eons in the crypto industry.)
How are crypto marketplaces and NFTs changing the game for creators? Listen to our Q&As with artists @muratpak and @sigggnasty for an intro to the token-based creator economy: https://t.co/Lj42leSkfa
— a16z (@a16z) November 22, 2020
Crypto Mortgage Lender Milo Receives $17 Million
Cryptocurrency-focused fintech startup Milo has raised $17 million in Series A funding from venture capital firms M13, QED Investors, and MetaProp. Milo will use the funding to advance its suite of product offerings, which includes a 30-year crypto mortgage that allows users to put up digital assets as collateral for their home loans. Since its launch in January, Milo’s 30-year mortgage has already received more than 7,400 applications. The company’s first product – a mortgage solution for foreigners – processed $500 million in applications from more than 90 countries.
A cryptocurrency neobank raises $77 million
Scandinavian neobank Lunar plans to launch a new cryptocurrency platform and business-to-business trading service after raising $77 million and reaching a $2 billion valuation. The cryptocurrency trading service will initially focus on just five assets: Bitcoin (BTC), Ether (ETH), Cardano (ADA), Polkadot (DOT), and Dogecoin (DOGE). The company’s bet on crypto reflects a growing desire to serve more consumer-oriented sectors in a region that has seen a considerable boom in the digital asset market. According to Tech Crunch, Lunar is already raising capital for its next funding round, which is expected to close in May.
FreedomFi closes a financing round of USD 9.5 million
5G developer FreedomFi has raised $9.5 million in funding to advance a Web 3.0 platform that enables consumers to roll out small cellular networks using digital assets. The Series A round was financed by Blueyard Capital, Qualcomm Ventures and Samsung Next. FreedomFi has already made inroads into the digital asset space, having partnered with the Helium blockchain in 2021 to advance the broader adoption of cellular base stations at the consumer level.
Joyride raises $14 million
Web3 gaming platform Joyride Games recently closed a $14 million seed funding round that featured some of the biggest venture funds in the blockchain industry, including BITKRAFT Ventures, SuperLayer, Coinbase Ventures, Animoca Brands, Dapper Labs, and Solana Ventures. The Joyride platform is primarily geared towards developers who want to create and launch blockchain-based sports and social games. The company said that it plans to release the first batch of game projects on its platform in the near future.
Describe Web3 in 3 words.
— Cointelegraph (@Cointelegraph) March 8, 2022
Crypto Unicorns Closes $26 Million Token Sale
Web3 game developer Laguna Games has completed a $26 million token sale for its Polygon-based NFT collection, Crypto Unicorns. The main buyers were TCG, Backed VC, ACME Capital, BITKRAFT Ventures, Delphi Digital, Polygon Studios and CoinFund, among others. Laguna Games said that all funds raised will go to the Crypto Unicorns DAO Treasury, the governance of which will pass into the hands of the community over time.
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