Last week, the cryptocurrency market saw a total of 25 public financing events, raising approximately $1.188 billion | Investment and Financing Weekly Report
Web3 data and AI company Validation Cloud has completed a new round of financing of $10 million; DeFi platform Azura has completed a seed round financing of $6.9 million, led by Initialized; Web3 game studio Opti Games has completed financing of $2 million, led by L1D.Organizer: Luan Peng, RootData
According to incomplete statistics from RootData, during the period from October 21 to October 27, 2024, there were a total of 25 public financing events in the blockchain and cryptocurrency industry, with a total financing amount of approximately $1.188 billion.
From the perspective of sector distribution, the projects that received financing are mainly concentrated in the infrastructure and DeFi sectors. Popular projects include the blockchain-based payment company Borderless.xyz, the decentralized exchange BulbaSwap, the Web3 game studio Opti Games, and the European digital asset platform STOKR.
In addition, Stripe acquired the stablecoin platform Bridge for $1.1 billion, marking the largest acquisition deal in the crypto space.
*（List of projects with financing greater than $5 million last week, data source: * Rootdata）
1. Infrastructure
According to CoinDesk, the startup Hana Network, which focuses on developing hyper-casual finance with social network effects, announced the completion of a $4 million Builder round financing. Investors in this round include the well-known decentralized exchange SushiSwap, Alliance, and Orange DAO.
Hana Network was founded by Kohei Hanasaka in 2023. The team has long been committed to improving user onboarding experiences and launched the trustless deposit and withdrawal solution Hana Gateway earlier this year. Based on the experience of Hana Gateway, the team is currently focused on developing hyper-casual financial products, emphasizing user-driven distribution through existing open social networks.
The mainnet of Hana Network is planned to be launched in four major phases. Currently, the first phase has successfully gone live, launching the hyper-casual card game Hanafuda, where users can earn rewards in the game. From the second to the fourth phase, the platform will gradually introduce more new experiences.
According to TheBlock, Coinbase Ventures and a16z Crypto Startup Accelerator (CSX) announced a new strategic investment in the AI-focused payment company Skyfire, increasing Skyfire's seed round financing total from $8.5 million to $9.5 million. Skyfire is currently building infrastructure that allows AI agents to make payments autonomously, avoiding human intermediaries.
Additionally, the Web3 asset data platform RootData shows that Skyfire is the financial stack for the AI economy, providing AI agents with an instant, global, and open payment system for fully autonomous transactions between AI agents, legal masters, data platforms, service providers, and other goods and services. The Skyfire payment network also unlocks the fastest-growing consumer segment for LLMs, data, and service providers—AI agents. From data analysis and content creation to complex problem-solving and decision-making, AI agents powered by Skyfire will be able to leverage a vast digital service ecosystem without human supervision. All these transactions will be supported by the stablecoin USDC.
Web3 data and AI company Validation Cloud completes $10 million new round of financing
According to a press release, Web3 data and AI company Validation Cloud announced that it has secured $10 million in financing from True Global Ventures, which plans to use the funds to expand its AI products and achieve seamless access to Web3 data.
The company's product platform consists of three parts: staking, node API, and data and AI. In terms of staking, Validation Cloud's staked assets have exceeded $1 billion. Some of Validation Cloud's clients include Chainlink, Aptos, Consensys, Stellar, and Hedera.
Payment company Borderless.xyz completes $3 million Pre-Seed round financing, led by Amity Ventures
According to The Block, blockchain-based payment company Borderless.xyz has completed $3 million in Pre-Seed round financing, led by Amity Ventures, with angel investors including Talos founder Anton Katz and Fireblocks founder Michael Shaulov.
Borderless.xyz aims to develop payment infrastructure that allows global fund transactions between stablecoins, real-world assets, and other "internet-native currencies" and fiat currencies. The company operates in over 50 countries and accepts 23 currencies.
According to The Block, TechCrunch founder Michael Arrington posted on X that payment company Stripe has acquired the stablecoin platform Bridge for $1.1 billion.
Bridge is Stripe's largest acquisition to date and the largest acquisition in the history of the crypto industry. Bridge previously raised $58 million, including a $40 million Series A round at a valuation of $200 million.
Bridge was founded by entrepreneurs Sean Yu and Zach Abrams, providing software tools to help businesses accept stablecoin payments. The two founders previously sold their Venmo competitor Evenly to Block in 2013; Abrams is also a former senior employee at Coinbase.
Web3 social data portal Port3 Network announced on the X platform that it has completed a new round of financing, with participation from OOKC Group, although the specific investment amount has not been disclosed.
Port3 Network previously disclosed that it had received investment from DWF Labs and grants from Binance Labs, Mask Network, and Aptos.
2. DeFi
Decentralized exchange BulbaSwap announced the completion of $1.3 million in seed round financing, led by Foresight Ventures, with participation from Morph Foundation, MEXC Ventures, and Kronos Research.
