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Wednesday, February 8, 2023

‘Web5,’ Metaverse sports and Bitcoin monetization startups generate buzz

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Loads has occurred within the Bitcoin (BTC) and cryptocurrency markets since our final version of VC Roundup. The monumental collapse of the Terra ecosystem spilled over into different segments of the digital asset market, exposing over-leveraged merchants, lending platforms and enterprise capital funds. Within the course of, Bitcoin’s worth plumbed new lows, falling under the earlier cycle’s peak for the primary time in its historical past. 

Regardless of macro headwinds inflicting ache on the crypto markets, enterprise capital companies are nonetheless investing within the trade’s most promising startups. The most recent version of VC Roundup highlights funding offers for digital asset infrastructure suppliers, non-custodial crypto protocols, fee options and decentralized id administration corporations.

Digital asset infrastructure supplier closes $53M spherical

PolySign’s quest to convey institutional-level crypto custody options to buyers has acquired backing from a number of enterprise capital companies. The agency just lately raised $53 million in Sequence C financing backed by Cowen Digital, Brevan Howard, GSR and extra. As well as, the corporate secured a $25 million credit score facility from enterprise agency Boathouse Capital. Though PolySign didn’t specify how the funding can be allotted, the Sequence C was closed across the identical time that the agency acquired digital asset fund administrator MG Stover.

Associated: Goldman Sachs downgrades Coinbase inventory to ‘promote’

Bitcoin startup raises funds to monetize creator economic system

Bitcoin and Lightning Community funds platform Mash raised $6 million in seed funding in June as a part of its ongoing efforts to remonetize the web for builders and content material creators. The funding spherical was co-led by Nic Carter’s Citadel Island Ventures and Whitecap Enterprise Companions, with extra participation from Maple VC, Strategic Cyber Ventures, Aquanow and Spacecadet Ventures. The Mash platform permits builders and content material creators to supply clients so-called “pay-as-you-enjoy” pricing choices facilitated by BTC and Lightning Community.

NFT app Ground raises $8M

Nonfungible token utility Ground has closed a Sequence A funding spherical valued at $8 million to advance its mission of constructing NFTs extra accessible to mainstream customers. The funding spherical was led by 6thMan Ventures, with extra participation from B Capital, Worklife Ventures, Collab+Forex, Crypto.com and others. Ground mentioned it would use the funding to speed up growth and produce extra utility to NFTs.

Euler receives main backing

Non-custodial crypto protocol Euler has closed a $32 million funding spherical that was led by Haun Ventures and included participation from FTX Ventures, Coinbase Ventures, Bounce Crypto, Jane Road, Uniswap Labs and others. The funding can be injected into the treasury of Euler’s decentralized autonomous group, or DAO, which is being rolled out in three phases. Euler is a decentralized finance protocol constructed on Ethereum that permits customers to lend and borrow crypto belongings.

“Web5” and decentralized id entice VC curiosity

Decentralized id protocol Trinsic just lately closed an $8.5 million seed spherical to proceed constructing its so-called user-controlled id merchandise. A spokesperson for the corporate mentioned Trinsic’s merchandise give real-world utility to Jack Dorsey’s “Web5” ambitions. A vocal critic of Web3, the previous Twitter CEO introduced in June that he’s bypassing the third iteration of the web in favor of “Web5”, a brand new Bitcoin-centric mannequin for id administration.

Associated: VC Roundup: The rise of blockchain gaming, DAO administration and asset tokenization

KYVE closes $9M elevate forward of mainnet launch

Web3 archiving protocol KYVE has raised $9 million in funding forward of a deliberate mainnet launch slated for the fourth quarter of 2022. The funding spherical, which had participation from Distributed International, Wicklow Capital, IOSG Ventures, Blockchain Coinvestors, Huobi Incurabor and others, can be used to combine extra ecosystems into KYVE’s so-called decentralized information lake. A number of blockchains presently use KYVE, together with Avalanche, Zilliqa, Cosmos and Polkadot.

Atmos Labs targets Metaverse sports activities with seed elevate

Play-to-earn developer Atmos Labs has closed an $11 million seed spherical to proceed constructing Metaverse-focused sports activities video games. The funding spherical was led by NFT-focused enterprise agency Sfermion, with extra participation from Animoca Manufacturers, Collab+Forex, FBG Capital, CoinGecko Ventures and several other others. Atmos Labs is trying to convey e-sports to a world viewers by creating immersive gameplay within the Metaverse.


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