Last week, there were a total of 39 public financing events in the cryptocurrency market, with 7 related to Web3 concept projects | Investment and Financing Weekly Report

Organizer: Hu Tao

According to incomplete statistics from Chain Catcher, from December 6 to December 12, there were a total of 39 public financing events in the blockchain and cryptocurrency industry, among which there were 11 financing events in the blockchain gaming/metaverse sector, a significant drop compared to previous weeks, while the DeFi sector maintained an upward trend with 10 financing events. At the same time, the number of financing events for Web 3.0 concept projects reached 7, including 3 related to digital identity.

This week, the $100 million financing of the Web3 work platform Braintrust was the largest financing of the week, with investment institutions such as Alameda Research, Jump Capital, and HashKey participating more than 5 times.

1. Blockchain Gaming/Metaverse
1. Blockchain gaming community ParagonsDAO completes $25 million financing, with Paradigm and Framework participating
On December 6, the blockchain gaming community ParagonsDAO announced the completion of $25 million in financing, with participation from over 90 funds, DAOs, and angel investors, including venture capital firms such as Paradigm, Framework Ventures, Folius Ventures, CMS Holding, and angel investors like Defi Dad, Santiago R Santos (Synthetix advisor), Jordan Momtazi, and Eden Au (The Block). The new funds will be used to support ecological development.
It is reported that the project is a community composed of investors, gamers, and collectors, initially focusing on supporting the creation and flourishing of the ecosystem, encouraging growth (such as hosting events, sponsoring players, and collaborating with industry associations), innovating games supported by DEFI tools and their participants, and any other matters decided by the decentralized autonomous organization (DAO).
2. Metaverse game project Karastar announces millions in strategic investment from KuCoin
On December 7, the metaverse game project Karastar announced it had received millions in strategic investment from KuCoin, having previously secured $10 million in Series A financing from IDG Capital. It is reported that Karastar launched its namesake metaverse game on BSC on November 5, attracting approximately 300,000 monthly active users.
3. Solana-based NFT platform Holaplex completes $6 million seed round financing, led by CoinFund
On December 7, the one-stop NFT platform Holaplex based on Solana announced the completion of $6 million in seed round financing, led by CoinFund, with participation from Social Capital, Valor, Collab+Currency, Blockchain Coinvestors, and Solana Capital.
In addition to open-source contributions and customer support services for the Metaplex community initiative, the new financing will continue to support the growth and development of the Holaplex technical team. Following this, Holaplex plans to release a series of products, including new templates for storefronts, a no-code tool for generating drops, and decentralized discovery tools for promoting and discovering creators and their auctions on Solana.
4. GameFi infrastructure and trading platform L2Y.com completes $3.7 million seed round financing, with Distributed Capital and HashKey participating
On December 7, GameFi infrastructure and trading platform L2Y.com announced it had secured $3.7 million in seed round financing, led by Hack VC, A&T Capital, Kenetic Capital, and Protocol Labs, with participation from Distributed Capital, NGC Ventures, HashKey Capital, Collinstar Capital, FBG Capital, Foresight Ventures, DoraHacks, and Starboard.
It is reported that L2Y.com officially launched today, integrating various Web 3.0 and Metaverse datasets into one platform, allowing users to understand everything they need to know about GameFi. Through this platform, it can establish relationships with guilds, game developers, players, token holders, and traders all in one place. All users can effectively filter out high-quality projects and GameFi opportunities with the best return on investment.
5. Vietnamese blockchain gaming application platform Whydah secures $25 million financing, with Hashkey participating
On December 9, the Vietnamese blockchain gaming application platform Whydah announced it had secured $25 million in financing, with investment institutions including Hashkey, Eternity Ventures, Bitscale, Youbi, Morningstar Ventures, Kardia Ventures, Formless Capital, Axia 8 Ventures, Polkastarter, Good Guild Game, and Mask Network.
It is reported that Whydah aims to become a leading GameFi platform globally in the future and has already partnered with seven major game studios in Vietnam, planning to establish a game application center for Vietnamese game developers to bring their best ideas to the blockchain platform, promoting the development of the blockchain industry in Vietnam and Southeast Asia.
6. Multi-chain NFT game PlatoFarm completes $1.8 million financing, with Block Venture participating
On December 9, multi-chain NFT game PlatoFarm announced it had completed $1.8 million in seed round financing, with participation from Block Venture, Chronos, Cipholioop, Web4 Venture, OP Crypto, Formless, K&R Limited, and ZBS Capital.
