As a seasoned crypto investor with a keen interest in the blockchain industry, I find this week’s funding activities particularly exciting. The collective $100 million raised by various blockchain startups and crypto projects is a clear indication of growing investor confidence in diverse blockchain applications.
As a crypto investor, I’m excited to share that this week, blockchain startups and numerous crypto projects collectively managed to secure over $100 million in funding from venture capitalists. This influx of investment is a positive sign for the industry and indicates continued growth and interest in the space.
Over the past week, from June 16th to June 22nd, we’ve seen a surge of investment in various blockchain projects. This trend indicates a increasing appetite for blockchain technology beyond just digital currencies, encompassing sectors like gaming, social networks, and advanced encryption solutions.
PQShield raises $37m in series B round
This week, security company PQShield secured the largest funding with a $37 million Series B investment to advance their post-quantum cryptography technologies.
Under the guidance of Addition, the financing event welcomed fresh investors including Braavos Capital, Legal & General, and Chevron Technology Ventures.
PQShield’s technology is designed to safeguard cryptographic systems against potential quantum hacking threats in the future. Notable companies like Nvidia and AMD have adopted this technology for added security.
As a crypto investor, I can tell you that Dr. Ali El Kaafarani, the company’s founder, announced that the fresh funds PQShield has raised will be utilized by us to expand our team and strengthen collaborations with our valued partners and clients.
Renzo secures $17m in series A round
The Ethereum (ETH) staking protocol Renzo received the second largest funding amount during the week.
In January, Maven 11 spearheaded a seed funding round for the platform, bringing in $3.2 million. More recently, Galaxy Ventures and Brevan Howard Digital Nova Fund took the lead in a series A investment, contributing $17 million to the company’s coffers.
Renzo is thrilled to share the news of a successful $17 million fundraising round, spearheaded by Nova Fund – Brevan Howard Digital and Galaxy HQ. The following investors have joined in: Maven11 Capital, Figment Capital, ProtagonistXYZ, SevenXVentures, Bankless Ventures, 280 Capital, Antalpha Group, Consensys, and l2iterative.
— Renzo (@RenzoProtocol) June 18, 2024
Renzo enables users to restake various Ethereum assets, providing them with ezETH, a liquid restaking token usable across decentralized finance (defi) platforms. Data from DefiLlama shows that it currently has a market capitalization of nearly $115 million and a total value locked of more than $3.6 billion.
Particle Network bags $15m
“This week saw significant progress for Particle Network, a versatile blockchain development firm. They successfully secured $15 million in their series A funding, with The Spartan Group and Gumi Cryptos Capital leading the investment round.”
According to The Block’s report, the fundraising event, shaped as a straightforward deal for upcoming digital tokens, drew involvement from SevenX Ventures, Flow Traders, HashKey Capital, and other investors.
As a researcher studying the financing history of Particle, I’ve discovered that they have successfully secured $10 million through three different funding rounds. This new investment addition brings their grand total to an impressive $25 million.
I’m thrilled to share that we’ve recently raised $25 million in our funding round. This investment will enable us to unify various blockchain networks and simplify the complexities of Web3 for a smoother user experience. Spartan Capital and Gumi Crypto spearheaded this round, with valuable contributions from investors such as SevenX Ventures and Morningstar, among others.
— Particle Network (@ParticleNtwrk) June 20, 2024
Based on the statements made by Pengyu Wang, the founder of Particle, the company intends to employ the raised funds towards advancing its chain abstraction technology and broadening its business operations.
Sonic wraps up $12m series A round
In other locations, Sonic – a Solana (SOL) layer-2 network specifically catering to gaming – secured $12 million in a Series A funding round. Bitkraft Ventures spearheaded this investment, with contributions from additional venture capital firms such as Galaxy Interactive and Big Brain Holdings.
Mirror World is thrilled to share the news that our project, Sonic, has successfully closed a $12 million Series A funding round, headed by BITKRAFT Ventures. This accomplishment boosts our overall fundraising to a noteworthy $16 million. 🎉
Sonic marks an innovative first step as the inaugural atomic SVM Layer 2 designed to empower self-governing game economies on Solana.
— Sonic (Odyssey Now Live ⚡️) (@SonicSVM) June 18, 2024
The project has managed to amass a grand total of $16 million in funding, which includes a previous investment of $4 million in the year 2022. Consequently, its estimated worth based on all outstanding shares is set at an impressive valuation of $100 million.
As a financial analyst, I would describe it as follows: I will contribute to Sonic’s objective of streamlining the intricacies of Web3 gaming and bridging the gap between diverse gaming genres.
ZKX raises $7.6m
As a financial analyst, I’d rephrase that statement as follows: On June 19th, I’m pleased to report that ZKX, a trailblazing social decentralized exchange (DEX), successfully raised a total of $7.6 million in funding. Notably, they recently concluded a seed round, bringing in an impressive $6.3 million.
These investors, including Flowdesk, GCR, and DeWhales, have endorsed the project that aspires to improve perpetual swaps by incorporating social trading elements and enabling interoperability across different blockchains.
The company declared in its announcement that they would employ the newly raised funds to enhance the ZKX protocol with innovative elements. These additions include social copy trading pools and broadening cross-chain compatibility for ubiquitous access to perpetual swaps.
As a researcher studying the latest developments of this platform, I can share that the native token of our platform, ZKX, is now available for trading on three prominent cryptocurrency exchanges: Bitget, Gate.io, and KuCoin.
Gudchain closes $5m investment round
In the recent cryptocurrency venture capital scene, Gudchain, a gaming-centric OP-stack project, emerged as a significant winner by introducing its layer-2 blockchain solution based on the Ethereum network.
As an analyst, I can tell you that we successfully raised $5 million in our latest funding round. This round was spearheaded by Mechanism Capital, with additional participation from Manifold, Skyvision Capital, and Morningstar Ventures.
As a blockchain analyst, I can tell you that our technology is designed to streamline web3 access for gamers and will form the base for Highstreet Market’s offerings. We have reportedly secured agreements with five major game titles, intending to debut them on-chain within the next six months.
Other notable funding
Several startups also secured smaller, yet significant, funding rounds in the week:
-
Zeek, $3 million seed round: The decentralized social collaboration network raised $3 million from investors, including OKX Ventures and Animoca Brands.
Wasabi, $3 million in seed funding: The meme coin and non-fungible token (NFT) leverage trading protocol garnered $3 million, led by Electric Capital, to boost its defi offerings.
Bitwise, $2.5 million seed investment: Bitwise updated its S-1 form, revealing a $2.5 million seed investment for its Ethereum ETF, with Pantera Capital showing interest in further investments.
Farworld Labs, $1.75 million pre-seed round: The Farcaster-native gaming company closed a $1.75 million pre-seed round to advance its Farcade platform.
Ordinox, $1 million in pre-seed funding: The Cosmos-based automated market maker for BRC20s and Runes received $1 million led by DACM to support its development and security audits.
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2024-06-22 22:44