Last week, there were a total of 42 public financing events in the cryptocurrency market, with a cumulative financing of approximately 201 million USD | Investment and Financing Weekly Report

Organizer: Cookies, RootData

According to incomplete statistics from RootData, during the period from March 4 to March 10, 2024, there were a total of 42 public financing events in the blockchain and cryptocurrency industry, with a total financing amount of approximately $201 million. Popular projects include the decentralized computing network io.net, the Bitcoin application layer L2 network Taproot Labs, communication infrastructure Beoble, and the decentralized artificial intelligence network Privasea, among others.

Binance Labs announced the end of its sixth incubation phase, with a total of 7 projects receiving investment: zkSync structured derivatives Derivio, derivatives infrastructure Ethena, intent order flow protocol Shogun, a multi-chain platform based on MPC and AA wallet technology UXUY, on-chain autonomous life simulation strategy game Cellula, AI-based UGC platform NPFromp, and Web3 knowledge sharing and search platform QnA3.

In the Layer2 sector, Optimism sold OP tokens worth $89 million to private buyers, with a lock-up period of two years. During the lock-up period, buyers can delegate the tokens to non-affiliated third parties for governance participation. On March 16, ARB tokens worth $2.15 billion will be unlocked, accounting for 87.20% of the circulating supply.

Additionally, last week saw an increase in financing events for alternative tools in the crypto ecosystem, such as the crypto risk analysis rating company Agio Rating ($4.6 million), on-chain points startup Stack ($3 million), blockchain loyalty program startup tookeez ($1.5 million), and Web3 fan collaboration platform Hypercomic (valued at approximately $8.26 million), among others.

*（List of projects with financing greater than $5 million last week, data source: * Rootdata）

I. Infrastructure

1. Bitcoin trading app Oyl completes $3 million Pre-Seed round financing, led by Arca
The Bitcoin trading application Oyl has completed a $3 million Pre-Seed round of financing, led by venture capital firm Arca, with participation from BitMEX co-founder Arthur Hayes and BRC-20 creator Domo.

It is reported that Oyl is building a trading platform called "Oyl Wallet" for the Bitcoin ecosystem, providing "in-wallet" trading functionality for Bitcoin Ordinals. The platform will be launched in the coming weeks. (Source link)
2. Modular blockchain Blackwing completes $4.5 million financing, led by Hashed and Gumi Cryptos
The modular blockchain project Blackwing announced the completion of a new round of financing totaling $4.5 million, led by Hashed and Gumi Cryptos. It is reported that the new funds will be used to develop a modular Layer 2 blockchain to support liquidation-free leveraged trading of crypto assets, helping users reduce the risk of forced liquidation. (Source link)

3. Bison Labs completes Pre-Seed round financing, led by Portal Ventures

Bison Labs announced the completion of its Pre-Seed round financing, aiming to create a Bitcoin Layer 2 network with Trustless and on-chain sovereign Rollup solutions. This round of financing was led by Portal Ventures, with participation from UTXO Fund, Domo (BRC-20 creator), Linus Chuang (CPO of Magic Eden), Waterdrip Capital, Bitcoin Startup Labs, Satoshi Lab, and other strategic investors. (Source link)

4. Open-source crypto company Zama completes $73 million Series A financing, led by Multicoin Capital and Protocol Labs

Open-source crypto company Zama announced the completion of $73 million in Series A financing, co-led by Multicoin Capital and Protocol Labs, the developer of Filecoin, with participation from Metaplanet, Blockchange Ventures, Vsquared Ventures, and Stake Capital. Additionally, angel investors including Filecoin founder Juan Benet, Solana co-founder Anatoly Yakovenko, and Ethereum co-founder and Polkadot co-founder Gavin Wood also participated in this round of investment. (Source link)

5. Security infrastructure company Firewall completes $3.7 million financing, led by Hack VC and others
Security infrastructure company Firewall has completed $3.7 million in Pre-Seed financing, with this round led by North Island Ventures, Breyer Capital, and Hack VC. The funds raised will be used to expand the current team of six full-time employees, develop technology, and support community building and marketing efforts.

Firewall is developing firewall solutions for blockchain networks to prevent smart contract vulnerabilities. (Source link)

6. Solana ecosystem DePIN protocol io.net completes $30 million Series A financing, led by Hack VC
The Solana ecosystem DePIN protocol io.net announced the completion of $30 million in Series A financing, led by Hack VC, with participation from Multicoin Capital, 6th Man Ventures, M13, Delphi Digital, Solana Labs, Aptos Labs, Foresight Ventures, Longhash, SevenX, ArkStream, Animoca Brands, Continue Capital, MH Ventures, and OKX, as well as industry leaders including Solana founder Anatoly Yakovenko, Aptos founder Mo Shaikh, Avery Ching, Yat Siu of Animoca Brands, and Jin Kang of Perlone Capital.

