Last week, a total of 29 projects in the cryptocurrency market completed financing, with DeFi projects accounting for one-third | Financing Weekly Report

Organizer: Richard Lee

According to incomplete statistics from Chain Catcher, during the period from January 3 to January 9, 2021, there were a total of 29 public financing events in the blockchain and cryptocurrency industry, an increase from the previous week. Among them, Opensea completed a $300 million Series C financing at a valuation of $13.3 billion, becoming the biggest highlight of the week, led by star VCs from both the crypto and traditional sectors: Paradigm and Coatue.

In terms of financing sectors, the enthusiasm for financing in the gaming/metaverse direction has somewhat declined, with only 3 events, while financing events in the DeFi sector rebounded to 10, making it the largest area by proportion. Public chains such as Solana, Avalanche, and Tezos have DeFi projects that completed financing.

As for investment institutions, Animoca Brands, Digital Currency Group, and LD Capital have been quite active.

1. NFT

1. NFT investment company Metaversal completes $50 million Series A financing, with participation from DCG

On January 4, NFT-focused company Metaversal announced the completion of a $50 million Series A financing at a valuation of $181 million. The round was led by CoinFund and Foxhaven Asset Management, with participation from Digital Currency Group (DCG), Dapper Labs, Rockaway Blockchain Fund, and traditional investment firm Franklin Templeton.

Metaversal, headquartered in Miami and founded in June 2021, currently holds over 750 NFTs, including works by digital artist Fewocious and the RarePepe collection CryptoKitty. Metaversal is also an early investor in ConstitutionDAO. The new funds will be used to invest in more startups focused on NFTs and the metaverse.

Metaversal's portfolio includes the Solana-based NFT creation and sales platform Holaplex, as well as the Tezos blockchain network. (The Information)

2. Opensea announces completion of $300 million Series C financing at a valuation of $13.3 billion, led by Paradigm and Coatue

On January 5, Opensea announced the completion of a $300 million Series C financing at a post-money valuation of $13.3 billion, led by Paradigm and Coatue. It is reported that the main uses of the funds include accelerating product development, significantly improving customer support and security, making meaningful investments in the broader NFT and Web3 community, and expanding the team.

At the same time, Opensea announced that former Meta Vice President of Business Shiva Rajaraman has now taken on the role of Vice President of Product at the company. The company will continue to focus on lowering the entry barriers for NFTs by introducing features that abstract blockchain complexities and simplify processes, helping people discover, manage, and showcase their NFTs with better tools, analytics, and presentations. Previously, Opensea was valued at $1.5 billion in the Series B financing completed last July. (Source link)

3. NFT data aggregator CryptoSlam raises $9 million, led by Animoca Brands

On January 6, NFT data aggregator CryptoSlam raised $9 million, led by Animoca Brands, with participation from Mark Cuban, Sound Ventures, Binance Smart Chain, Stocktwits, LinkedIn founder Reid Hoffman, Zynga founder Mark Pincus, and The Sandbox co-founder Sebastien Borget.

Founded in 2018, CryptoSlam provides cross-chain aggregation and data ranking for NFTs. The new funds will be used for "recruitment plans and platform expansion." CryptoSlam is expected to launch a new product that allows developers to build enterprise NFT data APIs on the platform. (Coindesk)

4. NFT curation site JPG completes $3.8 million financing, led by Electric Capital and others

On January 7, NFT curation site Juried Protocol Galleries (JPG) completed a $3.8 million seed round financing, led by Electric Capital and IDEO CoLab Ventures.

The protocol allows users to curate their own NFT galleries and museums. In recent months, the platform has successfully hosted a series of exhibitions, including the generative art exhibition "The Digital," which debuted at Art Basel Miami in December last year.

2. Gaming/Metaverse

1. P2E DAO organization Play It Forward DAO completes $6 million financing, with participation from Signum Capital and Kyber Ventures

On January 3, the P2E gaming-focused DAO organization Play It Forward (PIF DAO) announced the completion of $6 million in private financing, with participation from Signum Capital, Kyber Ventures, UOB Venture Management, Jump Capital, GBV, LD Capital, Great South Gate, Octava, 975 Capital, Arcane Group, Tokocrypto, AU21, Double Peak Group, Faculty Group, NxGen, DWeb3 Capital, GSR, SL2 Capital, and Mintable.

