Last week, there were a total of 22 public financing events in the cryptocurrency market, with a cumulative financing of approximately 41.14 million USD | Investment and Financing Weekly Report
Bitcoin L2 interoperability layer Map Protocol completes $1 million strategic financing, with participation from Gryps; Binance Labs announces investment in BIO Protocol; On-chain identity system Phi completes a new round of strategic financing, led by Neoclassic Capital.Organizer: Luan Peng, RootData
According to incomplete statistics from RootData, during the period from November 4 to November 10, 2024, there were a total of 22 public financing events in the blockchain and cryptocurrency industry, with a total financing amount of approximately $41.14 million.
From the perspective of track distribution, the projects that received financing are mainly concentrated in the infrastructure and DeFi tracks. Popular projects include Layer1 blockchain developer Pharos, stablecoin protocol Usual, Web3 gaming platform GameBeast, and smart weather data network operator SkyX.
In addition, AI startup Pond, focused on the cryptocurrency field, raised $7.5 million in seed round financing, led by Archetype, with other investors including PAKA, Cyber Fund, Delphi Ventures, Coinbase Ventures, Near Foundation, and several angel investors.
*（List of projects with financing greater than $5 million last week, data source: * Rootdata）
I. Infrastructure
According to The Block, Layer1 blockchain developer Pharos has completed $8 million in seed round financing, led by Lightspeed Faction and Hack VC, with SNZ Capital participating as a strategic investor. Other investors include Dispersion Capital, Hash Global, Generative Ventures, MH Ventures, Zion, and Chorus One.
According to RootData, Pharos is an ultra-fast, EVM-compatible internet-level blockchain that enhances payments and applications through trustless and decentralized mechanisms.
Bitcoin L2 interoperability layer Map Protocol has completed $1 million in strategic financing, with Gryps participating. The new funds will be used to enhance the functionality of Bitcoin Layer2 solutions.
It is reported that MAP Protocol was established in 2019 and utilizes ZK light client technology as a gateway for developers and users within the Bitcoin ecosystem.
According to Cointelegraph, MultiVM execution layer Cytonic has completed $8.3 million in seed round financing, led by Lattice and Lemniscap, with participation from IOBC, Nomura, Lyrik, Public Works, Arthur Hayes, and other well-known investors. Currently, Cytonic is compatible with EVM and SVM, allowing existing tools, wallets, and DApps running on EVM or SVM chains to migrate to Cytonic seamlessly.
ChainCatcher notes that Cytonic was co-founded by former Spin Labs executive Ivan Miskovic, former Foresight Ventures partner Chelsea, and former Faraway senior engineer Badconfig. By introducing new technologies such as MultiVM and MultiRPC, it launched the first Layer1 blockchain capable of running multiple virtual machines within the same network and sharing storage, enabling developers to deploy existing applications from multiple virtual machine networks like EVM on Cytonic without rewriting code, simplifying the development and scaling process while allowing users to conduct synchronous cross-VM atomic swaps.
According to The Block, verifiable data infrastructure Vlayer has completed $10 million in pre-seed round financing, with participation from a16z Crypto Startup Accelerator (CSX), Credo Ventures, BlockTower Capital, and others.
Vlayer is a crypto startup developing "verifiable data infrastructure," referred to as "Solidity 2.0." Its goal is to enable developers to verify and integrate real-world data into Ethereum smart contracts.
Specifically, Vlayer will introduce four new features to Ethereum's Solidity language: time travel (executing smart contracts using historical on-chain data), teleportation (running contracts across multiple EVM-compatible networks), web proof/zkTLS (verifying and integrating web content, including APIs and websites), and email proof/ZK email (accessing and verifying email content).
II. DeFi
Binance Labs announces investment in BIO Protocol
According to The Block, Binance Labs has announced an investment in the DeSci project BIO Protocol, with the investment amount undisclosed.
This investment marks Binance Labs' first foray into the DeSci field. BIO Protocol aims to leverage blockchain technology to transform the financing and commercialization of early scientific research. Its platform enables scientists, patients, and investors worldwide to fund, develop, and co-own new drugs through a biotechnology DAO, addressing gaps in traditional scientific funding, particularly in areas such as rare diseases, longevity, and emerging health challenges.
Stablecoin protocol Usual has completed $1.5 million in community financing, with participation from The Echonomist, Breed Syndicate, and Comfy Capital.
According to RootData, Usual is a stablecoin protocol that has launched USD, a permissionless and fully compliant stablecoin backed 1:1 by real-world assets (RWA). USUAL is a governance token that allows the community to guide the future development of the network. Usual addresses current issues in the stablecoin market by redistributing profits to the community and rewarding token holders with actual earnings generated from RWA.
According to official news, Solana re-staking protocol Fragmetric has completed a Builder round of financing, with investors including Solana founder Anatoly Yakovenko, Solana Foundation chair Lily Liu, Jito Labs founder Lucas Bruder, Backpack founder Tristan, and Wintermute co-founder Yoann Turpin.
Fragmetric has launched the SANG system: SolanA Network Guard, providing users with a convenient and fair path to participate in re-staking, ensuring the security and stability of the Solana network by integrating SOL and LST.
