Chainlabs Investment Research Weekly Report | 36 public financings occurred in the encryption market

ChainlabsFeb 20, 2024

Chainlabs Investment Research Weekly Report | 36 public financings occurred in the encryption market

According to incomplete statistics from CoinVoice, there were more than 36 project financing cases in the blockchain field announced this week (2.05-2.16), with 8 financings worth tens of millions. NFT mortgage lending platform MetaStreet raised US$25 million, with participation from Andrew Kang and others, which was also the largest financing event this week. Judging from the track distribution, the projects that received financing are mainly distributed in the infrastructure, chain games, and Web3 tracks. The following is an overview of this week’s financing events.

Web3 game service provider Exverse completed US$3 million in financing, with participation from Epic Games and others

Exverse, a Web3 gaming service provider headquartered in Dubai, United Arab Emirates, announced the completion of US$3 million in financing, led by Cogitent Ventures, Cointelligence and Moonrock Capital, with participation from KuCoin Labs, Epic Games, Seedify and ChainGPT. Exverse is currently focused on developing first-person shooter Web3 games using Epic Game's Unreal Engine 5 game engine, and the new funds will be used to expand operations and accelerate development progress.

Hydro Protocol announces the completion of a new round of financing, with participation from Injective and others

Hydro Protocol, the liquidity staking protocol, posted on the CSP DAO, ODIG, DoraHacks and a high-quality angel investment team participated, and the financing amount was not disclosed.

It is reported that Hydro Protocol is a native LSD+LSDfi protocol built on Injective. It was launched on the main network on January 31, 2024. The TVL of the protocol currently exceeds US$100 million.

YogaPetz, developer of Web3 health platform WELL3, completes US$5 million in financing

YogaPetz, developer of Web3 wellness platform WELL3, announced it has raised more than $5 million in seed funding and NFT sales, with participation from Animoca Brands, Newman Group and Soul Capital Partners.

OKX Ventures announces investment in DeFi analytics platform DEXTools

OKX Ventures announced a seed investment in DeFi analytics platform DEXTools, establishing a partnership dedicated to advancing blockchain innovation and laying the foundation for DEXTools to be integrated into the OKX Web3 platform.

It is reported that DEXTools has an average of 20 million users per month, surpassing X (formerly known as Twitter), Google, YouTube and Amazon in terms of access time.

GigaStar secures $3M in additional funding to support new asset classes in the creator economy

The latest $3 million round brings GigaStar’s total funding since May 2022 to $7.8 million, a significant achievement in an ever-changing venture capital environment.

The latest investment round includes participation from existing and new strategic investors. GigaStar’s current investors include DV Crypto VC, Tomsic Holdings, Nameless Ventures, Belvedere Strategy Capital and Metropolitan Capital Bank.

It is reported that GigaStar uses blockchain technology to allow creators to obtain more innovative interactive methods, including fan incentives, potential long-term royalties, etc. It currently mainly supports YouTube creators and helps channels earn income by launching channel income tokens.

L1 blockchain Nibiru Chain completes US$12 million in financing

According to Chainwire reports, Layer 1 blockchain project Nibiru Chain announced the completion of US$12 million in financing, with participation from Kraken Ventures, ArkStream, NGC Ventures, Master Ventures, Tribe Capital and Banter Capital. Nibiru’s community sale on CoinList sold out its initial $3 million in 9 minutes. An additional $3 million in extended sales also sold out in 11 minutes. As of closing, the sale had advanced 842% of the excess interest and attracted 42,713 registrants and over 5,000 purchasers of NIBI tokens.

According to reports, Nibiru Chain is an L1 blockchain and smart contract ecosystem. In 2024, Nibiru Chain aims to expand the ecosystem. Key developments include initiatives such as gamifying participation in airdrops, integrating with major liquidity centers, listing on multiple centralized exchanges, implementing parallel optimistic execution, and achieving full EVM compatibility. This year, Nibiru Chain is expected to launch flagship dapps such as Nibi-Perps, Nibi-Swap and NUSD.

Crypto payment application Oobit completed $25 million in Series A financing, with Tether and others co-leading the investment

According to CoinDesk, crypto payment application Oobit announced the completion of a $25 million Series A round of financing. Tether’s investment institutions, CMCC Global’s Titan Fund, 468 Capital and Solana co-founder Anatoly Yakovenko led the investment. Oobit refused to disclose the specific estimate of the investment. value number.