It is reported that io.net is a decentralized computing network that supports the development, execution, and scaling of ML applications on the Solana blockchain, combining 1 million GPUs to form the world's largest GPU cluster and DePIN.io.net aggregates resources from underutilized sources (such as independent data centers, crypto miners, and crypto projects like Filecoin and Render). (Source link)

7. Web3 application interface service provider Kravata completes $3.6 million seed round financing
Web3 application interface service provider Kravata announced the completion of $3.6 million in seed round financing, with participation from Volt Capital, Framework Ventures, Circle Ventures, Magma Partners, and SIMMA Capital.

It is reported that Kravata comes from the Web3 accelerator Alliance Dao and is a user-friendly and secure solution that connects to Web3 while providing a Web2 experience. Through APIs, Kravata allows clients to easily integrate the advantages of Web3 into their services without the burden of internal tech development, while ensuring compliance and ongoing support at every step. (Source link)

8. Optimism sells OP tokens worth $89 million to private buyers
According to an official announcement from Optimism, Optimism has begun a private token sale, selling approximately 19.5 million OP tokens (worth over $89 million). The tokens have a lock-up period of two years, during which buyers can delegate the tokens to non-affiliated third parties for governance participation. These tokens come from the unallocated portion of the OP token pool and are part of the foundation's initial working budget, accounting for 30% of the initial OP token supply. As this is a private sale, the terms and buyers cannot be disclosed.

This is not the first time Optimism has revealed news of a private token sale; Optimism previously sold 116 million OP tokens in September 2023, valued at over $160 million. (Source link)

II. CeFi

1. Institutional-grade crypto service platform Utila completes $11.5 million seed round financing, with participation from Framework Ventures and others
Institutional-grade crypto service platform Utila announced the completion of $11.5 million in seed round financing, with participation from NFX, Wing VC, and Framework Ventures.

It is reported that Utila primarily helps institutions and developers securely manage digital assets through its non-custodial, chain-agnostic wallets. The company claims to have been used by dozens of institutional investors and crypto-native companies, facilitating over $3 billion in transactions in the past six months. (Source link)

2. Crypto payment company Baanx completes $20 million Series A financing, with participation from Ledger and others
Crypto payment company Baanx announced the completion of $20 million in Series A financing, with this round including Ledger, Tezos, Chiron, and a UK commercial bank, bringing the company's total funding to over $30 million.

It is reported that Baanx is a cryptocurrency payment company authorized by the UK's Financial Conduct Authority (FCA), operating the Ledger card product, and recently signed a three-year partnership with Mastercard in the UK and Europe. (Source link)

3. London DeFi prime broker Arkis completes $2.25 million Pre-Seed financing, led by gumi Cryptos Capital
London-based DeFi prime broker Arkis has secured $2.25 million in Pre-Seed financing, led by gumi Cryptos Capital, with participation from G1 Ventures, Blocklabs, and Roosh Ventures. The company plans to use the funds to expand its business and development efforts.

It is understood that Arkis is a DeFi prime broker that provides on-chain risk management, enabling capital providers to safely provide under-collateralized loans to DeFi hedge funds. (Source link)

III. DeFi

1. Multi-chain staking platform VaultEscrow completes $8 million seed round financing
Multi-chain staking platform VaultEscrow announced the completion of $8 million in seed round financing, with the investors not disclosed. It is reported that VaultEscrow supports multiple blockchain protocols, including Ethereum Virtual Machine (EVM) compatible chains and Layer 2 networks. (Source link)

2. Crypto transaction fee hedging protocol Hedgehog completes $1.5 million Pre-Seed round financing, with participation from Marshland Capital and others
Crypto transaction fee hedging protocol Hedgehog announced the completion of $1.5 million in Pre-Seed round financing, with participation from Marshland Capital, Tenzor Capital, Prometeus Ventures, 3Commas Capital, and Nothing Research.

It is reported that Hedgehog aims to address the significant volatility of crypto transaction fees and provide users with tools to cope with price fluctuations in cryptocurrency transaction fees. (Source link)

3. Aevo has completed $16.6 million in three rounds of financing

According to a Binance research report, the decentralized derivatives trading platform Aevo (formerly Ribbon Finance) has completed $16.6 million in three rounds of financing: Seed round: 10% of total tokens, valued at $18.5 million; Series A: 4.62% of total tokens, valued at $130 million; Series A+: 3.5% of total tokens, valued at $250 million.

4. Binance Labs invests in UXUY, strengthening its layout in the Bitcoin Lightning Network and multi-chain DEX ecosystem

Binance Labs announced an investment in the decentralized multi-chain trading platform UXUY, aiming to support the development of the Bitcoin Lightning Network ecosystem. With the investment from Binance Labs, UXUY will strengthen its construction and layout in diverse ecosystems such as Bitcoin Layer 2.

It is reported that UXUY is an incubated project of Binance Labs S6, and as a representative of an excellent team, UXUY was invited to participate in the Istanbul Binance Blockchain Week and give a keynote speech. Currently, UXUY has reached an in-depth cooperation with Binance Web3 Wallet to jointly promote the development of inscriptions and decentralized indexers.

