Last week, there were a total of 36 public financing events in the cryptocurrency market, raising approximately $130 million | Investment and Financing Weekly Report

Organizer: Cookies, RootData

According to incomplete statistics from RootData, during the period from April 15 to April 21, 2024, there were a total of 36 public financing events in the blockchain and cryptocurrency industry, with a total financing amount of approximately $130 million.

From the perspective of track distribution, there was an explosion of financing events in the Bitcoin ecosystem and RWA sector, with popular projects including Merlin Chain, Runes DEX, MerlinStarter, Homium, Cspro, RWA Inc, and so on.

In addition, according to Bloomberg, cryptocurrency and foreign exchange brokerage firm Hidden Road Partners is raising a Series B equity financing round, which will bring its valuation to around $1 billion, with the financing scale expected to reach approximately $120 million. Hidden Road completed a $50 million financing round in 2022, with participation from Citadel Securities, FTX Ventures, Coinbase Ventures, and others. Hidden Road provides prime brokerage services across various markets, including foreign exchange, precious metals, and digital assets.

*（List of projects with financing greater than $5 million last week, data source: * Rootdata）

I. Infrastructure

1. Web3 communication platform Sending Labs completes $20 million seed extension round financing, aiming to reconstruct TCP/IP protocol and other DePIN ecosystems
Web3 communication platform SendingLabs announced the completion of a seed extension financing of $7.5 million, bringing its total seed round financing to $20 million. This investment was completed in October last year, with participation from Nomad Capital, Symbolic Capital, Web3.com Ventures, Galxe, SWC Global, former Coinbase CTO Balaji Srinivasan, and Yield Guild Games co-founder Gabby Dizon.

It is reported that SendingNetwork is building a decentralized communication network aimed at reconstructing the TCP/IP model through blockchain, utilizing decentralized routers to connect wallet addresses and enabling wallet address-based peer-to-peer communication, reshaping internet infrastructure for better security, privacy, and user control.

Decentralized communication plays a crucial role as a key component of the DePin ecosystem. SendingNetwork enhances the reliability and resilience of distributed communication infrastructure through community-hosted decentralized routers, empowering enhanced data transmission between decentralized applications (dapps) and laying the foundation for a more secure, decentralized, and scalable Web3 ecosystem.

Additionally, Web3 asset data platform RootData shows that SendingNetwork completed a $12.5 million seed round financing in February last year, led by Signum Capital, Insignia Ventures Partners, and Mindworks Capital, with participation from Lingfeng Innovation Fund (LIF). (Source link)

2. Bitcoin Layer 2 solution Merlin Chain completes new round of financing, led by Spartan Group and Hailstone Labs
Bitcoin Layer 2 solution Merlin Chain announced the completion of a new round of financing, led by Spartan Group and Hailstone Labs, with participation from Amber Group, Presto Labs, and IOBC Capital.

According to Merlin Chain, it has facilitated over 9 million transactions and hosts more than 70 real-time projects, with a total locked value (TVL) exceeding $4 billion. (Source link)

3. L2 protocol Saakuru Labs completes $2.4 million financing, led by Based VC and ARC Community
L2 protocol Saakuru Labs announced the completion of $2.4 million financing, led by Based VC and ARC Community, with participation from Kyber Network, PG Capital, Wizard Capital, Decubate Ventures, Oracles Investment Group, BCW Ventures, Steady Stack, W3GG, Calib3r, Rarible, Worlds Beyond, Uptrend Digital, Arclight Studio, and IBC Group. The new funds will be used to drive the adoption of the Saakuru protocol and provide more support in the GameFi sector and ecosystem.

It is reported that Saakuru is a consumer-centric L2 protocol with zero transaction fees, enhanced through the Saakuru developer toolkit, allowing complex digital products to be embedded into Web3 within a day. The Saakuru blockchain-centric product suite enables the connection from Web2 to Web3. (Source link)

4. Account abstraction application Plena completes $5 million financing, with participation from Big Brain Holdings and others
Account abstraction application Plena has completed $5 million in financing, with participation from Big Brain Holdings, DeWhale, GBV, WebWise, Galxe, Normie Ventures, FounderHeads, and others.