Oobit said that the company plans to open cryptocurrency payment capabilities to third-party wallets, which may enable Oobit to transform into a non-custodial crypto payment application.

NFT mortgage lending platform MetaStreet raised US$25 million, with Andrew Kang and others participating in the investment

MetaStreet, an NFT mortgage lending platform, announced the completion of US$25 million in financing on the MetaStreet’s total funding follows $24 million in seed and venture rounds in 2022, bringing its total funding to $49 million. It is reported that the company is building a decentralized interest-bearing token platform with the aim of "unlocking $3.5 billion in revenue opportunities in the NFT market." Specifically, MetaStreet is introducing Liquid Credit Tokens, which can provide a scalable capital market for illiquid assets on the chain. MetaStreet also announced the launch of Ascend, a platform designed to facilitate access to illiquid credit markets. The platform is centered around scaling on-chain debt and aims to unlock untapped opportunities in NFTs and other illiquid assets.

Modular blockchain Lava Network completes US$15 million in seed round financing

Lava Network, a developer of modular blockchain infrastructure, completed a $15 million seed round of financing. Jump Capital, Hashkey Capital and Tribe Capital co-led the investment, with participation from North Island Ventures, Dispersion Capital, Alliance DAO, Finality Capital Partners and others. Executives from Celestia, Cosmos, StarkWare, Filecoin and other blockchain ecosystems also participated in the round. (The Block)

Web3 game data analytics provider Helika completes $8 million in Series A financing

Helika, a data analytics and infrastructure provider for traditional and Web3 games whose clients include Animoca Brands and Yuga Labs, announced the completion of an $8 million Series A round of financing from Pantera, Animoca, Diagram and Sfermion.

Blueprint Finance secures $7.5 million in financing

Blueprint Finance announced that it has received $7.5 million in funding from native cryptocurrency investors such as Tribe Capital, Hashed, Portal Ventures, SALT, and others to solve the liquidation problem of cryptocurrency. According to the team: Blueprint’s flagship product is Concrete Protocol, an application chain built specifically for on-chain debt and credit.

Witness, a provider of blockchain digital ownership solutions, completes US$3.5 million in seed round financing

Witness, a provider of blockchain digital ownership solutions, announced the completion of a US$3.5 million seed round of financing, with Haun Ventures leading the investment and Coinbase Ventures participating. Witness mainly uses blockchain technology to build digital ownership and provides users with clear data proof. It aims to redefine the paradigm of application use in the encryption field on the basis of reducing gas fees. Its team members mainly come from companies such as Paradigm, Google and Facebook. .

Modular blockchain Lava Network completes $15 million in seed round financing

Chain gaming studio Overworld completes US$10 million in seed round financing

Chain gaming studio Overworld announced today that it has raised $10 million in seed funding. Investors led the round including Hashed, The Spartan Group, Sanctor Capital and Galaxy Interactive, with participation from Hashkey, Big Brain Holdings and Foresight Ventures. The funding will go directly toward the creation of the game, and Overworld is currently hiring for a number of roles at the studio. The studio is developing its first game, tentatively titled Overworld, a free-to-play action RPG for Web3 running on the Xterio token, with anime-style art design.

Architect, an encryption startup owned by former FTX US president, completes $12 million in financing

Brett Harrison, the former president of FTX US, announced on his social media that the encryption startup Architect he founded has completed a new round of financing of US$12 million. BlockTower Capital and Tioga Capital co-led the investment, with participation from CMT Digital, ParaFi Capital, A Capital, Twelve Below, etc. cast. In addition, Brett Harrison also said that Architect’s total financing amount has reached 17 million US dollars.

It is reported that Architect’s goal is to create a trading platform that is more accessible to large investors such as institutions.