PlatoFarm is a multi-chain NFT game where players can plant crops and raise livestock in their in-game farms, earning MARK and PLATO Tokens, which can be used with various NFT items. Players can also establish their own guilds and start earning money by playing the game, turning their land into thriving cities.
7. ATTA announces completion of $2 million angel round financing, officially launching DreamMaker Metaverse
On December 10, the metaverse project ATTA announced it had completed $2 million in angel round financing, officially launching the ATTA DreamMaker Metaverse process. Numerous well-known institutions and individuals participated in this round of financing, including Zonff Partners, SHIMA Capital, Hash Global, Altonomy Ventures, Winkrypto, Youbi Capital, LD Capital, Oasis Capital, and Weblock, with outstanding individual investors from the management teams of star projects such as MASK and HECO, as well as Eric Zhang, CEO of Yao Wei Capital.
It is reported that ATTA DreamMaker aims to create an open, participatory film and entertainment creation metaverse, centered around a Game+Social ecosystem for players and creators.
8. P2E platform Rainmaker Games completes $6.5 million seed round financing
On December 10, the P2E platform Rainmaker Games raised $6.5 million in seed round financing, with investors including Animoca Brands and Alameda Research. This startup is building a platform to connect the emerging "play-to-earn" (P2E) gaming industry.
Rainmaker aims to connect experienced game-earning players (backed by historical on-chain data supporting their skills) with guilds while providing training for newcomers wanting to enter the crypto gaming space. Once players accumulate enough experience through the training center, they can directly interact with guilds and try to pursue a career in earning money through gaming.
Rainmaker plans to launch its RAIN token later this month and aims to release its beta platform and create a content production studio in the first quarter of 2022.
9. Metaverse project Digital Village completes $2 million seed round financing, with Venture Reality Fund participating
On December 10, the metaverse project Digital Village announced it had completed $2 million in seed round financing, with participation from Venrex, Venture Reality Fund, M6, and NOIA Capital.
It is reported that Digital Village is expected to launch in the second quarter of 2022, integrating gaming, social media, and e-commerce, allowing individuals' virtual avatars to move and socialize in virtual spaces and share experiences and assets on digital platforms.
10. Brazilian blockchain gaming guild BAYZ completes $4 million financing, led by Yield Guild Games
On December 10, Brazilian blockchain gaming guild BAYZ announced it had completed $4 million in financing, led by Yield Guild Games, with participation from BITKRAFT, Delphi Digital, Valor Capital, Ascensive Assets, Fabric Ventures, Arca Funds, and Parafi Capital.
Angel investors include The Sandbox co-founder Sebastien Borget and Axie Infinity co-founder Jeff Zirlin. The funds from this round of financing will be used to collaborate with leading blockchain game developers, develop its content and creator network, and recruit top talent to solidify BAYZ's position as a leading guild in the NFT gaming industry.
11. YGG's YGG SEA raises $15 million to promote P2E gaming adoption in Southeast Asia
On December 12, Yield Guild Games (YGG), a blockchain gaming startup in the Philippines, announced that its sub-DAO organization Yield Guild Games Southeast Asia (YGG SEA) had raised $15 million through two rounds of financing in November, led by Crypto.com Capital, Animoca Brands, MindWorks Ventures, Poloniex, Jump Capital, and Sembrani Kiqani under BRI Ventures, with Bukalapak and United Overseas Bank Venture Management participating.
YGG stated that sub-DAOs like YGG SEA will be at the core of YGG's global expansion strategy due to their local knowledge and networks. YGG SEA will initially focus on Indonesia, Vietnam, Singapore, and Thailand, then expand throughout Southeast Asia. Meanwhile, the new financing will help the company provide targeted products to the gaming community in the region. The guild will also support Play-to-Earn games developed locally in each country and acquire gaming assets to build a player base. (Source link)
2. NFT
1. Solana-based one-stop NFT platform Holaplex completes $6 million seed round financing, led by CoinFund
On December 7, the one-stop NFT platform Holaplex based on Solana announced the completion of $6 million in seed round financing, led by CoinFund, with participation from Social Capital, Valor, Collab+Currency, Blockchain Coinvestors, and Solana Capital.
