en
Back to the list

Funding is literally pouring into crypto projects


cryptodaily.co.uk 28 July 2021 19:34, UTC
Reading time: ~2 m

On Twitter, Frank Chaparro, the director of news at The Block, posted a series of tweet highlighting the fund raising for nine crypto projects, just in the 24 hours of yesterday. 

“Absolutely wild amounts of capital pouring into the private market for crypto.”

 

First project mentioned was Saber, based on the super-fast Solana blockchain. It enables users to swap stable coins for wrapped tokens, much like can be done on the Curve exchange. The seed funding round raised $7.7 million from the likes of Chamath Palihapitiya's Social Capital, Jump Capital, and others.

 

Next it was Splinterlands, raising $3.6 million in a private sale. With the huge upsurge of interest in blockchain games, especially after the success of the likes of Axie Infinity and The Sandbox, games that can engender a similar amount of popularity could do very well as this sector grows.

 

Some truly big money ($20 million) went into Valora, a digital wallet based on Celo. Andreessen Horowitz (a16z) was the truly big venture capital fund, with others, that made the backing. A16z also helped to fundraise Celo to the tune of $20 million earlier this year.

 

Talking of big money, Fireblocks, the institutional custody and crypto-related services company, raised $310 million in a series D funding round yesterday. This funding now elevates Fireblocks to crypto unicorn status, with a valuation now of $2 billion.

 

Eco, the all-in-one digital wallet, has a waiting list of more than 180,000 people waiting to join up and take advantage of rates between 2.5 to 5% APY. In addition, the wallet will offer 5% cash back with no fees. After an investment round of $26 million led by a16z, the latest $60 million funding round led by Activant Capital and L Catterton should certainly aid the launch.

 

StormX, another crypto-back cash app, has raised $9 million led by Optimista Capital. The funding is to be used to build out a new debit card, and to expand across the US later this year.

The other three crypto projects that achieved funding yesterday were Hedgehog Markets, with $3.5 million, EthSign, with $650,000, and crypto exchange Lemon Cash, which raised $16 million.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


   Source
Back to the list