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Stripe buys Bridge, Bluesky bags $15m

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4 weeks ago

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Bridge, a stablecoin startup founded not even three years ago, announced a deal this week that would cause most crypto entrepreneurs to salivate.

Stripe, the San Francisco-based payment processing company, agreed to buy Bridge for $1.1 billion.

The transaction likely has crypto entrepreneurs wondering when their own ventures will be ripe enough to attract a big-name buyer. Until then, early-stage companies will have to continue courting venture capitalists to extend their runways.

Here are the latest startups doing just that, according to data from Crypto Fundraising collected between Oct. 20 and Oct. 26:

Bluesky, $15 million

  • Bluesky completed a Series A funding round.
  • The decentralized social media platform raised $15 million from lead investors like Blockchain Capital.

Variational, $10.3 million

  • Variational is a peer-to-peer trading protocol that is created for perpetual and generalized derivatives.
  • The firm has raised $10.3 million in a seed round led by investors like Bain Capital Crypto and Peak XV Partners.

Validation Cloud, $10 million

  • Validation Cloud is a web3 infrastructure platform that focuses on scalable and compliant infrastructure for enterprises.
  • The firm raised $10 million from True Global Ventures.
  • Validation Cloud has raised a total of $15.8 million so far.

Crypto VC funding rounds < $10 million

  • Web3 mobile gaming platform Party Icons raised $9 million.
  • Digital investment marketplace STOKR raised $7.98 million from Fulgur Ventures.
  • Karpatkey, which provides DAO Treasury services, raised $7 million.
  • Full-stack decentralized platform Azura raised $6.9 million in a seed round.
  • Non-custodial crypto trading platform Shuttle Labs raised $6 million from CMCC Global.
  • Crypto exchange Hata raised $4.2 million in a seed round led by Castle Island Ventures and Nic Carter.
  • Hana Network raised $4 million from investors like Binance Labs, Sushi, Orange DAO, etc.
  • Decentralized borrowing platform Fluid Protocol raises $3.9 million in a seed round.
  • Moonwalk Fitness has raised $3.4 million from lead investors like Hack VC.
  • Borderless has raised $3.3 million in a pre-seed round led by Amity Ventures.
  • Opti Games Studio raised $2 million with L1 Digital as the lead investor.
  • NFT marketplace Ordzaar raised $2 million from lead investors like LongHash Ventures.
  • Decentralized infrastructure platform Craftt raised $2 million in a seed round.
  • Decentralized exchange BulbaSwap raised $1.3 million from lead investors like Foresight Ventures.
  • Skyfire raised $1 million from Coinbase Ventures and a16z crypto.

Check out our last week’s column from here.





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Binance Labs

Binance Labs invests in DeSci platform BIO Protocol

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2 weeks ago

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November 9, 2024

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Binance Labs, the venture capital arm of Binance, has announced its investment in BIO Protocol, a platform designed to help early-stage scientific research startups access decentralized funding opportunities.

The investment sees Binance, powered by the native token BNB (BNB), make its first foray into decentralized science, the platform said in an announcement on Nov. 8.

According to Binance Labs, BIO Protocol is the equivalent of the “Y Combinator of on-chain science”, a reference to the U.S.-based VC firm and startup accelerator.

BIO Protocol advances the DeSci sector by providing a platform for scientists and investors to access collective funding and co-ownership opportunities.

The platform currently operates through a network of seven biotech decentralized autonomous organizations, (also known as BioDAOs) covering areas such as women’s health, mental health, and cryopreservation.

“BIO Protocol represents a significant step forward in DeSci by merging biotechnology and DeFi,” Andy Chang, investment director at Binance Labs, said. “At Binance Labs, we are dedicated to unlocking groundbreaking advancements that drive long-term, real-world impact by supporting projects building meaningful technology – an approach that closely aligns with our investment in BIO”.

The BIO Protocol team plans to use the funding to expand its BioDAOs further, with seed funding available for new entities. BIO will also offer community and tokenomics support as it seeks to broaden its presence and impact in scientific funding.

Binance Labs has recently increased its footprint in the VC ecosystem, backing multiple projects in various industry fields. This includes the investment platform’s backing of Lombard, a Bitcoin (BTC) liquid staking platform.

The crypto and blockchain-focused venture capital provider has also invested in Solana (SOL) staking protocol Solayer and Telegram mini-app Blum.



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Kraken bags $42.5m from Optimism, Glow Labs raises $30m

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3 weeks ago

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November 2, 2024

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This week, crypto exchange Kraken stole the show with its $42.5 million grant raise from Optimism.