In addition to open-source contributions and customer support services for the Metaplex community initiative, the new financing will continue to support the growth and development of the Holaplex technical team. Following this, Holaplex plans to release a series of products, including new templates for storefronts, a no-code tool for generating drops, and decentralized discovery tools for promoting and discovering creators and their auctions on Solana.
2. NFT marketplace Starly.io completes over $6 million financing, led by Spartan Group
On December 8, NFT marketplace Starly.io announced it had completed $6.125 million in pre-ID0 round financing, led by Spartan Group, with participation from Dapper Labs, Animoca Brands, LD Capital, Axia8, Double Peak, Youbi Capital, KuCoin Labs, Shima.capital, SkyVision Capital, and notable angel investors including Marat Kichikov.
It is reported that Starly.io aims to enable everyone to easily use tools to turn their content into profitable NFTs. The team will continuously develop the STARLY Token to make it the core of the Starly.io ecosystem, benefiting creators, collectors, and token holders.
3. NFT infrastructure startup Mnemonic secures $4 million seed round financing
On December 8, NFT infrastructure startup Mnemonic secured $4 million in financing, led by Kenetic, with Monochrome Capital participating.
It is reported that Mnemonic aims to build a data layer for NFTs, making it easier for third-party companies to navigate and track the NFT market and build their applications using its API.
4. NFT studio Palm completes $27 million financing, led by Microsoft's M12
On December 10, NFT studio Palm completed $27 million in financing, led by Microsoft's M12, with participation from Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, The LAO, and Warner Brothers. The new financing will primarily be used to expand the company's operational scale and hire a large number of new employees.
It is reported that Palm will collaborate with various companies and brands, using Ethereum technology on the backend to help them create NFT projects. This is the type of blockchain service that Microsoft and its M12 venture fund see potential in at the enterprise level. Currently, Palm has already collaborated with some big names, including the "Space Jam 2" NFT series and an NFT project in collaboration with comic company DC during the DC Fandome 2021 event.
5. NFT trading platform Artemis completes $2 million private placement financing, led by Alameda Research and Animoca Brands
On December 10, the decentralized mobile NFT social and trading platform Artemis based on Solana announced it had completed $2 million in private placement financing, led by Alameda Research, Animoca Brands, Blue Pool Capital, Mirana Ventures, and Moonvault Partners.
It is reported that Artemis is reshaping the way we interact with NFTs by building a mobile-centric decentralized social NFT platform. This will be a mobile-focused experience with its own in-app social community, allowing users to discuss, share, and showcase their NFTs with friends and creators anytime, anywhere.
3. DeFi
1. Liquid staking solution Meta Pool based on Near ecosystem completes seed round financing, with Dragonfly Capital participating
On December 7, the liquid staking solution Meta Pool based on the Near ecosystem completed seed round financing in November, with participation from Dragonfly Capital, A&T Capital, Move Capital, Blockwall, D1 Ventures, and SkyVision Capital.
It is reported that Meta Pool is the first liquid staking solution developed by token holders on the NEAR protocol, aiming to become a key infrastructure component in the DeFi ecosystem on NEAR.
2. Metaverse asset liquidity platform Hillstone completes millions in financing, led by Hillstone Partners
On December 7, the decentralized asset liquidity platform Hillstone Finance in the metaverse completed millions in financing, led by Hillstone's parent company Hillstone Partners, with participation from Matcha, Red Chain Capital, K11 Labs, and others. This round of financing will be used for the development of Hillstone V2 venture capital version and V3 metaverse version.
Hillstone is an asset liquidity platform built on smart contracts, providing staking, lending, and trading services for various financial products or physical assets, aiming to become a decentralized financial service provider in the metaverse. Its parent company, Hillstone Partners, is a well-established fund management company in South Korea, involved in mergers and acquisitions of Korean star companies such as KTB Investment Securities, Willbes, and Auction, with a merger scale exceeding 3.5 trillion Korean won, holding significant influence and resources in South Korea.
3. Solana derivatives protocol Zeta announces $8.5 million financing, led by Jump Capital
On December 8, Solana derivatives protocol Zeta announced it had secured $8.5 million in financing, led by Jump Capital, with participation from Race Capital, Electric Capital, DACM, Airtree Ventures, Amber Group, Wintermute, Sino Global Capital, Genesis Block Ventures, QCP Capital, Alameda Research, and Solana Capital.
It is reported that Zeta is one of the winners of the Solana hackathon, aiming to bring CeFi derivatives trading capabilities into DeFi to unleash the power of derivatives trading on DEX, and will soon launch on the mainnet.