Additionally, Plena announced a collaboration with DAO Maker, Chain GPT, Decubate, AI Tech, and Viction Chain by Coin98 to conduct the largest airdrop campaign, distributing 2% of its total supply before listing. (Source link)

5. Decentralized network hardware infrastructure company GEODNET completes $2 million new round of financing
Decentralized network hardware infrastructure company GEODNET announced the completion of a $2 million new round of strategic financing, with participation from CoinFund, Pantera Capital, VanEck, and Santiago R Santos.

Additionally, Web3 asset data platform RootData shows that GEODNET completed a $1.5 million financing round last July, led by Borderless Capital's Web3 investment fund EdgeFi Fund, with participation from IoTeX and a group of angel investors. (Source link)

6. Stablecoin startup Usual Labs completes $7 million financing, led by IOSG Ventures
Stablecoin startup Usual Labs has completed $7 million in financing, led by IOSG Ventures, with participation from Kraken Ventures, GSR, Mantle, Starkware, Flowdesk, Avid3, Bing Ventures, Breed, Hypersphere, Kima Ventures, Psalion, Public Works, and X Ventures.

It is reported that Usual Labs plans to use these funds to launch the stablecoin USD0 on the Ethereum mainnet in the second quarter of this year, requiring funding for the testnet phase and smart contract audits. (Source link)

7. Blockchain company Zeko Labs completes $3 million pre-seed financing, led by YBB Capital
Cross-chain zero-knowledge expansion protocol Zeko Protocol's parent company Zeko Labs has completed $3 million in pre-seed financing, led by YBB Capital, UOB Venture Management, and Signum Capital, with participation from Autonomy Capital, Cogitent Ventures, GBV, Tenzor Capital, 3Commas Capital, ArkGrow, AVID3, Cryptonauts, Nox Holdings, NxGen.xyz, SkyVision Capital (SVC), and Presto Labs.

It is reported that the new funds will be used to expand the team, accelerate product development, and incentivize ecosystem teams. Zeko Protocol is built in collaboration with o1Labs and the Mina Foundation, aiming to revolutionize the software development field by placing advanced zero-knowledge proof capabilities in the hands of developers, greatly expanding the design space for EVM and non-EVM applications. (Source link)

8. RWA lending protocol Centrifuge completes $15 million Series A financing, led by ParaFi Capital and Greenfield
RWA lending protocol Centrifuge announced the completion of $15 million in Series A financing, led by ParaFi Capital and Greenfield, with participation from Circle Ventures, IOSG Ventures, Arrington Capital, Spartan Group, and Wintermute Ventures. The new funds will primarily be used for product development, building on-chain utility, ecosystem growth, and talent recruitment.

Additionally, Centrifuge stated that it will establish a lending market called Centrifuge Pools on the Base network.

II. DeFi

1. LSD protocol Puffer completes $18 million Series A financing, led by Brevan Howard Digital
LSD protocol Puffer Finance announced the completion of $18 million in Series A financing, led by Brevan Howard Digital and Electric Capital, with participation from Coinbase Ventures, Kraken Ventures, Lemniscap, Franklin Templeton, Avon Ventures (affiliated with Fidelity Investments), Mechanism, Lightspeed Faction, Consensys, Animoca, and GSR. The new round of funding will be used to help launch Puffer's mainnet. (Source link)

2. Decentralized trading platform CVEX completes $7 million financing, led by Fabric Ventures
Decentralized trading platform Crypto Valley Exchange (CVEX) completed a total of $7 million in financing through pre-seed and seed rounds, co-led by Fabric Ventures and Kyber Capital Crypto Fund, with participation from AMDAX, Wave Digital, Funfair Ventures, Seier Capital family office, Five T Group, and Saxon. These funds will be used to launch its DEX mainnet this summer.