Cross-chain interoperability protocol Analog completed $16 million in financing at a valuation of $120 million, led by Tribe Capital

Cross-chain interoperability protocol Analog announced the completion of US$16 million in financing at a valuation of US$120 million, led by Tribe Capital, with participation from NGC Ventures, Wintermute, GSR, NEAR, Orange DAO and Mike Novogratz’s Samara Asset Group, Balaji Srinivasan and others. Analog founder Victor Young said the funding round, which began last October and closed in December, was conducted through SAFT. It is reported that Analog is developing cross-chain communication tools to achieve interoperability of multiple blockchain networks. Its core products include Timechain, a blockchain network based on the Rust language; a universal messaging protocol; Analog Watch, a product for developers; and Timegraph SDK and API suite, allowing application builders to combine applications on multiple chains . (The Block)

Derivatives trading protocol IntentX completed US$1.8 million in strategic financing, led by Selini Capital

Derivatives trading protocol IntentX has raised $1.8 million in strategic financing led by Selini Capital, with participation from Orbs, Mantle, Mirana Ventures, Kronos Research and Manifold Trading. According to previous news, in November 23, derivatives trading protocol IntentX announced the completion of a US$2.5 million seed round of financing, led by Magnus Capital, with participating investors including Agnostic Fund, Prismatic Capital, MS2 Capital, Coral DeFi, Contango Digital Assets, Castle Capital, etc. IntentX has released an Open Beta version, offering trading on over 180 perpetual currency pairs. On the IntentX platform, market makers (solvers) can pool their funds to fulfill specific trading requests (intent) with instant liquidity.

MPC wallet company Fordefi completes US$10 million in financing, led by Electric Capital

MPC wallet company Fordefi announced the completion of US$10 million in financing, led by Electric Capital, with participation from Paxos and Alchemy. It is reported that Fordefi is expanding its self-hosted MPC wallet products to service platforms for retail investors, such as trading platforms and financial technology platforms, and further reducing the risk of interaction with DeFi applications. (CoinDesk)

WATCHES.IO, a luxury watch trading platform based on encryption technology, completed a $1.9 million Pre-Seed round of financing

WATCHES.IO, a luxury watch trading platform based on encryption technology, announced the completion of a $1.9 million pre-seed round of financing. This round of financing was led by Lemniscap, with participation from Builder Capital, Soft Holdings, Darkside Capital, Big Brain Holdings, Marin Ventures and many angel investors. , it is reported that Web3 users can purchase, trade and invest in watches on this platform.

Web3 gaming platform Ultiverse raises US$4 million, led by IDG Capital

The AI-driven one-stop Web3 gaming platform Ultiverse completed a strategic round of financing of US$4 million, led by IDG Capital, including Animoca Brands, Polygon Ventures, MorningStar Ventures, Taiko, ZetaChain, Manta Network, DWF Ventures and Jacob KO (Superscrypt partner), etc. Participate in investment. The financing values Ultiverse at $150 million. Frank Ma, CEO of Ultiverse, said: “Next week, Ultiverse will release Ulti-Pilot, an immersive portal for universe-diversified gaming experiences powered by artificial intelligence. The team plans to launch Gaming Launchpad, Restake Rollup and DApp in the future. "(Venture Beat)

Architect, founded by former FTX.US president, raises $12 million

Architect Financial Technologies, an encryption startup founded by former FTX.US President Brett Harrison, completed a new round of financing of US$12 million, led by BlockTower Capital and Tioga Capital, with new investors CMT Digital, ParaFi Capital, A Capital, Twelve Below and existing investors Investors Coinbase Ventures, SVA, Third Kind, SALT Fund, US Digital Trust, etc. participated in the investment. The new funding brings Architect’s total funding since its founding in January 2023 to $17 million. It is reported that Architect is committed to building trading software to make centralized and decentralized crypto markets more accessible to large investors such as institutions. In January last year, it was reported that Architect completed US$5 million in financing, with participation from Coinbase Ventures and Circle Ventures.

Web3 game studio Great Big Beautiful Tomorrow completes $3 million in seed round financing

Great Big Beautiful Tomorrow, a Web3 game studio based on the Polygon blockchain, announced the completion of a US$3 million seed round of financing, led by Shima Capital, Sfermion, GSR Markets, Arca, Lyrik Ventures, Flying Falcon, Press Start Capital, 32-Bit Ventures, Polygon Labs participated in the investment. (VentureBeat)

Blockchain mobile game development company Ginger Joy completes £1 million in financing

Blockchain mobile game development company Ginger Joy announced the completion of 1 million pounds of financing, equivalent to approximately US$1.26 million. The company plans to build interconnected Web3 games native to mobile devices and gradually develop a mass-market Web3 mobile game ecosystem.

OKX Ventures participates in UniSat Pre-A round of financing

UniSat officially announced that OKX Ventures participated in UniSat Wallet’s Pre-A round of financing. UniSat Wallet and OKX have been deeply involved in the Bitcoin ecosystem since 2023. Additionally, SWC Global, Vitalbridge Capital and ABCDE are also participating.

