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The Open Network raises $30M, Drift Protocol brings in $25M

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The Open Network and Drift Protocol emerged as the top two firms with the highest funds raised in the last seven days.

Per a report by Galaxy, 2024 has been a good year for the fundraising industry, as there has been a steady uptick in the funds raised. As of July 1, founders are reporting an active fundraising environment.

Even though there was a drop in deal count from 603 in the first quarter to 577 in the second, capital invested paints a different picture with a rise to $3.2 billion in Q2 from Q1’s $2.5 billion.

Data shows a 28% increase in capital invested quarter over quarter. When it comes to geographical location, United States-headquartered companies accounted for more than 40% of all deals in Q2.

The United Kingdom followed suit with 10%, and Singapore enjoyed 8.7% of all deals.

As for the most recent crypto VC funding rounds, crypto.news compiled the latest announcements from Sept. 15 to Sept. 21 using data obtained from Crypto Fundraising. Let’s look at the companies that grabbed headlines with million dollar-plus rounds.

The Open Network, $30 million

  • TON is a layer-1 blockchain that was originally developed as the Telegram Open Network.
  • Now known as The Open Network (TON), it raised $30 million this week and over $54 million since its inception in 2018.
  • Bitget and Foresight Ventures contributed to the latest fundraising effort.

Drift Protocol, $25 million

  • Drift Protocol is a Solana-based DEX that offers spot trading, swaps and perpetual futures.
  • It closed a $25-million Series B funding round led by Multicoin Capital.
  • The firm has raised over $52.3 million so far.

Helius, $21.75 million

  • Helius is a provider of RPC Nodes, APIs, webhooks and developer tooling.
  • Lead investors of the $21.75 million include HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One and Spearhead.
  • Helius has raised a total of $34.35 million so far.

Hemi Labs, $15 million

  • Hemi Labs is a layer 2 protocol focusing on security and interoperability across Bitcoin (BTC) and Ethereum (ETH).
  • The firm raised $15 million from investors including Binance Labs, Breyer Capital, Big Brain Holdings, Crypto.com, etc.

Pipe Network, $10 million

  • Pipe Network, is an incentivized internet infrastructure, clinched $10 million from Multicoin Capital.

Yellow Network, $10 million

  • Yellow is a blockchain product and infrastructure company.
  • Investors like Consensys, GSR, Global, Gate.io Labs, ZBS Capital and others contributed toward the startup’s $10 million fundraising round.

Additional funding rounds under $10 million

  • TrueX: The non-custodial, stablecoin-native exchange officially launched with $9 million in funds courtesy of RRE Ventures, Paxosm Accomplice, Hack VC, Solana Foundation and Aptos.
  • Fermah: CSX, Lemniscap, Bankless Ventures and LONGHASH Ventures are among the backers of a $5.2-million round
  • Vana: Coinbase Ventures, Manifold, GSR, DeFiance Capital and Auros participated in a $5-million fundraising effort.
  • Cudis: The startup collected $5 million from Draper Associates, Anthony Scaramucci’s SkyBridge Capital, Penrose, Block Patch, Trinito and other investors.

For last week’s column, click here.





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MANTRA partners with Libre Capital to facilitate tokenized money market funds

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Layer-1 blockchain MANTRA and United Arab Emirates-based tokenization platform Libre Capital aim to drive further adoption of tokenized real-world assets

On Nov. 4, MANTRA (OM) and Libre Capital announced a partnership leveraging their combined strengths to offer on-chain funds to MANTRA’s institutional or accredited users.

MANTRA stated that the collaboration would use its purpose-built RWA blockchain along with Libre’s tokenization and issuance capabilities. Together, they aim to provide on-chain access to investment opportunities in hedge funds, money market funds, and private credit funds.

According to details in the announcement, a new integration is what will help eligible institutional investors access the on-chain funds on MANTRA. This will be via Libre’s decentralized applications deployment dubbed “Libre Gateway DeFi dApps”.

Libre deploys this feature on integrated chains, allowing access to top-tier tokenized money market funds and others in a compliant way.

John Patrick Mullin, co-founder and chief executive officer of MANTRA said:

“With the addition of protocols like the Libre Gateway, MANTRA can better equip users with a best-in-class collection of tools to continue to grow the real-world asset economy.”

MANTRA Chain’s integration of Libre Gateway allows various benefits for the L1 platform’s users, including access to treasury management tools. Libre on the other hand will explore the RWA-specific infrastructure that the layer-1 blockchain network offers, Dr. Avtar Sehra, founder and chief executive officer of Libre, noted.

MANTRA Chain launched its mainnet in October and recently partnered with Google Cloud, which is a validator and infrastructure provider. One of the goals of the partnership is to bolster MANTRA’s real-world assets market via an accelerator program.

The RWA accelerator program will go live in the first quarter of next year.



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Tether CEO denies rumors of Tether building a blockchain

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Paolo Ardoino, the chief executive officer of Tether, said Tether has no plans of building a an official blockchain ‘at this time’ after hearing rumors of Tether Chain.

In an X post on Nov. 4, Tether’s CEO, Paolo Ardoino, denied any rumors that stated Tether (USDT) had an official blockchain in the works. He explained that Tether is currently more focused on partnering with other companies and communities instead of “trying to centralize everything.”

“I hear again few rumors about a Tether Chain. Tether is not planning to build an official blockchain at this time,” said Ardoino.

He went on to state that Tether has backed the integration of various independent layer 2 networks in order to support the gas fees needed for USDT.

Ardoino also hints at a new product launch that was supposed to be scheduled around the U.S Election day, but Tether decided to push it back seven days so that the news would not be drowned out by the “election noise.”

https://twitter.com/paoloardoino/status/1853157037854646643

In a separate post, Ardoino cited the reason for Tether’s reluctance to jump into the blockchain pool. He believes establishing a Tether blockchain would enforce centralization, stating that “neutrality is very important.”

“Unstoppable TogETHER, our motto, underlines our interest to partner up with other companies and communities rather than trying to centralize everything,” added Ardoino.

In a past interview with Bloomberg in August 2024, Ardoino said that the blockchain marketplace was already very saturated. He also predicted blockchains will become more of a “commodity” in the future.

“Launching a blockchain ourselves might be not the right move. There are very good blockchains,” said Ardoino.

At the time of writing, Ethereum, TRON and Solana are the three leading blockchains based on total value locked, according to data from DeFi Llama. Ethereum is in first place with a $47.55 billion TVL and 381,444 active addresses. Meanwhile, TRON is in second place with $6.81 billion TVL and 1.71 million active addresses. In third place is Solana with $5.92 billion TVL and 4.28 million active addresses.

On Nov. 1, Tether reported its Q3 2024 earnings which consisted of many record breaking highs, including equity of $14.2 billion and total assets on a consolidated basis of $134.4 billion. Tether’s Q3 report also showed an increasing demand for USDT stablecoins, as circulation grew to nearly 30% in 2024. Tether also issued an additional $27.8 billion worth of tokens this year.





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BlockJoy Introduces ‘BlockVisor 2.0,’ a Bespoke Solution for Blockchain Node Operators

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In today’s issue: Privado ID, BlockJoy, Superstate, Phylax Systems, Mawari Network, Coinbase, Base, Soulbound, Termina, Nitro Labs, Deep Blue, Arbitrum, Ika, Sui, OKX Ventures, TOP, Folius Ventures, TON, Telegram, Nebra, Truflation, ALEX, XLink, NEAR, EtherMail, Unstoppable Domains.



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