4. DeFi lending platform JellyFi completes $4.4 million seed round financing, led by Lemniscap
On December 8, DeFi lending platform JellyFi completed $4.4 million in seed round financing, led by Lemniscap, with participation from ParaFi Capital, Tioga Capital, White Star Capital, DeFiance Capital, True Ventures, Divergence Ventures, AngelDAO, Digital Currency Group, Genesis Trading, and several angel investors.
It is understood that JellyFi is a credit market engaged in under-collateralized crypto loans, matching borrowers and lenders based on the most competitive rates discovered by the market.
5. Crypto index project Index Cooperative completes $2.25 million financing, with Sequoia Capital India participating
On December 8, crypto index project Index Cooperative announced it had completed $2.25 million in financing, with participation from Sequoia Capital India, Blockchain Ventures, and White Star Capital. With this, Index Cooperative's total financing has reached $10 million.
It is reported that the crypto index provided by Index Cooperative includes a basket of cryptocurrencies, including Bitcoin, Ethereum, and other tokens, with the components of the index determined by DAO members voting using INDEX tokens.
6. Non-custodial automated market maker Voltz announces $6 million seed round financing, led by Framework Ventures
On December 9, non-custodial automated market maker Voltz announced it had completed $6 million in seed round financing, led by Framework Ventures, with participation from Fabric Ventures, Coinbase Ventures, Amber Group, Wintermute, Robot Ventures, Mgnr, Entrepreneur First, Backed, NEMO, Stani from Aave, Kain from Synthetix, David and Ryan from Bankless, Julian Koh from Ribbon, and Alan Howard Family Office.
It is reported that Voltz is a non-custodial automated market maker for interest rate swaps (IRS). The protocol uses a centralized liquidity virtual AMM (vAMM) for price discovery, managed by a margin engine for the underlying assets. This means that counterparties can create and trade fixed and variable rates with a mechanism that has 3,000 times the capital efficiency of alternative interest rate swap models.
7. DeFi yield platform Hawksight completes $4.2 million financing, led by Solana Ventures and Terraform Labs
On December 9, DeFi yield platform Hawksight announced it had completed $4.2 million in financing, led by Solana Ventures and Terraform Labs, with participation from SOLBigBrain, Bybit Official, Gate, NGC Ventures, SolarEcoFund, Oneblock Capital, and PetRock Capital. This financing will be dedicated to achieving the democratization of DeFi.
Hawksight is a one-click automated investment and yield liquidity pool platform built on the Solana and Terra networks, expected to conduct its IDO in February 2022.
8. Uniswap V3 liquidity mining protocol izumi completes $3.5 million Series A financing, with Mirana Ventures participating
On December 9, the innovative protocol izumi, which provides programmable liquidity mining on Uniswap V3, completed $3.5 million in Series A financing, bringing its total financing to $5.6 million. Series A investors include Mirana Ventures, IOSG, Cadenza, Fenbushi Capital, EVG, Hashkey, GSR, CyberX, Bixin, WOO Network, Dorahacks, Gate Labs, MEXC, and individual investors from Nansen, Perp, Chainlink, and Babel.
It is understood that Izumi Finance v3 NFT Mining provides a liquidity mining (LM) protocol with Uniswap v3 NFTs, allowing users to stake Uniswap V3 LP tokens for additional rewards.
9. Crypto derivatives platform Paradigm completes $35 million financing, led by Jump Capital and Alameda Research
On December 9, crypto derivatives platform Paradigm completed $35 million in financing at a valuation of $400 million, led by Jump Capital and Alameda Research, with participation from over twenty institutions including GSR Markets, Genesis Trading, and QCP Capital.
It is reported that Paradigm was launched in 2019, providing a platform for traders and market makers to execute large options and futures trades across a wide range of venues. Paradigm's CEO Anand Gomes stated that the company has a monthly trading volume of $10 billion, capturing 30% of the crypto options market.
10. DeFi trading platform Slingshot completes $15 million Series A financing, led by Ribbit
On December 10, DeFi trading platform Slingshot completed $15 million in Series A financing, led by Ribbit. Investors also include K5 Global, Shrug Capital, The Chainsmokers, Jason Derulo, Guillaume Pousaz, and Austin Rie. Additionally, Slingshot had previously raised $3.1 million in seed round financing in October 2020, bringing its total financing to $18.1 million.