It is reported that CVEX aims to provide cryptocurrency holders with transparent and low-cost futures and options trading. (Source link)

3. Real estate equity mortgage institution and tokenization platform Homium completes $10 million Series A financing, led by Sorenson Impact Group
Real estate equity mortgage institution and tokenization platform Homium has completed $10 million in Series A financing, led by Sorenson Impact Group and Blizzard Fund of Avalanche.
It is reported that Homium is a real estate equity mortgage institution and tokenization platform that has launched its first home equity loan on Avalanche. Homium loans are currently implemented in Colorado and plan to expand to other states. As part of obtaining the loan, homeowners commit a portion of the appreciation in home value. For investors (i.e., those providing funds for the loan), they will receive a tokenized asset that tracks the appreciation of the shared appreciation home loan pool issued on Homium. (Source link)

4. RWA project RWA Inc. completes $1.175 million private placement financing, with participation from Castrum Istanbul
RWA project RWA Inc. completed $1.175 million in private placement financing, with participation from Castrum Istanbul, Maven Capital, Unreal Capital, Decubate.com, SkyGardians Capital, Undefined Capital, and DuckDAO, supplementing over $9 million in financing committed in previous rounds.

According to the RootData page, RWA is a tokenized ecosystem that allows anyone to easily convert real-world items into blockchain assets. The platform combines an intuitive interface with smart contract automation to lower the entry barrier and reduce technical obstacles. (Source link)

5. Decentralized perpetual contract platform Aark completes a total of $6 million in financing, with participation from HashKey Capital
Decentralized perpetual contract platform Aark announced the completion of seed round financing, with participation from HashKey Capital, Arrington Capital, Cypher Capital, Morningstar Ventures, IVC, and Metavest.

It is reported that Aark will use the new investment to expand its team. Aark is a leverage-focused perpetual contract trading platform that is involved in the liquidity re-staking token (LRT) space. Aark provides delta-neutral yield for LRT, thus providing liquidity for traders.

According to crypto data platform RootData, Aark completed pre-seed financing in the second quarter of 2023, led by Delphi Digital, with participation from OKX Ventures and Big Brain Holdings, bringing its total financing to $6 million. (Source link)

6. Multi-chain decentralized trading platform Defispot completes angel round financing, with participation from Ash Crypto
Multi-chain decentralized trading platform Defispot has completed angel round financing, with participation from Ash Crypto, Altcoin Sherpa, gainzy, RookieXBT, The Crypto Dog, and others. Specific amounts and valuation data have not yet been disclosed.

It is understood that the multi-chain DEX built by DefiSpot allows users to seamlessly swap assets, earn native token yields, and manage their portfolios by fully controlling their keys. (Source link)

7. Bitcoin L2 launch platform MerlinStarter completes seed round financing, with participation from Amber Group
Bitcoin Layer 2 launch platform MerlinStarter announced the completion of seed round financing, with participation from Amber Group, Arkstream Capital, Cogitent Ventures, Mapleblock, CGV, and Sidedoor Ventures among 20 institutions. This round of financing will be used for ecological cooperation with strategic institutions, aiming to promote liquidity optimization, project incubation, and product iteration of BTC Layer 2, better achieving asset and user interoperability between Bitcoin Layer 2 networks.

It is reported that MerlinStarter is the first native launchpad and infrastructure of Merlinchain, with its first two IDOs raising a total of over $900 million, setting records for the first and second largest IDOs in history, and the platform has over 1 million Merlin chain addresses interacting. (Source link)

8. Bitcoin AMM protocol Runes DEX completes $2 million seed round financing
Bitcoin AMM protocol Runes DEX announced the completion of $2 million in seed round financing, with investment institutions not yet disclosed. This funding will be used to expand Runes DEX's technical infrastructure and enhance its user interface.