According to RootData, BulbaSwap is a decentralized trading aggregator based on Morph, supported by multi-source liquidity, and a search engine that helps users find the best trading rates.
BulbaSwap will launch a consumer-facing Telegram Bot, allowing users to achieve seamless cross-chain and trading mining functions on Telegram.
Self-custody digital trading company Shuttle Labs announced that it has completed $6 million in seed round financing, with participation from Anthony Scaramucci, CMCC Global, SALT Fund, Flow Traders, and several former FTX employees.
Shuttle Labs also announced the launch of the beta version of its self-custody digital trading platform Genius, which aims to address a series of issues that led to the bankruptcy of FTX, such as security, user control, and decentralization, and explore the elimination of third-party custody risks through a self-custody model, ensuring that users always hold their private keys.
According to The Block, the Fuel stablecoin protocol Fluid Protocol has completed $3.9 million in seed round financing, led by Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom, Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, and Relayer Capital. Angel investors participating in this financing include Meltem Demirors, Kartik Talwar, Cami Ramos Garzon, Mike Silagadze, Alan Curtis, and Ben Lakoff. The seed round funding will accelerate the development and launch of Fuel Network's native stablecoin USDF, fund security audits to ensure protocol safety, and expand the team.
Additionally, the Web3 asset data platform RootData shows that Fluid Protocol is a Fuel stablecoin protocol that allows users to withdraw interest-free loans against a single collateral type, with loans paid in Fluid's native stablecoin USDF, which must maintain a fixed minimum collateralization ratio. Users will be able to redeem USDF at face value as collateral at any time.
DeFi platform Azura completes $6.9 million seed round financing, led by Initialized
DeFi platform Azura officially launched on Tuesday after raising $6.9 million in a seed round led by Initialized. Other investors include Volt Capital, Winklevoss Capital, and Solana co-founder Raj Gokal.
The funds will be used to scale the application, including increasing company payroll, improving software, and purchasing better servers.
Additionally, the Web3 asset data platform RootData shows that Azura is building an on-chain financial interface layer.
Bitcoin re-staking protocol Echo Protocol has completed Pre-seed round financing, led by The Spartan Group, with participation from ABCDE, Maelstrom, Selini Capital, Presto, Sats Ventures, and Web3Port.
Echo Protocol states that only WL members can stake BTC in the first public treasury ifykyk, which will open on October 28.
It is reported that Echo Protocol is the first Bitcoin liquidity re-staking and yield protocol on MoveVM, aiming to bring BTC liquidity and re-staking solutions into the Move ecosystem.
3. Gaming
According to The Block, crypto gaming investment firm Bitkraft Ventures announced it is leading a $9 million seed round financing for the Web3 mobile gaming platform Party Icons. IDG Capital and The Sandbox co-founder Sebastien Borget are among the participating institutions.
Party Icons plans to use the funds to develop games and social experiences and strengthen its Web3 infrastructure. The platform currently offers three unique modes designed to combine the social elements of party games with the tension and excitement of shooting games.
Quinn Campbell, Vice President of Growth at Party Icons, stated that the platform focuses on "fragmented" entertainment that users love, with most game durations not exceeding 12 minutes to accommodate modern player habits.
Web3 game studio Opti Games announced the completion of $2 million in financing to advance its action sports battle game "Sparkball." This round of financing was led by L1D, with participation from CMS Holdings, Impossible Finance, YGG, Monad CEO Keone Hon, and his angel investment group Purple.
It is reported that "Sparkball" is planned to be built on the Monad chain.
According to RootData, Sparkball is a 4v4 competitive "sports fighting game," where teams must balance hitting and fighting to shoot into the opponent's goal. Sparkball is described as a combination of "League of Legends" and "Rocket League"/"FIFA" (FutLoL), featuring instant action combat impact, allowing players to list heroes and discover new strategies to support elite team cooperation.
4. CeFi
European digital asset platform STOKR completes $7.98 million financing, led by Fulgur Ventures
According to The Block, European digital asset platform STOKR has completed $7.98 million in financing, planning to use most of the funds to establish one of the first corporate Bitcoin reserves in Europe. This round of financing was led by Fulgur Ventures, including 100 Bitcoins (approximately $6.78 million) and €1.2 million in cash (totaling €7.4 million).
STOKR stated that it will follow MicroStrategy's strategy and actively expand its Bitcoin reserves in the coming years. Additionally, the company plans to launch Bitcoin-based tokenized assets and develop institutional tokenization infrastructure on native Bitcoin Layer 2 technologies (such as Liquid Network).
STOKR's co-CEO Arnab Naskar stated that establishing a Bitcoin reserve is an important step for the platform's development in the field of Bitcoin derivatives tokenization.
According to The Edge Malaysia, Malaysia's fifth licensed digital asset exchange Hata Digital Sdn Bhd has successfully raised $4.2 million (18.07 million ringgit) in seed round funding, which will be used to expand new products and grow its user base in Asia.
