Crypto VC funding has been on the rise recently, with Praxis and Blockstream leading the pack with significant fundraising rounds. Praxis, a network state focused on building an online community of like-minded individuals, secured an impressive $525 million in funding. The primary investors in this round include Gem Digital, Arch, and Manifold.
On the other hand, Blockstream, a company dedicated to building a crypto-financial infrastructure based on Bitcoin, raised $210 million, bringing their total crypto VC funding to $621 million. The funding round was led by Fulgur Ventures.
In addition to Praxis and Blockstream, several other firms also secured notable funding rounds. Azra Games, a gaming studio specializing in immersive role-playing games, raised $42.7 million in a Series A led by Pantera. Yellow Card Financial, a pan-African crypto exchange, raised $33 million in a Series C funding round led by Blockchain Capital, bringing their total equity to $85 million.
Towns, a web3 group chat protocol enabling communities to build blockchain-based gatherings, raised $25.5 million in a Series A round by a16z Crypto, Benchmark, and Framework. Bitnomial, a U.S.-based crypto exchange offering futures and options trading for cryptocurrencies, raised $25 million from Ripple in a Series C funding round, totaling $36.6 million raised so far.
ZkPass, an identity verification solution, secured $12.5 million in a Series A round with a valuation of $100 million. Opacity Network, a zero-knowledge proof protocol, raised $12 million in a seed funding round. Solv Protocol, which provides investors access to crypto investments through a trustless fund infrastructure, raised $11 million in a strategic round with a valuation of $200 million. Mento Labs, a platform creating and operating multi-currency stable assets, raised $10 million.
Furthermore, several firms raised less than $10 million in funding, including Predicate, ZeroBase, Drop Protocol, Plasma, Pell Network, Blockcast, The Arena, Hyve DA, Surge, Hermetica, and Lombard. Additionally, World of Dypians, CCData, Bracket Labs, and Marketnode raised undisclosed amounts this week.
Overall, the crypto VC funding landscape has been active, with various firms securing significant investments to fuel their growth and development in the crypto space. This trend highlights the increasing interest and confidence in the potential of blockchain technology and cryptocurrencies among investors.
