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Balance brings in $30m, Hypernative collects $16m

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Venture capitalists are raising a ton more money for crypto-related funds this year compared to last year’s dismal downturn.

According to the latest report from PitchBook, published on Sept. 5, the median fund size is up 65.1% to $41.3 million in 2024.

Nowadays, it’s common for crypto-savvy investors to put together midsized crypto VC funds — coffers ranging from $100 million to $500 million. “These funds are large enough to support industry growth but small enough to avoid the deployment challenges faced by megafunds, making them crucial to the current ecosystem,” PitchBook Senior Analyst Robert Le writes.

But just because the money is there doesn’t mean VCs aren’t cautious. According to Le, the time between fundraises and the duration to close funds have both lengthened over the past three years.

“This trend signals a challenging fundraising environment ahead as LPs become more selective and risk-averse in the wake of recent market downturns,” Le adds.

It’s worth noting that, in the second quarter of this year, Galaxy data shows VCs invested just under $3.2 billion (a 28% increase quarter-over-quarter) into crypto and blockchain-focused companies. But, that money was allocated to 577 deals — a 4% decrease quarter-over-quarter. In the prior three-month period, VC investment into crypto and blockchain startups increased by 29% compared to the previous quarter, totaling about $2.49 billion across 603 deals.

In this week’s column, crypto.news is spotlighting some of the startups that grabbed headlines in recent days. According to crypto fundraising tracker, Crypto Fundraising, these companies raised close to $70 million in disclosed VC between Sept. 1 and Sept. 7.

Balance, $30 million

  • Gaming platform E-PAL introduced Balance, a new AI-powered blockchain experience platform, following two successful funding rounds led by Andreessen Horowitz (a16z) and Galaxy Interactive.
  • Animoca Brands, K5, CLF Partners, MK Capital, Heights Fund, AMBER, MarbleX, Mantra, Tuna, Aptos Labs, IOBC, Leland Ventures, Halon, Uphonest, Taisu Ventures, Gate Labs, DWF Ventures, BING, and WAGMI, also contributed to the $30-million total.
  • The proceeds will go toward developing the Balance infrastructure — “an open, inclusive, and equitable Web3 ecosystem.”

Hypernative, $16 million

  • Hypernative, known for developing an early-detection web3 security solution, raised $16 million to accelerate adoption of its AI-powered security products.
  • Investors in the Series A led by Quantstamp include Bloccelerate VC, Boldstart Ventures, Borderless Capital, CMT Digital, IBI Tech Fund, Knollwood Investment Advisory, Re7 Capital, and some notable angels.
  • This brings the total raised by Hypernative to $27 million. The startup previously collected $9 million in funding from Boldstart and IBI.

Puffpaw, $6 million

  • PuffPaw, a blockchain-based e-cigarette project, clinched $6 million in seed funding led by Lemniscap Ventures.
  • The project is geared toward users who wish to quit smoking. It records their smoking habits and rewards them with tokens.

TrendX, $5 million

  • TrendX successfully closed its Series A funding round, clinching $5 million.
  • AHZ, Promontory, Coinstash, Frontier Research, Coresky, Tido Capital and Bullperks
  • The startup previously raised $1 million in seed money, bringing the total to $6 million.

IDA, $6 million

  • IDA, a Hong Kong-based digital asset company, secured $6 million in a seed funding round led by CMCC Global, under its Titan Fund, and Hashed.
  • The company aims to launch its “first fiat-referenced stablecoin” called HKDA, which is designed to be regulated in Hong Kong.
  • Hack VC, Anagram, GSR, Protagonist, Brinc, Chorus One, Kenetic, SNZ, and Yolo Investments also joined the fundraising effort. Raj Gokal, co-founder of Solana (SOL), is a backer.

CryptoHunter World, $2.8 million

  • CryptoHunter World, a hybrid gaming service, completed a $2.8 million private sale round.
  • Supported by leading venture capital firms, including IOST, HG Ventures, Mindfulness Capital, Bigcandle Capital, Web3Wave, and Layer-OTC, this fundraising will help bring the blockchain-based collectible role-playing game into the web 3.0 space.

Additional funding rounds: undisclosed amounts

  • Blabla: Closed a seed round with participation from Nebula Investment, the European Blockchain Association (BCAEU) and Hopechain.
  • Dropnest and Cycle Network: Both startups are backed by Manta Network.
  • Vanilla Finance: YTWO, UOB Venture, Pluto Capital, Paper Ventures, Openspace, Notcoin, HTX Ventures Logo, Catizen and ABCDE providing seed funds.
  • Kroma: The Layer 2 blockchain solution provider completed a Series A funding round with backing from Asia Advisors Korea, Gate Ventures, ICC Venture, Planetarium, Presto, RFD Capital, Taisu Ventures, The Spartan Group, Waterdrip Capital, and other additional partners have also participated in this round.
  • Pencils Protocol: The startup raised an undisclosed amount of seed funding from Bing Ventures and at least three other investors.

For last week’s edition of our “Crypto VC” column, click here.



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Eclipse launches public mainnet of first SVM L2 on Ethereum

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Eclipse Foundation announced on Nov. 7 that Eclipse, a Solana Virtual Machine-powered layer-2 on Ethereum, had launched its public mainnet.

The milestone is a key step in Eclipse’s quest to bring the best of both Ethereum (ETH) and Solana (SOL) to users, Eclipse Foundation said in a press release.

