Dates: 28 October 2024 – 03 November 2024. This week’s notable funding rounds according to Coinfactiva.com’s research:
1. Kraken Raises $42.5M for Growth
This week, Kraken led the funding rounds, securing $42.5 million from the Optimism Foundation. Founded in 2011, Kraken is a cryptocurrency exchange supporting various digital assets, including Bitcoin and Ethereum. Known for user accessibility, Kraken empowers investors seeking financial independence. In 2020, Kraken became the first U.S. exchange to receive a license to establish a crypto bank, enhancing its capabilities in digital finance.
2. Seed Investments in Emerging Web3 Projects
Several Web3 startups made headlines with impressive seed rounds.
- Spire Labs secured $7 million from backers like a16z Crypto and Bankless Ventures. Spire offers a customizable framework for Ethereum-based applications, supporting rapid transactions and modular infrastructure for Web3 development.
- Sapien AI raised $10.5 million with Variant Fund among its investors. This platform combines AI and gaming to create a unique Web3 environment, rewarding users who train AI models by tagging data.
- Nitro Labs (Termina) received $4 million to support Solana scaling. Termina is built on Solana’s Virtual Machine, improving scalability for decentralized applications.
3. Pre-Seed Investments Fuel Web3 Innovations
- Axal raised $2.5 million to advance its decentralized network for autonomous, verifiable agents in Web3 applications. Axal simplifies complex tasks, including on-chain trading, via its Autopilot feature.
- Phylax Systems obtained $4.5 million from Figment Capital and other notable investors. This platform integrates the Credible Layer, an on-chain security feature to protect decentralized applications (dApps) from vulnerabilities.
4. Crypto Insurance and Staking Ventures
- Native raised $2.6 million to develop a crypto insurance brokerage that bridges traditional insurance with on-chain capital, providing secure asset coverage and policy management.
- PumpBTC received $10 million, creating a liquid staking platform for BTC holders to earn yields through Babylon’s shared security.
5. Series A Funding for Large-Scale Projects
- Alliance Games attracted $5 million to support decentralized gaming infrastructure, enabling community-powered hosting and secure blockchain integration.
- Chainway Labs (Citrea) raised $14 million to enhance Bitcoin’s blockspace with the first zk-rollup, increasing scalability without altering consensus rules.
6. Web3 Game Development Advances
- Gunzilla Games received undisclosed funding to develop “Off The Grid,” a multiplayer cyberpunk game offering in-game asset ownership through blockchain technology.
7. Expanding Decentralized Finance (DeFi) Platforms
- bitSmiley raised $10 million for a Bitcoin-based DeFi protocol. With products like the bitUSD stablecoin, bitSmiley aims to transform the Bitcoin ecosystem with trustless financial options.
These funding rounds underscore the continued growth and innovation within the Web3 and decentralized finance landscape, driving new applications across finance, gaming, and infrastructure. With backing from prominent venture firms, these projects are poised to shape the future of blockchain and digital assets.