Cholo Maputol, co-founder of Play It Forward DAO, stated that the funds raised will be used to expand the DAO's prize program, scale its P2E platform, and provide funding for early investments in P2E games and infrastructure projects. (Source link)

2. Solana-based robot battle game Starbots announces completion of $2.4 million private financing, led by Impossible Finance, DeFi Alliance, and TomoChain

On January 5, Solana-based robot battle NFT game Starbots announced the completion of $2.4 million in private financing, led by Impossible Finance, DeFi Alliance, Solar Eco Fund, Parsiq, OKEx Blockdream Ventures, TomoChain, Good Game Guilds, Real Deal Guild, Gamee Studio, LuaVentures, Kyber Network, Solscan, Kyros Ventures, BigCoin Capital, TK Ventures, Exnetwork Capital, Hub Capital, AU21 Capital, Basics Capital, Formless Capital, and Quadhorn Guild.

Starbots is a Solana-based robot battle NFT game where players can assemble their robots based on different strategies, win battles, complete missions, and conquer new lands to earn GEAR tokens. (Source link)

3. Google invests $40 million in Hon Hai Group subsidiary Hwa Han Technology, partnering to enter the metaverse market

On January 5, Hon Hai Group subsidiary Hwa Han Technology disclosed that internet giant Google has invested $40 million to acquire a 4.6% stake in the company, becoming its third-largest corporate shareholder, and the two parties will collaborate to enter the metaverse market.

Hon Hai Group Chairman Liu Yangwei previously pointed out that the group will definitely have products related to the metaverse. In terms of metaverse layout, Hon Hai Group's Industrial Internet has mastered nearly 100 patents for "metaverse-related smart wearable devices," with more than one-third of the patents related to VR/AR technologies.

3. DeFi

1. Decentralized lending protocol Vesta Finance completes angel round financing, set to launch initial version in mid-January

On January 4, decentralized lending protocol Vesta Finance announced the completion of angel round financing, with participation from Tetranode, DCFGod, Fiskantes, Not3Lau Capital, Sam Kazemian, 0xmons, Wangarian, PopcornKirby, Nick Chong, Calvin Chu, Jae Chung, Anthony Sassano, Eric Conner, Mariano Conti, Shuyao Kong, and Feir, among other angel investors. The specific amount raised has not been disclosed.

Vesta Finance stated that 0xMaki (co-founder of SushiSwap) has been serving as its strategic advisor since the project's inception and has provided support in several areas. After this round of financing, DCFGod and Not3Lau Capital will join Vesta Finance as strategic advisors.

Vesta Finance is an over-collateralized lending protocol that allows users to obtain maximum collateral liquidity without paying interest, aiming to become the largest lending protocol on Arbitrum, with the initial version expected to launch in mid-January. (Source link)

2. Tezos-based DeFi project Mavryk Finance announces investment

On January 4, Tezos blockchain-based DeFi ecosystem project Mavryk Finance announced investment from Draper Goren Holm and other institutions.

According to Mavryk Finance's official website, Mavryk Finance is committed to launching a suite of decentralized financial products on the Tezos blockchain, currently providing services such as multi-asset collateral loans and multi-collateral soft-pegged stablecoins through decentralized pricing oracles and a Tezos-based decentralized governance system (DAO). (Source link)

3. Binance Labs announces $12 million strategic investment in liquidity platform WOO Network

On January 4, Binance's venture capital arm Binance Labs announced a $12 million strategic investment in WOO Network.

It is reported that WOO Network provides liquidity to over 40 institutions, exchanges, trading teams, wallets, and decentralized applications. The company's products include the institutional investor platform WOO Trade and the retail-focused WOO X.

Since the launch of WOOFi Swap last year, WOO Network has begun providing liquidity on the Binance Smart Chain (BSC), using liquidity networks and institutional market-making technology to improve pricing and reduce slippage. WOO also provides liquidity for other decentralized protocols such as DYDX, Matcha, ParaSwap, 1inch, and DODO.