It is reported that Runes DEX is an AMM platform on the Bitcoin network Runes. RUNES DEX claims to be committed to becoming the link between the future of Bitcoin and the vitality of digital culture. (Source link)

9. Bitcoin ecosystem stablecoin project Lambda Finance completes $1.8 million angel round financing, with participation from Hashcow Group
Bitcoin ecosystem stablecoin project Lambda Finance announced the completion of $1.8 million in angel round financing, with participation from Curve founder Michael Egorov, Hashcow Group, AladdinDAO, and others. (Source link)

10. RWA and security token service provider Cspro completes strategic round financing, with participation from Taisu Ventures
Web3 venture capital firm Taisu Ventures announced its investment in CSpro Global Holding Limited (GaoPu/CSpro) and serves as its strategic advisor, with specific investment amounts and valuation data not yet disclosed. (Source link)

11. Blockchain securities lending platform HQLAᵡ completes Series C financing, led by HSBC
Blockchain securities lending platform HQLAᵡ announced the completion of Series C financing, led by HSBC, with existing shareholders including BNP Paribas, BNY Mellon, Citibank, Deutsche Börse, Goldman Sachs, and JPMorgan participating, with specific amounts and valuation data not yet disclosed.

It is understood that HQLAᵡ provides a distributed ledger technology (DLT) platform for collateral liquidity, initially focusing on the securities lending field. BNY Mellon and Goldman Sachs have executed securities lending transactions on the HQLA x blockchain platform, which is currently entering the repurchase market. (Source link)

III. NFT

1. Rune analysis infrastructure protocol SatScreener completes $500,000 Pre-Seed financing, led by Sora Ventures
Rune analysis infrastructure protocol SatScreener completed $500,000 in Pre-Seed financing, led by Sora Ventures. (Source link)

2. Solana ecosystem NFT social platform Only1 completes $1.3 million strategic financing, led by Newman Group
Solana ecosystem NFT social platform Only1 announced the completion of $1.3 million in strategic financing, led by Newman Group, with participation from Folius Ventures, Modular Capital, PetRock Capital, and angel investors. After this round of financing, the project has raised a total of $4.3 million. (Source link)

IV. Gaming

1. AI metaverse game AVALON completes $10 million financing, led by BITKRAFT Ventures and HASHED
AI metaverse game AVALON completed $10 million in financing, led by BITKRAFT Ventures and HASHED, with participation from Coinbase Ventures, Foresight Ventures, Delphi Digital, Spirit DAO, Sanctor Capital, DEXT Force Ventures, Follow the Seed, LVT Capital, Andromeda Capital, FocusLabs, LiquidX, and Momentum6.

It is reported that the studio plans to release a massively multiplayer online game Avalon, with a closed early access version set to launch later this year. The Avalon metaverse will combine technologies such as Unreal Engine 5 with an AI-assisted user-generated content system. Additionally, the upcoming NFT series for Avalon will introduce AI-driven avatar NFTs. (Source link)

2. Web3 gaming platform Circle of Games completes $1 million financing, with participation from Nazara Technologies
Web3 gaming platform Circle of Games completed $1 million in financing, with participation from Nazara Technologies and Hashgraph Association.

It is reported that this round of financing will be used to rapidly advance its listing strategy, enhance platform capabilities, and expand its international influence in the United States, European Union, Middle East, Africa, and Asia in 2024. (Source link)

3. Blast ecosystem DEX project Thruster completes $7.5 million seed round financing at a $70 million valuation, led by Pantera Capital
Blast ecosystem DEX project Thruster completed $7.5 million in seed round financing at a $70 million valuation, led by Pantera Capital, with participation from OKX Ventures, Mirana Ventures, ParaFi Capital, Manifold Ventures, and Arche Fund (formerly Coin98 Ventures).

It is reported that Thruster launched in March as a yield-focused DEX on Blast. According to data from DeFiLlama, it has quickly grown to become the second largest DeFi protocol on Ethereum Layer 2, with a total locked value of approximately $320 million. Thruster claims to have gathered over 100,000 users, with total trading volume nearing $2 billion in less than two months after launch. (Source link)

V. AI

1. Web3 AI project Inference Labs completes $2.3 million seed round financing, led by Delphi Ventures
Web3 AI project Inference Labs completed $2.3 million in seed round financing, led by Delphi Ventures, Digital Asset Capital Management, and Mechanism Capital, with participation from Big Brain Holdings, BitScale Capital, Edessa Capital, ID Theory, Metropolis DAO, Mozaik Capital, Newman Capital, and Seed Club Ventures.