Oracle Truflation completes $6 million in financing

On-chain oracle project Truflation announced the completion of $6 million in financing, led by Laser Digital and Red Beard Ventures, with participation from Modular Capital and existing investors such as Four Seasons Ventures, Chainlink, Fundamental Labs, C2squared, Cogient Ventures and the Israel Blockchain Association. cast. It is understood that Truflation mainly aggregates real-time data on the chain through its DRPp protocol to provide accurate and accessible data indexes for various financial markets and tools in the Web3 industry. The new funds will be used to build broader market data for developers.

Pixels completes US$4.8 million strategic round of financing, with participation from Framework Ventures and others

According to official news, Ronin ecological chain game Pixels announced the completion of a strategic round of financing of US$4.8 million, with participation from Framework Ventures, Collab+Currency, Volt Capital, Yield Guild Games, Sky Mavis, Tokenmetrics Ventures, Forj Network, Mechanism Capital, Fenbushi Capital, etc. According to previous news, according to official announcements, Binance’s new coin mining has now launched the 46th phase of the project Pixels (PIXEL). Users can invest BNB and FDUSD into the PIXEL mining pool on the Launchpad website after 08:00 on February 9 (Eastern Eighth District time) to obtain PIXEL rewards. PIXEL can be mined for a total of 10 days. The website is expected to be updated within approximately twenty-four hours of this announcement and before the mining activity opens. Binance will list Pixels (PIXEL) at 18:00 on February 19th (Eastern Eighth District time), and open the PIXEL/BTC, PIXEL/USDT, PIXEL/BNB, PIXEL/FDUSD and PIXEL/TRY trading markets. Seed tags are applicable. Trading Rules.

OKX Ventures participates in UniSat Pre-A round of financing

Oracle Truflation completes US$6 million in financing

Web3 game studio Great Big Beautiful Tomorrow completes $3 million in seed round financing

Security and analytics company FuzzLand completes US$3 million in seed round financing, led by 1kx

Security and analytics company FuzzLand has completed a $3 million seed round led by 1kx, with participation from HashKey Capital, SNZ, and Panga Capital. FuzzLand said the funding will help accelerate the development of automated solutions for smart contract analysis using dynamic analysis and distributed computing software. FuzzLand was founded by Shou, Jeff Liu, and Koushik Sen to provide cutting-edge vulnerability detection and analysis capabilities that go beyond traditional solutions. (CoinDesk)

Pixels completes US$4.8 million strategic round of financing, with participation from Framework Ventures and others

DEX aggregator Flood completes $5.2 million in seed round financing, Bain Capital Crypto and Arche

DEX aggregator Flood completed a $5.2 million seed round of financing, with Bain Capital Crypto and Archetype co-leading the investment, and Robot Ventures participating. Flood is a DEX aggregator currently live on Arbitrum One, with plans to expand to Ethereum, Base and Optimism in the coming months. (The Block)

M^ZERO will allow crypto institutions to issue decentralized stablecoins backed by U.S. Treasury bonds and has received $22.5 million in financing

M^ZERO will allow crypto institutions to issue decentralized stablecoins backed by U.S. Treasury bonds. (CoinDesk) According to previous news, M^ZERO is a decentralized infrastructure layer for digital asset value transfer. It has completed a seed round of financing of US$22.5 million. Pantera Capital led the investment, Road Capital, AirTree, Standard Crypto, SALT Fund, ParaFi Capital, Distributed Capital, Kraynos Capital, Earlybird and Mouro Capital participated in the investment.

Security and analytics company FuzzLand completes US$3 million in seed round financing, led by 1kx

DEX aggregator Flood completes $5.2 million in seed round financing

Bitcoin Web3 infrastructure provider Omega completed US$6 million in financing, with participation from Borderless and others

Bitcoin Web3 infrastructure provider Omega announced the completion of $6 million in financing, with participation from Borderless, Psalion VC, Lightspeed Faction, Bankless Ventures, Blockchain.com, Humla Ventures, XBTO, Wave Digital Assets, Kronos Research and others. Omega is committed to creating decentralized infrastructure and redefining the entire chain and Bitcoin DeFi. The new funding will be used to help launch Omega's Bitcoin Web3 infrastructure, a decentralized solution that enables Bitcoin holders to leverage the value of their Layer-1 BTC to generate yield without the need for bridging, wrapping or synthesis, thereby Allow native Bitcoin to be used for DeFi.