5. Cross-chain communication project Zeus Network announces angel investor lineup, with participation from Solana and Stacks co-founders and others

According to official news, the communication layer between Bitcoin and Solana, Zeus Network, has announced its angel investor lineup, which includes Solana co-founder Anatoly Yakovenko, Mechanism Capital founder Andrew Kang, and Stacks co-founder Muneeb Ali, among others. The venture capital lineup has not yet been disclosed.

Zeus Network, as a permissionless layer connecting Solana and Bitcoin, enables dynamic, secure composability, creating a decentralized ecosystem. (Source link)

IV. AI

1. Decentralized AI network Sahara completes $6 million seed round financing, led by Polychain Capital
The decentralized artificial intelligence network Sahara has completed $6 million in seed round financing, led by Polychain Capital, with participation from Samsung Next, Matrix Partners, Motherson Group, dao5, Geekcartel, Canonical Crypto, Nomad Capital, Dispersion Capital, Alumni Ventures, Tangent Ventures, and Coho Deeptech, along with angel investor Sandeep Nailwal. (Source link)

2. DePIN+AI project Privasea completes $5 million seed round financing, previously received investment and incubation from Binance Labs

The DePIN+AI project Privasea announced the completion of $5 million in seed round financing. Early investors include Binance Labs, MH Ventures, K300, Gate Labs, 1NVST, and Zephyrus Capital.

It is reported that Privasea integrates FHEML into a distributed computing crowdfunding network, combining self-developed DePIN mining machines to form an FHE computing network that supports all L1 and L2. The funds from this round of financing will be used for FHEML network construction and the promotion of the "Proof of Human" Dapp using FHE technology.

V. Tools

1. Cosmos ecosystem development platform Cosmology completes $5 million seed round financing, led by Galileo and Lemniscap
The Cosmos ecosystem development platform Cosmology has completed $5 million in seed round financing, led by Galileo and Lemniscap, with participation from Dispersion, HashKey, Tuesday Capital, Osmosis Foundation, Chorus One, and Informal Systems. The company did not disclose its valuation.

It is reported that Cosmosology provides a full-stack development environment, including Tendermint developer tools, Cosmos SDK, and the Inter-Blockchain Communication (IBC) protocol. These tools (such as Telescope and Cosmos Kit) are designed to simplify the application development process on Cosmos. (Source link)

2. Web3 security solution GoPlus Security completes $4 million Private II+ round financing, with participation from Redpoint China and others

Web3 network security solution GoPlus Security announced the completion of a total of $4 million in Private II+ round financing, with participation from Redpoint China, Skyland Ventures, and others. This financing is another milestone following the successful completion of the Private II round led by Binance Labs in December 2022, bringing GoPlus Security's total funds raised to $15 million. Previous leading and participating institutions include Binance Labs, SevenX Venture, Avalanche, and GSR.

VI. Others

1. Web3 social platform Beoble completes strategic round financing, with participation from Animoca Brands
Web3 social platform Beoble announced the completion of a strategic round of financing, with participation from Animoca Brands, although the specific financing amount has not yet been disclosed. It is reported that Beoble will provide its chat functionality to related companies and projects under Animoca Brands to enhance community engagement and interaction across the entire Web3 ecosystem. (Source link)

2. Crypto risk analysis rating company Agio Rating completes $4.6 million financing, with participation from Superscrypt and others
Crypto risk analysis rating startup Agio Rating announced that it has completed a total of $4.6 million in financing through two rounds of transactions. It is reported that the relevant financing took place in 2023 but was only recently made public, with investors including Superscrypt, Portage, MS&AD Ventures, and several angel investors. Agio Rating aims to become the "Moody's" of the crypto industry, primarily helping market makers, brokers, and lenders in the digital asset ecosystem assess counterparty risks in cryptocurrency transactions. It has currently rated 32 cryptocurrency companies. (Source link)

3. On-chain points startup Stack completes $3 million seed round financing, led by Archetype
On-chain points infrastructure startup Stack has completed $3 million in seed round financing, led by venture capital firm Archetype, with participation from Coinbase Ventures, Scalar Capital, A.Capital, Balaji Srinivasan, Nadav Hollander, Henri Stern, Cooper Turley, and Colin Armstrong.

It is reported that Stack has built a framework for distributing and tracking points on-chain, including point allocation, leaderboards, and trustless token redemption, allowing users to redeem points for ERC-20 tokens, ETH, or other assets. (Source link)

4. Web3 fan collaboration platform Hypercomic completes Series A financing, led by Logan Ventures
Web3 fan collaboration platform Hypercomic has completed Series A financing, led by Logan Ventures. It is reported that the company's valuation for this round of financing is close to 1.1 billion Korean won (approximately $8.26 million), although the specific financing amount has not been disclosed. (Source link)

5. Blockchain loyalty program startup tookeez completes $1.5 million financing, with participation from Azur Innovation Fund
Blockchain loyalty program startup tookeez announced the completion of $1.5 million in financing, with participation from Moroccan investment institution Azur Innovation Fund. It is reported that tookeez is setting a new standard for customer reward systems by enabling seamless conversion and redemption of loyalty points across a wide network of brands and retailers. (Source link)