Vijay Chetty, CEO of Eclipse, noted that bridging these leading networks for decentralized applications and finance could drive a new wave of ecosystem development. Key areas likely to see growth from increased dApp activity include DeFi, consumer applications, and gaming.

“Eclipse is uniquely positioned as the first solution to bridge the gap between Solana and Ethereum, offering a powerful platform that caters to both communities. Our goal is to empower developers from both ecosystems to build and scale their dApps like never before, unlocking new opportunities across the largest networks in the industry.”

Vijay Chetty.

Eclipse’s launch of the layer-2 public mainnet follows its developer-focused mainnet release in October. Since then, the platform has expanded its ecosystem by integrating projects such as Orca, Nucleus, and Save.

Developers on Eclipse can utilize Solana’s parallel execution capabilities and Ethereum’s liquidity and security, alongside access to Ethereum’s vast user community and asset base. Eclipse’s architecture enables developers to leverage the Solana Virtual Machine for scaling and enhanced user experiences.

As a result, Eclipse aims to eliminate the previous fragmentation that required developers to choose between the two ecosystems.



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Benjamin Cowen Issues Bitcoin Alert, Says Potential Plunge ‘That Scares People’ Incoming – Here’s His Outlook

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Widely followed analyst Benjamin Cowen is issuing a warning on Bitcoin (BTC) as the flagship crypto asset trades near its all-time high.

In a new video, Cowen tells his 820,000 YouTube subscribers that Bitcoin could turn bearish around one month after the US general election.

“I just want to put that out there as one potential outcome that following the election, there’s going to be a lot of really bold calls as to what will happen. And what I think could happen is a drop sometime in early December that scares people. And I think it might be around the time of the labor market release [Non-Farm Payroll report is scheduled for December 6th].”

According to Cowen, Bitcoin could drop somewhere between 12% to 46% from the current level if the bearish scenario plays out.

“What is unclear to me right now is whether that drop by Bitcoin is just back-testing this [around $65,000] and then going up in 2025 or if it’s back-testing down here [around $40,000] and then going up. That is what I still remain somewhat unsure of…”

Source: Benjamin Cowen/YouTube

At time of writing, Bitcoin is trading at $73,813, down about 2% from its all-time high of around $75,400.

The widely followed analyst says that his envisaged Bitcoin correction in December would likely be temporary if it happens.

“I could envision a scenario where after the political outcomes are all decided if Bitcoin doesn’t immediately move up and then it starts to crash people might assume that the cycle is over. But it could very well just simply be the soft landing scenario…

…you could get a situation where you know Bitcoin sort of falls here and then rallies on up to new all-time highs in 2025.”

Source: Benjamin Cowen/YouTube

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TRUMP, MAGA, and other Trump-themed tokens crash after election day

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Donald Trump-themed meme coins TRUMP, MAGA, TREMP, and STRUMP have tanked, with their total market capitalization down over 21% on the day, after Trump secured a victory in the U.S. election.

MAGA (TRUMP), the largest Trump-themed meme coin in terms of market cap fell 50.7% over the past 24 hours, exchanging hands at $1.71 when writing. The altcoin’s market cap fell from $212 million seen on Nov. 6 to $79 million when writing.

MAGA Hat (MAGA) a meme token inspired by Trump’s iconic red hat worn during his political campaigns also collapsed by 51% with its market cap falling to $39 million. 

Dark MAGA (DMAGA) which saw the highest gains on Nov. 5, climbing from $0.008 to $0.0018 overnight. The meme coin has since plunged by 62% from its pre-election level and was trading at $0.0045, wiping out over $13.5 million from its market cap. Similarly, Super Trump (STRUMP) also faced a sharp drop of 54.9%, with its market cap shedding $11 million.

Other popular meme coins that previously capitalized on Trump’s presidential victory but have crashed at press time, include Doland Tremp (TREMP), TRUMPCOIN, TRUMP 47 (47), and Pepe Trump (PTRUMP) which suffered losses between 50-65%.

Traders seemed to have sold the news, a familiar trend for meme coins, which often experience sharp sell-offs after hype peaks—just as with Dogecoin (DOGE), the industry’s first and largest meme coin.

Dogecoin’s meteoric rise leading up to Elon Musk’s Saturday Night Live appearance in May 2021 became a classic case of traders selling the news. DOGE rallied to an all-time high of $0.73 ahead of the May 8 airing date as Musk, an avid Dogecoin supporter, teased his role on SNL. 

However, the hype fizzled quickly during and after the broadcast, as traders rushed to offload their holdings with the price of DOGE dropping over 30% within hours. At current prices, the token remains 74% below its all-time high.

This pattern also seems evident in PolitiFi tokens, which are often referred to as “event coins,” as they move in tandem with political developments. However, the downturn comes despite Trump’s victory, which could mean the hype around this meme coin subset is waning.

A likely scenario is that a lot of the liquidity from these PolitiFi tokens is flowing into Bitcoin (BTC) and other altcoins as the flagship crypto has been printing new highs over the past day fueling hopes that the bull market is starting.

Prominent altcoins like Ethena (ENA) and Raydium (RAY) have posted double-digit gains, while the overall meme coin market is up over 13%, suggesting that PolitiFi tokens are facing an isolated sell-off now that the elections are over.



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