A lot has happened in the Bitcoin (BTC) and cryptocurrency markets since our last edition of VC Roundup. The monumental collapse of the Terra ecosystem spilled over into other segments of the digital asset market, exposing over-leveraged traders, lending platforms and venture capital funds. In the process, Bitcoin’s price plunged to new lows, coming below the previous cycle’s peak for the first time in its history.
Despite macro headwinds hurting crypto markets, venture capital firms are still investing in the industry’s most promising startups. The latest edition of VC Roundup highlights financing deals for providers of digital asset infrastructure, non-custodial crypto protocols, payment solutions and decentralized identity management companies.
Digital asset infrastructure provider closes $ 53 million round
PolySign’s quest to provide institutional-level crypto custody solutions to investors has received support from several venture capital firms. The company recently raised $ 53 million in Series C financing, backed by Cowen Digital, Brevan Howard, GSR and more. In addition, the company has secured a $ 25 million credit facility from venture firm Boathouse Capital. Although PolySign did not specify how funding will be allocated, the Series C was closed around the same time the company acquired digital asset fund manager MG Stover.
Related: Related: Goldman Sachs Downgrades Coinbase Shares to’Sell’
Bitcoin startup is raising money to monetize the creative economy
Bitcoin and Lightning Network payment platform Mash 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 from Maple VC, Strategic Cyber Ventures, Aquanow and Spacecadet Ventures. The Mash platform allows developers and content creators to offer customers so-called “pay-as-you-enjoy” pricing options powered by BTC and Lightning Network.
NFT app Floor raises $ 8 million
Non-functioning token application Floor has closed a Series A investment round worth $ 8 million to further its mission to make NFTs more accessible to mainstream users. The funding round was led by 6thMan Ventures, with additional participation from B Capital, Worklife Ventures, Collab + Currency, Crypto.com and others. Floor said it will use the funding to accelerate development and make NFTs more useful.
New crypto projects often rely on Venture Capital firms to help them get off the ground.
The real question is, are VCs in it for the community and the foundations, or for their own benefit?
(Through @CointelegraphZN) https://t.co/92Gjt4ZlRI
— TBEN (@TBEN) July 8, 2022
Euler gets big support
Non-custodial crypto protocol Euler has closed a $ 32 million funding round led by Haun Ventures and including participation from FTX Ventures, Coinbase Ventures, Jump Crypto, Jane Street, Uniswap Labs and others. Funding will be injected into the coffers of Euler’s Decentralized Autonomous Organization Euler is a decentralized funding protocol built on Ethereum that allows users to lend and borrow crypto assets.
“Web5” and Decentralized Identity Attract VC Interest
Decentralized identity protocol Trinsic recently closed an $ 8.5 million seed round to continue building its so-called user-verified identity products. A company spokesperson said Trinsic’s products bring real utility to Jack Dorsey’s “Web5” ambitions. A vocal critic of Web3, the former Twitter CEO announced in June that he is bypassing the Internet’s third iteration in favor of “Web5,” a new Bitcoin-centric identity management model.
Related: Related: VC Roundup: The Rise of Blockchain Gaming, DAO Management, and Asset Tokenization
KYVE closes $ 9 million raise ahead of mainnet launch
Web3 archiving protocol KYVE has raised $ 9 million in funding ahead of a planned mainnet launch scheduled for Q4 2022. The funding round, which will include Distributed Global, Wicklow Capital, IOSG Ventures, Blockchain Coinvestors, Huobi Incurabor and others, will be used to integrate More ecosystems into KYVE’s so-called decentralized data lake. Several blockchains currently use KYVE, including Avalanche, Zilliqa, Cosmos, and Polkadot.
No one thought 2022 would bring this.
Check out the latest moves in the world of crypto and business in our Crypto Biz. Https://t.co/gEIx0PTxXq
— TBEN (@TBEN) July 2, 2022
Atmos Labs Focuses on Seed Raising Metaverse Sports
Play-to-earn developer Atmos Labs has closed an $ 11 million seed round to continue building Metaverse-focused sports games. The investment round was led by NFT-focused venture firm Sfermion, with additional participation from Animoca Brands, Collab + Currency, FBG Capital Atmos Labs aims to bring esports to a global audience by creating immersive gameplay in the Metaverse.