Kraken has disclosed its latest decision to launch Ink, a layer-2 on the Optimism (OP) blockchain. As a part of the deal, Optimism has announced that they will offer $42.5 million, or 25 million OP tokens.

This has brought the exchange’s funds raised to date to $164.8 million. Crypto.news dug deeper into the firms that raised the most capital from Oct. 27 to Nov 2.

Here are the firms that bagged million-dollar amounts during this period, according to data from Crypto Fundraising.

Glow Labs, $30 million

  • Glow Labs is a community-powered platform that aims at ramping up global solar energy adoption.
  • The firm raised $30 million from Framework and Union Square Ventures.

Nillion, $25 million

  • Nillion has raised $25 million from investors like Hack VC.
  • So far, the decentralized network for secure storage has raised $50 million.

Ellipsis Labs, $21 million

  • The platform that builds sustainable and efficient DeFi protocols has raised $21 million from HAUN.
  • Ellipsis Labs has raised a total of $23.3 million to date.

Chainway Labs, $14 million

  • The blockchain infrastructure company focused on Bitcoin, Ethereum, and Zero Knowledge technology has raised $14 million in a Series A round from Founders Fund and other investors.
  • Chainway Labs has raised $16.7 million so far.

Gelato Network, $11 million

  • Gelato Network has raised $11 million in a Series A round led by HACK VC.
  • The decentralized backend for web3 has raised $23.2 million to date.

Sapien AI, $10.5 million

  • Sapien is a gamified Web3 platform where users play and train AI by completing various challenges.
  • The firm has raised $10.5 million in a seed round led by Variant.

PumpBTC, $10 million

  • The liquid staking platform has raised $10 million in a seed round.
  • Lead investors include SevenX Ventures, Mirana Ventures, etc.

BitSmiley, $10 million

  • BitSmiley encompasses a stablecoin, a lending platform, and a derivatives protocol.
  • The firm raised $10 million from various investors like Nxgen, IBC Group, etc.

Notable crypto VC funding rounds under $10 million

  • Spire Labs raised $7 million in a seed round.
  • Alliance Games raised $5 million in a Series A round.
  • 81Ravens raised $4.5 million in a seed round.
  • Phylax Systems raised $4.5 million in a pre-seed round.
  • Nitro Labs raised $4 million in a seed round.
  • MagmaDAO raised $3.9 million in a seed round.
  • Native raised $2.6 million in a seed round.
  • Axal raised $2.5 million in a pre-seed round.
  • Streamflow raised $1.9 million.
  • Cap Labs raised $1.9 million in a pre-seed round.
  • KRNL Labs raised $1.7 million in a pre-seed round.

Have a peek at last week’s column here.





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Bitcoin Core

Does Jack Dorsey Influence Bitcoin?

Published

4 weeks ago

on

October 25, 2024

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Follow Vivek on X.

I recently stumbled upon a fantastic report from 1A1z on “Funding Bitcoin.” I was surprised to learn that Jack Dorsey funds over 60% of Bitcoin Core’s development via different organizations: over $5 million annually, out of a total of only $8.4 million in funding. Wild, right? For a $1.2 trillion asset, I expected way more diverse support.

Now, you might be worried that that concentration risks him having too much sway. If he turned against Core’s principles, his funding leverage could be a real concern.

But does Dorsey’s power really extend to controlling Bitcoin itself? Nope, no way. Bitcoin’s decentralisation means no single entity can dictate terms, not even the chief donor of the main Bitcoin implementation.

Here’s the key difference: Bitcoin Core versus the Bitcoin network. Core adds useful features, but people choose what nodes to run. If Core went rogue, people would just reject its changes or use different software.

So Dorsey can’t force changes to Bitcoin. His influence has hard limits, even if he decides to dictate to developers what to work on or what to push. Nodes hold the real power over Bitcoin’s evolution. (You can read more about Bitcoin Core’s governance here: Who Controls Bitcoin Core? by Jameson Lopp.)

Still, I think there should be more donors and organisations funding Bitcoin Core or other implementations. Many crypto companies benefit and earn millions in monthly profits, depending on Bitcoin’s success, but surprisingly, they don’t contribute anything. Ideally, people should also fund different implementations of Bitcoin in addition to Bitcoin Core.

Bitcoin will only thrive through decentralization. We’ve got to apply that ethos to funding Core, too. Dorsey’s funding concentration challenges it, while spreading the donor base protects Bitcoin’s antifragility.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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