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Balance brings in $30m, Hypernative collects $16m
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4 months agoon
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adminVenture 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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Stablecoin Issuer Tether Invests $775,000,000 Into YouTube Rival Rumble
Published
7 hours agoon
December 23, 2024By
adminTether, the issuer of the largest stablecoin by market cap, is announcing a $775 million investment into YouTube alternative Rumble.
Rumble says in a press release that it will be using $250 million of the proceeds to support “growth initiatives” and the remaining capital to fund a self-tender offer for up to 70 million of its Class A common stock.
Tether has agreed to acquire 103,333,333 Rumble Class A shares at $7.50. Meanwhile, Rumble chairman and CEO Chris Pavlovski will retain his controlling stake in the company.
Says Pavlovski,
“I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth.”
On top of Rumble’s prioritization of free speech and decentralization, Tether CEO Paolo Ardoino says that the company also intends to look into a crypto payment solution for the YouTube rival.
“Tether’s investment in Rumble reflects our shared values of decentralization, independence, transparency, and the fundamental right to free expression. In today’s world, legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative. This collaboration aligns with our long-standing commitment to empowering technologies that promote freedom and challenge centralized systems, as demonstrated through our recent collaborations and initiatives.
Rumble’s dedication to fostering open communication and innovation makes them an ideal ally as we continue building the infrastructure for a more decentralized, inclusive future. Lastly, beyond our initial shareholder stake, Tether intends to drive towards a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble.”
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blockchain games
Solana L2 Sonic includes TikTok users in airdrop
Published
8 hours agoon
December 23, 2024By
adminSolana GameFi network Sonic will airdrop free tokens to TikTok users for joining its crypto game.
Layer-2 gaming-centric Solana-native network Sonic plans to send SONIC tokens to TikTok users onboarded via its social media blockchain game. The Solana (SOL) Virtual Machine protocol designed its SonicX game directly on TikTok, similar to The Open Network developers behind Telegram mini-games.
The idea revolves around tapping existing web2 audiences for web3 projects, accessing millions of users already on platforms like Telegram and TikTok.
Over 1 billion monthly active users log on to TikTok, with numbers expected to reach more than 2 billion by 2029.
SonicX, the first TikTok App Layer from Sonic SVM, will distribute $SONIC tokens to all eligible TikTok users. Over 2 million users have already joined via a seamless onboarding flow—no external wallet setup or gas fees required.
Sonic on X
Social media-native games became widely popular on TON and Telegram. Projects like Notcoin (NOT) and Hamster Kombat (HMSTR) amassed millions of users in a few short months.
However, the trend appeared shortlived as protocols experienced a sharp drop in activity post-token airdrop. Hamster Kombat lost over 80% of its users right after its cryptocurrency distribution. Crypto giants like Binance and Gate have also released reports detailing a drop in Telegram mini app vitality.
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Bitcoin
Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC
Published
20 hours agoon
December 23, 2024By
adminTokyo-listed Metaplanet has purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, pushing its holdings to 1,761.98 BTC.
Metaplanet, a publicly traded Japanese company, has acquired 619.7 Bitcoin as part of its crypto treasury strategy, paying an average of 15,330,073 yen per (BTC), with a total investment of 9.5 billion yen.
According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.
The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).
The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.
Metaplanet buys dip
The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.
Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.
Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.
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