III. Gaming
Web3 gaming platform GameBeast completes $2 million financing, led by Tido Capital and T Labs
Web3 gaming platform GameBeast has completed $2 million in seed round financing, led by Tido Capital and T Labs, with participation from K300 Ventures, Notch Venture, Asva Capital, Aza Ventures, and Buzzbridge Capital.
GameBeast is a multi-chain platform developer, and its game "Destiny of Gods" completed public beta testing on the Solana chain in September, with plans to launch a Mini Game for public testing on the Ton ecosystem this week. Five additional games on the platform are expected to open for testing next year.
IV. DePIN
According to official news, smart weather data network operator SkyX has announced the completion of $1 million in pre-seed round financing, led by EV3, EOT Ventures, and Waterdrip Capital, with participation from Daedalus, J17 Capital, and Opulence.
According to RootData, SkyX is a blockchain-driven meteorological network that employs incentive systems and web3 protocols. Its goal is to establish an innovative meteorological ecosystem by combining advanced weather station IoT devices with blockchain-based decentralized service protocols, utilizing SKY as a utility token to achieve economic benefits, thereby addressing traditional challenges in the weather industry. SkyX originated as a smart device and data service company selling weather stations, operating a network of 16,000 weather stations.
V. Others
Web3 shopping app Bion completes new round of strategic financing, with TON Ventures participating
Web3 shopping app Bion has announced the completion of a new round of strategic financing, with TON Ventures participating. Specific financing amounts and valuation data have not yet been disclosed.
Bion primarily utilizes blockchain technology to enhance the shopping experience and provide value-added services to consumers. The new funds will be used to expand its Web3 shopping platform that offers cashback rewards and enhance its crypto rewards.
NFT project Rekt Drinks' parent company Rekt completes $1.5 million seed round financing
According to Cointelegraph, Rekt Brands Inc. (Rekt), the parent company of the Rektguy NFT project Rekt Drinks and Rekt brand intellectual property, has announced the completion of $1.5 million in seed round financing. This financing was fully funded by angel investors and the community (with no venture capital involvement).
Rekt Brands Inc. is the parent company of the Rektguy NFT project Rekt Drinks and Rekt brand intellectual property. The brand originated from artist Ovie Faruq (OSF)'s Rektguy NFT series and has now expanded into consumer goods and community equity models. Rekt aims to redefine brand ownership and engagement through its Web3 foundation, innovative products, and global community.
Crypto-focused AI company Pond completes $7.5 million seed round financing, led by Archetype
According to The Block, AI startup Pond, focused on the cryptocurrency field, raised $7.5 million in seed round financing, led by Archetype, with other investors including PAKA, Cyber Fund, Delphi Ventures, Coinbase Ventures, Near Foundation, and several angel investors.
According to RootData, Pond is a large cryptocurrency AI model that recommends tokens with similar on-chain behaviors to users. Pond's AI model can identify patterns and trends in on-chain data and behaviors, helping to identify investment opportunities.
Telegram ecosystem trading app Blum receives investment from The Open Platform
According to CoinStats, Telegram ecosystem trading app Blum has announced that it has received investment from The Open Platform, with specific amounts not disclosed.
It is reported that this investment transaction occurred after Blum received investment from the Binance Labs Fund. The new funds will expand Blum's trading services across multiple blockchains and enhance its influence on TON and Telegram.
On-chain identity system Phi completes new round of strategic financing, led by Neoclassic Capital
On-chain identity system Phi has announced the completion of a new round of strategic financing, led by Neoclassic Capital, with participation from Decima Fund, Cyber, PAKA fund, and Incubate Fund.
This is Phi's second round of financing following the $2 million seed round led by ChapterOne and Delphi Digital in 2022. The new financing will be used to build a decentralized certification system specifically for on-chain identities.
According to RootData, Phi is a social gaming metaverse focused on using "on-chain identities" created with ENS and verified wallet activities to easily visualize on-chain identities. It incentivizes users to interact with various Web3 protocols, providing positive feedback for all protocols and accelerating the overall network effect of Web3.
Binance to list Cow Protocol (COW) and Cetus Protocol (CETUS)
According to the official announcement, Cow Protocol (COW) and Cetus Protocol (CETUS) will be listed on November 6 at 12:00 (UTC), with trading pairs COW/USDT and CETUS/USDT available.
OSL Group acquires Japanese compliant cryptocurrency trading platform CoinBest
Hong Kong-listed company OSL Group, focused on digital assets, announced today that its wholly-owned subsidiary has signed a share purchase agreement to acquire 81.38% of CoinBest K.K. (hereinafter referred to as "CoinBest"), a licensed cryptocurrency asset trading service provider authorized by Japan's Financial Services Agency (FSA). This move is a significant strategy for OSL Group's entry into the Japanese market.
The Japanese market had over 5.16 million active digital asset users in 2023, tripling since 2018. Japan has become one of the more mature and rapidly developing markets in the Asia-Pacific region, with a rapidly growing penetration rate and investment volume in the digital asset market.
By acquiring CoinBest, OSL Group aims to promote product and service innovation between its trading platforms (including the Hong Kong licensed digital asset trading platform OSL Digital Securities), enhance global trading liquidity, and achieve resource sharing and best business practices, thereby creating business synergies.