It is reported that Slingshot allows users to trade directly through their wallets while aggregating liquidity across a range of decentralized exchanges, hoping to become a DeFi trading platform that attracts traders and newcomers with its consumer-facing brand and products, backed by its DEX aggregation API and innovative on-chain protocols.
4. Web 3.0
1. Decentralized social network BBS Network secures $1.5 million seed round financing from Binance Labs
On December 6, decentralized social network BBS Network secured $1.5 million in seed round financing from Binance Labs, focusing on building and launching new features such as native applications, search engines, and cross-BBS identity verification.
It is reported that the Bulletin Board System (BBS) Network is a "SocialFi" platform and decentralized social network where creators, curators, and stakeholders earn native token rewards for projects in an automated and transparent manner. Every post on the BBS network is condensed into an NFT that can be sold and traded. Additionally, the platform allows for auctions to be created transparently on the space occupied by posts.
2. Web3 work platform Braintrust raises $100 million through token sale, led by Coatue
On December 9, Web3 work platform Braintrust announced it raised $100 million in a private token sale, led by Coatue, with participation from Tiger Global, True Ventures, Blockchain Ventures, and HashKey.
It is reported that Braintrust was launched in June 2020, aiming to connect companies with technical workers in the Web3 space. The company claims to have over 700,000 community members, with total service volume growing by 2,250% over the past 18 months to reach $28.2 million.
3. Web3.0 infrastructure developer Forward Protocol completes $1.2 million seed round and private placement financing, with Polygon participating
Chain Catcher reports that Web3.0 infrastructure developer Forward Protocol has completed $1.2 million in seed round and private placement financing, with participation from Bitcoin.com, CVVC, AU21, X21, GDA Capital, MEXC, Stakez Capital, and Polygon.
It is reported that Forward Protocol aims to build a Web 3.0 toolkit for value-driven economies, becoming the "WordPress" for Web 3.0 applications and digital assets.
4. Digital identity verification company Passbase secures $10 million Series A financing, led by Costanoa Ventures
On December 9, digital identity startup Passbase completed $10 million in Series A financing, led by Costanoa Ventures, with participation from Lakestar, Eniac Ventures, Cowboy Ventures, and Seedcamp.
Passbase provides SDKs for remote identity verification, helping developers create verification processes and backend compliance to meet regulatory requirements such as AML (anti-money laundering), KYC (know your customer), and age restrictions. The company was founded in 2018 and raised $3.5 million in seed round financing in 2019. It is claimed that Passbase currently has 180 product customers, with revenue growing eightfold last year.
5. Multi-chain identity wallet Safle completes $4 million financing, led by MapleBlock and GSR
On December 9, blockchain wallet and infrastructure platform Safle completed $4 million in token private placement financing, led by MapleBlock, GSR, and Ghaf Capital Partners, with participation from AU21 Capital, Momentum6, NFT Tech, New Tribe Capital, and angel investors Ravindra Kumar (founder and CEO of Frontier Wallet), Sasha Antropov (co-founder of Purefi), Alex Man (partner at Jun Capital), Mike Miglio (founder of Bridge Mutual), and Ritesh Malik (founder of Innov8).
It is reported that Safle creates a set of tools for developers and retail end-users, providing private, non-custodial open governance protocols to manage their self-sovereign identity wallets, as well as a complete suite of web services needed to run and manage connections to fully synchronized blockchain nodes.
6. Data identity bridge startup Burrata raises $7.75 million in seed round financing
On December 10, data identity bridge startup Burrata raised $7.75 million in seed round financing. Investors include Stripe, Variant, IDEO Co-Lab, Slow, Baller, and Stratos, as well as some crypto investors and anonymous investors.
It is understood that Burrata aims to achieve KYC in any application by issuing "digital identity tokens" connected to user wallets in Web3, eliminating the need to re-verify or fork user identity data.
7. Crypto infrastructure company Mysten Labs secures $36 million in financing, led by a16z
On December 7, crypto infrastructure startup Mysten Labs announced it had secured $36 million in financing, led by a16z. This funding will help the project build infrastructure technology to provide services to other crypto and blockchain-based companies. Currently, the project is collaborating with the Celo public chain, which is also backed by a16z, to develop a global payment platform.
It is reported that Mysten Labs was founded by four former engineers from Facebook's Novi wallet, including Evan Cheng, who previously served as the R&D director of Novi's financial products division. Mysten's collaboration model includes working with existing networks to integrate Mysten technology and open protocols based on components designed by Mysten.