In November, WOO Network completed a $30 million Series A financing, with participation from Three Arrows Capital, Crypto.com Capital, Avalanche, and BitTorrent. (Coindesk)

4. Binance Labs announces strategic investment in Coin98 to grow DeFi in the BSC ecosystem

On January 5, Binance Labs announced a strategic investment in Coin98, which will accelerate the platform's development through this investment and contribute to the BSC ecosystem by building DeFi infrastructure, including an NFT marketplace, token launch platform, and AMM on Binance Smart Chain, making DeFi accessible to everyone on BSC. To support Coin98's long-term vision, Binance Labs will provide the necessary technology, consulting, and incubation services to the team.

It is reported that Coin98 is an all-in-one DeFi platform that builds a complete suite of products, including Coin98 Wallet, Coin98 Exchange, and Space Gate cross-chain bridge for token migration across networks. (Source link)

5. DeFi protocol Exotic Markets completes $5 million financing, led by Multicoin Capital and Ascensive Assets

On January 5, DeFi protocol Exotic Markets announced the completion of $5 million financing through token issuance, led by Multicoin Capital and Ascensive Assets, with participation from Alameda Research, Animoca Brands, Morningstar Ventures, Solana Capital, and other angel investors.

It is reported that Exotic Markets is a Solana-based DeFi investment platform aimed at helping users find the best yield diversified investment products. (Source link)

6. Avalanche Asia Star Fund strategically invests in decentralized derivatives protocol Kine Protocol

On January 6, the Avalanche Asia Star Fund strategically invested in the Ethereum-based decentralized derivatives protocol Kine Protocol, which will allow Kine Protocol to further expand and provide users with access to derivatives trading and cross-chain liquidity.

Previously, it was reported that the Avalanche Asia Star Fund was established with an initial $20 million to build the Avalanche ecosystem. (Source link)

7. Avalanche-based liquidity service protocol Deliq Finance announces partnership with LD Capital and receives strategic investment from LD Capital

On January 6, Avalanche ecosystem liquidity service protocol Deliq Finance announced a partnership with LD Capital and received strategic investment from LD Capital. (Source link)

8. Solana-based trading aggregation suite Compendium.Fi completes $2.5 million financing, with participation from Axia8 Ventures and others

On January 7, trading aggregation suite Compendium.Fi announced the completion of $2.5 million in strategic financing, with participation from Axia8 Ventures, Petrock Capital, Krypital Group, Globatech Group, Solar Eco Fund, Red Building Capital, TokenInsight Research, Zoomer Fund, Graviton Fund, Solanium, Satori Research, StrangeQuark Ventures, Renaissance Research Ventures, and several angel investors.

The new financing will support Compendium.Fi's ongoing development and expansion of its comprehensive trading tool platform and infrastructure. It will also assist the project in conducting its CMFI token IDO on Solanium later this month. (Source link)

9. Decentralized lending protocol Goldfinch completes $25 million A+ round financing, led by a16z

On January 7, decentralized lending protocol Goldfinch raised $25 million in an A+ round financing, led by a16z, with participation from well-known hedge fund manager Bill Ackman, crypto investment firm BlockTower, and investment management company Kingsway Capital.

It is reported that Goldfinch, as an open lending market, utilizes a decentralized loan underwriting process to provide unsecured loan services. The Goldfinch protocol extends credit lines to loan enterprises, allowing them to withdraw stablecoins from the Goldfinch pool and deploy the funds to local borrowers. Goldfinch provides a way to access global capital while leaving loan initiation and servicing to the loan enterprises. Investors can deposit cryptocurrency into the Goldfinch pool to earn returns. When loan enterprises pay interest to Goldfinch, that money is distributed to all participating investors. (Source link)

10. Project Serum Foundation raises $75 million, with participation from Tiger Global and others

On January 7, the Serum Foundation raised $75 million through a token sale, with participation from Commonwealth Asset Management LP, Tagus, Tiger Global, and executives from Golden Tree Asset Management. The project foundation is seeking to raise an additional $25 million. Serum is a decentralized exchange and liquidity infrastructure platform based on Solana.