Cross-chain revenue market Superform Labs completes US$6.5 million in financing, led by Polychain Capital

Cross-chain revenue market Superform Labs announced that it has completed a total of US$6.5 million in financing through angel and seed rounds. Polychain Capital led the seed round, with participation from BlockTower Capital, Maven 11, Circle Ventures, etc. Superform is a permissionless cross-chain yield marketplace that allows DeFi protocols to list their vaults or pools of assets into which crypto users can deposit funds and earn yield.

L2 startup LightLink completes US$4.5 million in seed round financing, led by T&B Media Global and MQDC

L2 startup LightLink announced the completion of a $4.5 million seed round led by T&B Media Global and MQDC, with participation from JellyC, Aweh Ventures, Blue7 and B3V. LightLink said the new funding will support its "Translucia" multiverse project, which aims to merge the virtual and real worlds.

DeFi protocol Folks Finance completed a strategic round of financing, with Algorand Ventures participating in the investment

DeFi protocol Folks Finance announced the completion of a strategic round of financing, with participation from Algorand Ventures. Folks Finance was previously backed by Borderless Capital, Jump, Parafi, and Coinbase Ventures, and the latest funding will enable users to expand its product suite of technologies and expand the reach of the Algorand ecosystem through cross-chain bridges and assets.

Bitcoin Web3 infrastructure provider Omega completed US$6 million in financing, with participation from Borderless and others

Cross-chain revenue market Superform Labs completes US$6.5 million in financing, led by Polychain Capital

DeFi protocol Folks Finance completed a strategic round of financing, with Algorand Ventures participating in the investment

Filecoin ecological liquidity staking protocol Glif completes US$4.5 million in seed round financing

Filecoin ecological liquidity staking protocol Glif announced the completion of a US$4.5 million seed round of financing, led by Multicoin Capital and others. The new funds will expand its services to users and launch a points program to reward users. According to people familiar with the matter, the points program may be launched soon. Subsequent token airdrops are related.

Crypto payment solution Code completes US$6.5 million in seed round financing, led by M13 and USV

Crypto payment solution Code has raised $6.5 million in seed funding, led by M13 and Union Square Ventures (USV). According to reports, Code has launched today and has developed an application to enable online micropayments. In addition, the team has launched a developer platform and is about to launch a new blogging tool that will allow anyone to get paid for writing.

Bitcoin instant settlement trading platform LN Markets completed seed round financing, Lemniscap participated in the investment

Bitcoin instant settlement trading platform LN Markets announced the completion of a seed round of financing, with Lemniscap participating. The specific financing amount has not yet been disclosed. In addition, the two parties have also reached a cooperation to provide DLC Markets, a trustless OTC derivatives trading platform for financial institutions. The Discreet Log Contract (DLC) built by LN Markets enables DLC Markets to provide a wide range of applications to manage OTC derivatives trading to reduce counterparty risk.

Bitcoin Layer2 project Merlin Chain completed a new round of financing, with participation from OKX Ventures and others

Bitcoin Layer2 solution Merlin Chain completed a new round of financing, with participation from 24 institutions including OKX Ventures, ABCDE, Foresight Ventures, and Arkstream Capital. This round of financing will be used for the continuous upgrading and optimization of Merlin Chain's infrastructure, to better realize the interoperability of assets and users between the first- and second-layer Bitcoin networks, and to enhance the liquidity and richness of its ecosystem.

Merlin Chain focuses on Bitcoin-native solutions, integrating key modules such as the ZK-Rollup network, decentralized oracle network, and fraud proof on the Bitcoin chain, aiming to empower Bitcoin's native assets, protocols, and applications. Ecology, allowing it to continue to innovate and amplify asset potential on the second-layer network.

The team behind Merlin Chain, Bitmap Tech (formerly known as RCSV), has been deeply involved in the Bitcoin ecosystem for a long time. In the past year, it has contributed a number of native innovative projects to Bitcoin, with an overall market value of more than US$500 million. The BRC-420 “blue box” it issued has become one of the most popular assets in the Ordinals protocol, with the price soaring from $0.15 to $34,000, and its market capitalization is second only to BAYC and CryptoPunks.

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This article is for informational purposes only. It is not offered or intended to be used as investment or other advice.