The funds raised will be used to further optimize Inference Labs' innovative approach in the field of artificial intelligence, as well as to help the team grow, accelerate product development, and promote the development of the entire ecosystem. (Source link)

2. Solana-based AI model training platform NavyAI completes seed round financing, with participation from X Ventures
Solana-based AI model training platform NavyAI announced the completion of seed round financing, with participation from X Ventures, AlfaDAO, and Moni, with specific amounts and valuation not yet disclosed.

According to crypto data platform RootData, NavyAI is an AI model training and self-learning platform that serves individuals needing AI models for various different needs, as well as developers providing optimized IDE (integrated development environment) functionality for organizations or institutions. NavyAI was previously based on the Arbitrum Orbit network and later migrated to the Solana blockchain. (Source link)

3. Yuanlong Yatu subsidiary UOVAMETA completes multi-million dollar financing to further improve AI and Web3 industry chain layout
UOVAMETA, a subsidiary of Beijing Yuanlong Yatu Cultural Communication Co., Ltd., has completed its first round of multi-million dollar strategic financing, with participation from Lehua Entertainment, Alibaba Pictures, and others, while the parent company Yuanlong Yatu also participated in the capital increase. This financing will help UOVAMETA further improve its AI and Web3 industry chain layout, laying a solid foundation for the future development of platform products and business expansion. (Source link)

VI. Others

1. Bitcoin Ordinals browser Ord.io announces completion of $2 million Pre-seed financing, led by Bitcoin Frontier Fund and Sora Ventures
Bitcoin Ordinals browser Ord.io announced the completion of $2 million in Pre-seed financing, led by Bitcoin Frontier Fund and Sora Ventures, with participation from Eden Block, Arca, Longhash Ventures, Daxos Capital, Portal Ventures, UTXO Management, Rubik Ventures, VitalTao Capital, Antalpha Ventures, Kommune Fund, Edessa Capital, PetRock Capital, PG Capital, Shake and Bake Productions, Re7 Capital, and Balaji Fund.

It is reported that the new funds will be used to help expand the platform and support Runes. The platform allows users to search, browse, and interact with Ordinals inscriptions on the Bitcoin blockchain and intends to use the new funds to expand support for the upcoming Runes protocol, which is a new alternative token standard for Bitcoin launched during the halving. (Source link)

2. Blockchain research institution Nebra completes $4.5 million financing, led by Nascent and Bankless Ventures
Blockchain and zero-knowledge proof research institution Nebra announced the completion of $4.5 million in financing, led by Nascent and Bankless Ventures, with participation from Tim Beiko of the Ethereum Foundation, Kartik Talwar of ETHGlobal, Nick White of Celestia, and Sandy Peng and Haichen Shen of Scroll.

It is reported that Nebra plans to use these funds to advance and democratize zero-knowledge proof technology to reduce proof settlement costs on Ethereum and other blockchains, thereby creating a so-called new internet shared settlement layer. (Source link)

3. Ethereum-based film payment platform FilmChain completes €2.8 million financing, led by Holt InterXion
Ethereum-based film payment platform FilmChain announced the completion of €2.8 million in financing, led by Holt InterXion, with participation from Roca X, DeBa Ventures, TechAngels, and HearstLab. FilmChain utilizes blockchain to enhance transaction transparency and auditability, and to track ownership in payment structures for film, television, and gaming industry transactions, injecting trust and accountability. (Source link)

4. Enterprise loyalty platform Superlogic completes $7.6 million strategic round financing, with participation from Amex Ventures
Enterprise-level loyalty platform Superlogic announced the completion of $7.6 million in strategic round financing, with participation from Amex Ventures, Sangha Capital, 10SQ Capital, Nima Capital, Actai Unicorn Fund, Chainlink Capital, and others. To date, the total financing has reached $15 million, with early investors including Warner Music Group, Mirabaud, Galaxy Interactive, and Liquid 2 Ventures. (Source link)