Blockchain

Funding Wrap: A Quiet Q3 for Crypto VC Investment

0
  • Investments are still higher this year than the seven-year average
  • Blockchain development platform Tatum received $41.5 million to scale its tooling system

Crypto venture capital funding dropped in the third quarter.

Only $5.5 billion was invested in crypto startups from July through September, according to a new Galaxy report — marking the lowest quarter for investments this year. 

The figure is still higher than the seven-year quarterly average of $3.1 billion, which takes into account the significantly smaller investment universe in the early days of digital assets.

This week, the Cleo ecosystem, a protocol which supports mobile-first DeFi payments infrastructure, revealed that projects on its platform have secured over $77 million in funding. Company valuations were not revealed.

Among them, blockchain development platform Tatum secured the most significant amount — $41.5 million — and will be using the latest fundraise to integrate their tooling system with Web3 projects.

Interchain communication protocol Hyperlane also raised a significant amount of capital — $18.5 million from venture capital fund Variant to promote cross-chain communication and interoperable security. 

Regenerative finance project Loam, working to develop a data farming marketplace, raised $4 million

“I am immensely proud of our ecosystem projects in raising over $77 million across various venture rounds,” Rene Reinsberg, Celo co-founder and Celo Foundation President, said. “This demonstrates how bullish investor sentiment is in driving mainstream adoption of Web3 and real-world use cases for real people.” 

Other projects that received funding this week include Fun — a company building decentralized wallet and access control solutions on Odsy Network. 

Fun raised a total of $3.9 million in its pre-seed funding round led by Tinder co-founder Justin Mateen’s JAM Fund with an unknown valuation. 

Another pre-seed project which received venture capital interest this week was Web3 wallet Martian.

Martian, a wallet built on the Aptos blockchain, allows users to access decentralized applications on the network to buy, swap, swell tokens and collect NFTs. 

The company secured $3 million in a funding round led by Race Capital, with participation from FTX Ventures, Superscrypt, Jump Capital and Aptos. 

Other funding rounds this week include:

  • Web3 powered newsletter Paragraph lands $1.7 million from Binance Labs.
  • Singaporean based NFT wallet AWSt secures $1.7 million from early-stage venture fund and seed accelerator 500 Global.

Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


The post Funding Wrap: A Quiet Q3 for Crypto VC Investment appeared first on Blockworks.

The Bull Flag Develops An Anonymous Payment System

Previous article

Unbelievable Newswire Press Release Distribution Services Are Now Available In India To Give The Companies Tremendous Advantages

Next article

You may also like

Comments

Comments are closed.

More in Blockchain