4. Web3 and DAO

1. Web3 social metaverse aggregation infrastructure Aster Protocol completes seed round financing

On January 3, Web3 social metaverse aggregation infrastructure Aster Protocol announced the completion of seed round financing, with participation from Youbi Capital, Pluto Capital, Lancer Capital, Lucid Blue Ventures, and other institutions. Investors also include Republic Asia partner Zhen Cao, blockchain industry serial entrepreneur Hitters Xu, OP Crypto COO Lucas He, and founders of several well-known venture capital firms.

Aster Protocol has created the first on-chain identity aggregation protocol in the internet world. Inspired by pioneers such as Loot, ENS, and 1inch, the platform offers a multi-chain Web3 protocol collection, empowering traditional social media platforms with Web3 and blockchain functionalities, seamlessly connecting all current Web2 social platforms with Web3 applications.

Aster innovatively allows over 5 billion users to access blockchain assets and enter the Web3 era with zero barriers through the Aster Name Service, using applications related to NFTs, DeFi, SocialFi, DAOs, and the metaverse, bringing more use cases to the blockchain industry.

2. Decentralized streaming platform Livepeer completes $20 million Series B+ equity financing, with participation from Tiger Global, DCG, and others

On January 5, decentralized streaming platform Livepeer announced the completion of $20 million in Series B+ equity financing, with participation from Tiger Global, Digital Currency Group, Northzone, Warburg Serres, and angel investors including British hedge fund manager Alan Howard.

It is reported that Livepeer is a decentralized streaming platform based on Ethereum, aiming to transcode video in a decentralized manner and at a lower cost. Transcoding is the process of reformatting original video files to ensure the best viewing experience, and anyone can join Livepeer and perform transcoding, earning fees in Ethereum or stablecoins.

Previously, it was reported that in late July 2021, Livepeer completed $20 million in Series B financing, led by Digital Currency Group. (Source link)

3. Layer 2 username solution Nametag completes seed round financing at a $30 million valuation, with participation from Continue Capital and others

On January 6, Nametag announced the completion of seed round financing at a valuation of $30 million, with participation from Continue Capital and others. The funds will be used to create a robust, standardized Web3 social layer based on the traditional Web2 architecture. In the coming months, Nametag will support more chains, release the Nametag API, and launch NFT tokens.

It is reported that Nametag aims to become a universal naming service platform on the internet built on blockchain, but not limited to it. (Source link)

4. Decentralized API solution Pocket Network completes $10 million strategic financing, led by Republic Capital and others

On January 6, according to cryptobriefing, decentralized API solution Pocket Network completed $10 million in strategic financing, led by Republic Capital, RockTree Capital, Arrington Capital, and C² Ventures, with participation from Coinshares, Decentral Park Capital, Dominance Ventures, and others.

It is reported that Pocket Network will use the funds raised to develop its decentralized node network and expand its business into the Asia-Pacific region. (Source link)

5. Others

1. Crypto infrastructure project Cion Digital completes $12 million financing, led by Green Visor Capital and others

On January 4, crypto infrastructure startup Cion Digital announced the completion of $12 million in seed round financing, led by Green Visor Capital and 645 Ventures, with participation from Cota Capital, Epic Ventures, Hourglass Capital Partners, BAT Ventures, Greycroft, and Ulu Ventures. The funds from this round will be used to expand its team and launch its infrastructure platform, as well as establish a research and development center in Pune, India.

Cion Digital is a crypto infrastructure startup, and the initial version of its platform is expected to launch in the first quarter of this year, aimed at helping traditional financial institutions and registered investment advisory firms provide crypto services. (Source link)

2. Blockchain company BlockSpaces completes $5.75 million financing, led by Leadout Capital

On January 4, Tampa-based blockchain company BlockSpaces completed $5.75 million in venture seed round financing, led by Leadout Capital, with participation from Druid Ventures, Zynga founder Mark Pincus, Brighter Capital, BlockFund Ventures, and Tampa tech entrepreneur Tony DiBenedetto.

