Much has happened in the Bitcoin (BTC) and crypto markets since the last VC Roundup. The huge collapse of the Terra ecosystem has spread to other segments of the digital asset market, exposing over-leveraged traders, lending platforms and venture capital funds. In the process, Bitcoin’s price plummeted to a new low, falling below the peak of the previous cycle for the first time in its history.
Despite macro headwinds hurting the crypto market, venture capital firms are still investing in the industry’s most promising startups. The latest version of VC Roundup focuses on financing transactions for providers of digital asset infrastructure, unmanaged cryptographic protocols, payment solutions, and decentralized identity management companies.
Digital Asset Infrastructure Provider Ends $ 53 Million Round
PolySign’s quest to provide investors with an institutional level cryptocurrency solution is supported by several venture capital firms. The company recently raised $ 53 million in Series C funding with the support of Cowen Digital, Brevan Howard, GSR and others. In addition, the company has secured a $ 25 million credit line from venture capital. PolySign does not specify how to allocate funds, but Series C was closed almost as soon as the company acquired digital asset fund manager MG Stover.
Related: Goldman Sachs downgrades Coinbase stock to “sell”
Bitcoin startups are raising money to monetize the creative economy
Mash, the payment platform for Bitcoin and Lightning Network, raised $ 6 million in seed funding in June as part of its ongoing efforts to monetize the Internet for developers and content creators. The funding round was co-led by Nic Carter’s Castle Island Ventures and Whitecap Venture Partners, with additional participation by Maple VC, Strategic Cyber Ventures, Aquanow and Spacecadet Ventures. The Mash platform allows developers and content creators to offer their customers the so-called “pay for fun” pricing option using BTC and Lightning Network.
NFT App Floor Raises $ 8 Million
The non-fungible token application Floor has completed a $ 8 million worth of Series A rounds to drive its mission to make NFT accessible to mainstream users. The funding round was led by 6th Man Ventures with additional participation by B Capital, Worklife Ventures, Collab + Currency, Crypto.com and more. Floor said it would use the funds to accelerate development and make NFTs more useful.
New crypto projects often rely on helping venture capital firms get going.
The real question is whether VCs are for the community or foundation, or for their own benefit.
(finished @CointelegraphZN) Https: //t.co/92Gjt4ZlRI
— TBEN (@TBEN) July 8, 2022
Euler gets great support
The unmanaged crypto protocol Euler has completed a $ 32 million round of funding, led by Haun Ventures, including participation from FTX Ventures, Coinbase Ventures, Jump Crypto, Jane Street, Uniswap Labs and others. The funds will be injected into Euler’s Decentralized Autonomous Organization (DAO), which is deployed in three phases. Euler is a decentralized financing protocol built on Ethereum that allows users to lend and borrow crypto assets.
“Web 5” and distributed IDs attract VC interest
The distributed identity protocol Trinsic recently completed a $ 8.5 million seed round to continue building so-called user-validated identity products. A spokesman for one company said Trinsic’s products would bring real usefulness to Jack Dorsey’s “Web 5” ambitions. Former Twitter CEO Web3 voice critics announced in June that they would bypass the third iteration of the Internet in favor of the new Bitcoin-centric identity management model, Web5.
Related: VC Roundup: The rise of blockchain games, DAO management, and asset tokenization
KYVE will complete $ 9 million in funding prior to launching the mainnet
The Web3 archiving protocol KYVE has raised $ 9 million prior to the planned launch of the mainnet in the fourth quarter of 2022. Financing rounds, including DistributedGlobal, Wicklow Capital, IOSG Ventures, Blockchain Coinvestors, Huobi Incurabor, etc., will be used for integration. More ecosystem to KYVE’s so-called decentralized data lake. Currently, several blockchains such as Avalanche, Zilliqa, Cosmos and Polkadot are using KYVE.
No one thought that 2022 would bring this.
Check out the latest developments in the crypto and business world with CryptoBiz. https://t.co/gEIx0PTxXq
— TBEN (@TBEN) July 2, 2022
Atmos Labs focuses on Seed Rays Metaverse Sports
Play-to-earn developer Atmos Labs has completed a $ 11 million seed round to continue building metaverse-focused sports games. The investment round was led by Sfermion, an NFT-focused venture, with additional participation by Animoca Brands, Collab + Currency, FBG Capital, CoinGecko Ventures and others. Atmos Labs aims to bring esports to viewers around the world by creating immersive gameplay in the Metaverse.