This round of financing was led by American venture capital firm Castle Island Ventures and Cadenza Venture, with participation from global cryptocurrency exchange Bybit, Singapore investment firm AP Capital, American venture capital firm Plug and Play Tech Center, and crypto accelerator Alliance.xyz.
Hata CEO David Low stated that support from internationally renowned institutional investors will help the company build a stronger digital asset trading platform in Malaysia and Asia, enhancing user confidence. Castle Island founding partner Nic Carter believes that Southeast Asia is a core market for global cryptocurrency adoption, and Hata has a strong competitive advantage with its differentiated products and compliance strategy.
Komainu, a compliant crypto custody company established by Nomura Securities, Ledger, and Coinshares, plans to acquire its competitor Propine Holdings Pte Ltd. in Singapore.
Komainu co-CEO Paul Frost-Smith stated in an interview that the acquisition of Propine is awaiting approval from the Monetary Authority of Singapore, which could be the first of several acquisitions. He declined to disclose the specific amount of the acquisition.
Frost-Smith stated that acquiring Propine will allow Komainu to obtain a capital markets services license in Singapore, adding that this is an absolutely critical factor for establishing the business. Komainu is accelerating its expansion in Asia, having established regulatory frameworks for digital assets in economies ranging from Singapore to Hong Kong and Japan in recent years.
5. Others
According to Decrypt, decentralized social platform Bluesky announced the completion of $15 million in Series A financing, led by Blockchain Capital, with participation from SevenX, True Ventures, and Alumni Ventures.
Bluesky stated that it will not "over-financialize" Bluesky's "social experience" by integrating crypto tokens, NFTs, or other blockchain-based technologies into its platform at this time.
According to RootData, Bluesky is building the AT Protocol, a new social network foundation that allows creators to be independent of the platform, developers to freely develop, and users to make choices in their experiences. The project was initiated by the founder of Twitter.
Binance Labs announces investment in Solana ecosystem fitness accountability app Moonwalk Fitness
Binance Labs announced its investment in the Solana ecosystem fitness accountability app Moonwalk Fitness. Moonwalk Fitness plans to use this round of financing to accelerate product development and launch iOS and Android applications.
It is reported that Moonwalk Fitness combines gamification and financial incentives to promote healthier lifestyles. It encourages users to complete daily step goals by staking USDC, SOL, or BONK, with those who fail to meet the goals losing part of their stake, while rewards are distributed to the winners.
Previously reported, the crypto fitness app Moonwalk announced the completion of $3.4 million in financing, led by Hack VC, with participation from Binance Labs, Reciprocal Ventures, and Solana co-founder Raj Gokal.
According to an official announcement, decentralized labor benefits provider Craftt has completed $2 million in seed round financing, led by Superscrypt, with participation from DCG and several well-known angel investors. Craftt aims to provide universal benefits for the modern workforce, helping independent workers gain financial confidence and achieve work freedom and flexibility.
Craftt Pass is now in public testing. Recently, Craftt integrated with World’s digital human identity verification system World ID, allowing its more than 7 million users to log in to Craftt Pass through World ID.
Craftt plans to continue developing Layer-2 infrastructure, expand ecosystem collaborations, and further enhance users' benefits and income opportunities.
According to The Block, DAO fund management solution provider Karpatkey announced the completion of a $7 million financing round. Investors in this round include AppWorks Ventures and Wintermute Ventures, as well as a number of well-known angel investors, such as Joe Lubin from ConsenSys, Stani Kuchelov from Avara, and Fernando Martinelli from Balancer Labs.
It is reported that Karpatkey is a non-custodial on-chain asset management infrastructure that provides financial services for leading DAOs. The newly acquired funds will be specifically used to expand Karpatkey's service scope to more DAOs and accelerate its expansion into traditional financial institutions.
Decentralized Ordinals marketplace Ordzaar has completed $2 million in seed round financing, led by LongHash Ventures, with participation from SORA Ventures, GSR, Bitcoin Frontier Fund, PG Capital, and OIG Capital. The Ordzaar team stated that 42% of the total tokens will be distributed directly to loyal users and early supporters through a comprehensive airdrop campaign in the first season and the upcoming second season, ensuring that the community plays a core role in the future development of the ecosystem.
Additionally, only 10% of the tokens are allocated to key strategic investors, with a vesting period of 28 months. Ordzaar is committed to enhancing community interaction and participation through a SocialFi-driven Rune ecosystem.
B² Network announces completion of new round of financing, led by Alliance DAO and others
Modular Bitcoin Layer2 solution B² Network announced the completion of a new round of financing, led by Spartan Group, Animoca Brands, Alliance DAO, and P2 Ventures, with participation from Cypher Capital, Candaq Ventures, Future Money Group, Skyland Ventures, TPC, and Maxx Capital. The specific financing amount has not been disclosed.
B² Network stated that the newly raised funds will be used to optimize B² Network's performance, enrich the B² Network ecosystem, support the ecosystem fund Squared Ventures, explore more BTCFi opportunities, and expand B² Network's influence in global markets.