Additionally, BlockSpaces received a significant strategic investment from an undisclosed fintech venture capital firm. BlockSpaces CEO and co-founder Rosa Shores stated, "We have been building the first layer of the platform with infrastructure components, and now we will expand to the second layer—API integration. We have had an extraordinary year, and we will conduct Series A financing in 2022." (Source link)

3. One-stop digital financial data community ToDFi completes several hundred thousand dollars in seed round financing

On January 5, according to official news, one-stop digital financial data community ToDFi completed several hundred thousand dollars in seed round financing, with the participating institutions undisclosed. ToDFi focuses on the DAO and DeFi fields, aiming to develop a one-stop DeFi and NFT data community to provide aggregated community services for investors.

In the future, ToDFi will leverage community cohesion to explore new forms of crypto funds and data and asset management based on DAOs.

4. Alternative investment service provider Alto completes $40 million financing, with participation from Coinbase Ventures

On January 6, alternative investment service provider Alto announced the completion of $40 million in Series B financing, led by Advance Venture Partners, with participation from Unusual Ventures, Acrew Capital, Alpha Edison, Foundation Capital, Gaingels, and Coinbase Ventures.

Alto provides users with a self-directed investment platform to invest their retirement account funds in alternative assets. It is reported that Alto currently has nearly 20,000 funding accounts, with assets close to $1 billion, of which 40% of the accounts are specifically for holding cryptocurrencies. In April 2021, Alto raised $17 million in Series A financing. (Techcrunch)

5. Digital asset bank Sygnum completes $90 million financing at an $800 million valuation, led by Sun Hung Kai

On January 6, digital asset bank and trading platform developer Sygnum announced the completion of $90 million financing at an $800 million valuation. This round of financing was led by Sun Hung Kai, with participation from Animoca Brands, Meta Investments, and others. Sygnum plans to use the funds to develop new products for institutional clients, including yield-generating products and asset management solutions.

According to previous reports, in June last year, Sygnum launched a series of custody and trading services for decentralized finance (DeFi) tokens, including Aave, Aragon, Curve, MKR, Synthetix, Uniswap, and 1inch Network. (Bloomberg)

6. Digital asset investment platform TDX Strategies completes $2.5 million Series A financing, led by Transcend Capital Partners

On January 6, digital asset derivatives investment platform TDX Strategies completed $2.5 million in Series A financing, led by Transcend Capital Partners, with participation from Gobi Partners, Baboon VC, Double Peak Group, Alameda Ventures, and IWM Ventures. This new financing will drive TDX Strategies to develop innovative investment solutions for digital assets and expand its product distribution geographically.

TDX Strategies is an institutional-grade investment solution platform that offers a range of cutting-edge investment products related to digital assets. (Source link)

7. MoneyGram strategically invests in U.S. compliant crypto ATM operator Coinme and acquires a 4% stake

On January 6, global payment giant MoneyGram announced its participation in the A round financing of crypto ATM operator Coinme, acquiring a 4% stake in the company, with the specific investment amount not disclosed.

Coinme is the first licensed crypto ATM company in the U.S., currently authorized to operate in 48 states. MoneyGram revealed that in addition to the investment, they will also collaborate with Coinme on other business ventures. MoneyGram CEO Alex Holmes stated that this investment demonstrates their vision to expand cryptocurrency-related business. (Source link)

8. Corporate payment platform Tribal Credit completes $40 million debt financing, with participation from Partners for Growth and SDF

On January 6, crypto-focused corporate payment platform Tribal Credit completed $40 million in debt issuance, obtaining funds through fiat currency and stablecoins to provide additional capital for the company's expansion in Latin America.

Its hybrid debt round financing was funded by California-based investment firm Partners for Growth and the non-profit organization Stellar Development Foundation (SDF), which supports the Stellar blockchain. Tribal stated that the company will use the funds to finance receivables from its customer base across Latin America, particularly in Mexico, Brazil, Chile, Colombia, and Peru. (Source link)