5. Others
1. Crypto education platform Earnity completes $15 million Series A financing, with NGC participating
On December 6, crypto education platform Earnity completed $15 million in Series A financing, led by BitNile, with participation from Thorney and NGC Ventures. At the same time, Earnity and BitNile have agreed to establish a joint venture to develop and jointly promote a portfolio of NFT and other DeFi products and protocols.
It is reported that Earnity aims to popularize the widest range of cryptocurrency assets to global customers through a secure, educational, and community-oriented platform. By doing so, Earnity will provide users with the ability to earn, learn, collect, and gift various tokens and portfolios.
2. Crypto passive investment tool Stacked completes $35 million Series A financing, led by Alameda Research and Mirana Ventures
On December 6, Stacked announced it had completed $35 million in Series A financing, led by Alameda Research, Bybit, and Mirana Ventures, partners of BitDAO, with participation from Fidelity International Strategic Ventures, DRW Venture Capital, Alumni Ventures, and Jump Capital. Stacked plans to double its staff of 40 in the next six to eight months and invest in user acquisition, growth, and marketing.
It is reported that Stacked is a web platform providing passive investment tools for retail investors interested in crypto.
3. Blockchain analytics company TRM Labs completes $60 million Series B financing, led by Tiger Global
On December 7, blockchain analytics company TRM Labs completed $60 million in Series B financing, led by Tiger Global, with participation from Amex Ventures (a subsidiary of American Express), Visa, Citi Ventures, DRW Venture Capital, Jump Capital, Marshall Wace, Block (formerly Square, Inc.), PayPal Ventures, B Capital Group, Bessemer Venture Partners, Blockchain Capital, Cap Table Coalition, Castle Island Ventures, Initialized Capital, and Operator Partners. With the new financing, TRM Labs plans to continue strengthening its product line.
It is reported that TRM Labs helps financial institutions and governments investigate instances of crypto fraud, money laundering, and other financial crimes by analyzing blockchain data and packaging it into statistical analysis system (SAS) applications and APIs, enabling its clients to filter wallets and monitor transactions of over 900,000 assets across 23 different blockchains.
4. African blockchain lab ABL raises $6 million in pre-A round financing, led by African venture capital firms and Lateral Frontiers VC
On December 7, African blockchain lab ABL raised $6 million in pre-A round financing, led by African venture capital firms, Lateral Frontiers VC, CRE Venture Capital, and Musha Ventures. Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital, and Despace participated.
Vincent Li, co-founder of African blockchain lab ABL, stated that the platform aims to drive the large-scale adoption of digital assets and blockchain technology in Africa. The guaranteed funds obtained from investors will enable the company to provide world-class technology stacks, projects, and innovations for the African continent, starting with its first product, VIBRA, to fund the launch of its crypto wallet VIBRA and promote the large-scale adoption of digital assets in Africa.
5. Cross-chain infrastructure Router Protocol raises $4.1 million, led by Coinbase Ventures
On December 10, cross-chain infrastructure startup Router Protocol raised $4.1 million, led by Coinbase Ventures, Woodstock Fund, QCP Capital, Alameda Research, De-Fi Capital, Polygon, Wintermute, Shima Capital, TeraSurge Capital, Maple Block, and Bison Fund.
It is reported that Router Protocol enables communication between current and emerging Layer 1 and Layer 2 blockchain solutions. Router also announced partnerships with various protocols, including Polygon, Avalanche, Terra, and Algorand, and plans to launch its mainnet in the coming weeks.
6. Smart contract platform Assembly based on the IOTA network receives $100 million funding commitment
On December 10, IOTA co-founder Dominik Schiener stated that some of Asia's largest venture capital firms and crypto hedge funds have invested $100 million to further develop applications on the new blockchain Assembly on the IOTA network. Assembly will focus on DeFi, NFTs, and crypto gaming.
Schiener stated that Asian investment firms such as LD Capital, Signum Capital, Huobi Ventures, UOB Venture Management, HyperChain Capital, and Du Capital have committed to investing $100 million to fund the development of the Assembly network. He added that crypto market maker GSR will also contribute to this $100 million investment.
It is reported that Assembly is an Ethereum-like smart contract network launched last month by the Berlin-based research and engineering group IOTA Foundation, serving as the infrastructure for DeFi, NFTs, and gaming applications. The network is expected to issue its native token next year.