Last week, there were a total of 16 public financing events in the cryptocurrency market, raising approximately 83.8 million USD | Investment and Financing Weekly Report
Solana ecosystem multi-signature protocol Squads receives strategic investment from Haun Ventures; on-chain liquidity distribution protocol Turtle Club completes $6.2 million seed round financing, led by THEIA; blockchain ticketing platform KYD Labs completes $7 million seed round financing, led by a16z Crypto.Organizer: Luan Peng, RootData
According to incomplete statistics from RootData, during the period from May 12 to May 18, 2025, there were a total of 16 public financing events in the blockchain and cryptocurrency industry, with a total financing amount of approximately $83.8 million.
From the perspective of sector distribution, the projects that received financing are mainly concentrated in the infrastructure and DeFi sectors. Popular projects include the Solana ecosystem multi-signature protocol Squads, the Layer0 hub network Openverse Network, the on-chain liquidity distribution protocol Turtle Club, and the decentralized perpetual futures exchange Perpl.
In addition, the Solana-based ticketing platform XP completed a $6.2 million seed round financing, led by Blockchange, with participation from L1D and Reflexive.
I. Infrastructure
Blockchain Development Platform Alchemy Acquires Solana Infrastructure Provider DexterLab
According to The Block, blockchain development platform Alchemy recently announced the acquisition of Solana infrastructure provider DexterLab to expand its enterprise-level service capabilities in the Solana ecosystem. DexterLab provides Web3 data monitoring services for institutions such as Google, Chainstack, and the Solana Foundation, including raw data APIs, real-time data streams, and other solutions.
The head of engineering at Alchemy stated that this acquisition will integrate the technical resources of both parties, enhancing the scale and innovation speed of the infrastructure in the Solana ecosystem. With applications like Pump.fun driving increased activity in the Solana ecosystem, its virtual machine network generates about 1TB of data daily, posing challenges to traditional RPC services.
The terms of the transaction were not disclosed. Alchemy previously mainly served Ethereum and EVM-compatible chains, and this acquisition marks an important step towards a multi-chain strategy.
Solana Ecosystem Multi-Signature Protocol Squads Receives Strategic Investment from Haun Ventures
According to Blockworks, the Solana ecosystem multi-signature protocol Squads announced that it has received a strategic investment from Haun Ventures, with the specific amount not disclosed.
Additionally, Squads announced the upcoming launch of a stablecoin-native account called Altitude, allowing companies to open and fund USD accounts without relying on traditional banks or U.S. entities.
According to official news, the satellite technology-based blockchain verification layer SpaceComputer announced the completion of Pre-seed financing, led by Primitive, with participation from nascentxyz, tangentxyz, symbolicvc, publicworksfm, Merkle Ventures, and Star-Shield, as well as several angel investors, including loiluu, co-founder of Polygon, and Melt_Dem. The specific amount of this financing has not been disclosed.
SpaceComputer is building a cryptographic system resistant to physical destruction and network attacks using satellites, and has launched its first product, ctRNG, which generates true random numbers using space entropy.
According to Blockworks, blockchain cloud computing company Nirvana Labs has completed $6 million in seed extension financing, jointly led by Jump Crypto and Crucible Capital, with participation from RW3 Ventures, Castle Island, and Hash3 VC, bringing its total financing amount to $11.8 million.
The company provides computing services tailored for the cryptocurrency sector, differing from traditional cloud service providers by using bare-metal infrastructure, where each server serves only one client. Nirvana has served infrastructure providers such as BitGo and Fireblocks, as well as protocol foundations like Avalanche and Berachain. Nirvana also plans to act as a front-end service to help organizations deploy on the internet-filtering startup DoubleZero.
According to Bitcoin Magazine, European listed company The Blockchain Group (ALTBG) completed two rounds of financing totaling over €22 million within a week, including €9.9 million raised through equity financing on May 9, with an issuance price at a 61.7% premium over the average price on the 20th. Participants included Tobam, Generali Ambition Solidaire, Jean-Marie Formigé, Quadrille Capital, EFG Bank, and VP Bank. On May 12, it issued €12.1 million in Bitcoin-denominated convertible bonds through its Luxembourg subsidiary, fully subscribed by Blockstream CEO Adam Back, with an issuance price at a 30% premium over the first batch conversion price.
The funds will be used to strengthen Bitcoin holdings and develop subsidiary businesses in data intelligence, AI, and more. The company, as a core member of "Bitcoin For Corporates," explores capital structure innovations centered around Bitcoin, including Bitcoin-denominated bonds and hard asset reserve strategies.
According to Bitcoin.com, Layer0 hub network Openverse Network announced the completion of $11 million in strategic financing, with participation from Castrum Capital, TB Ventures, DuckDAO, Asva Capital, and others.
The new funds are intended to accelerate its ecosystem development globally, including ecosystem construction, encouraging more developers and partners to join in building a more open and interconnected value network.
II. DeFi
According to Chainwire, DeFi strategy management platform XSY.fi announced the completion of $5 million in Pre-A financing, led by Borderless Capital and Protagonist, with participation from Paper Ventures, Chainview Capital, Avalanche Blizzard Fund, Sonic Boom Ventures, and others.
Additionally, XSY.fi announced the launch of a digital synthetic dollar Unity (UTY) on the Avalanche blockchain, aimed at enhancing liquidity and capital efficiency in the blockchain ecosystem.
DEX Aggregator 0x Acquires Competitor Flood
According to CoinDesk, decentralized trading platform infrastructure company 0x announced the acquisition of competitor Flood, marking 0x's first acquisition since its establishment in 2017. A spokesperson for 0x declined to disclose the specific amount of the acquisition of Flood due to contractual obligations.
Stablecoin Issuer Mountain Protocol Acquired by Anchorage Digital, USDM Project to Cease Issuance
According to official news, cryptocurrency financial services company Anchorage Digital announced its entry into the stablecoin business through the acquisition of Mountain Protocol. As part of the acquisition, Mountain Protocol will begin an orderly termination of the USDM project.
The on-chain liquidity distribution protocol Turtle Club announced today the completion of $6.2 million in seed financing, led by THEIA, with participation from Susquehanna, Consensys, and Ethereum co-founder Joseph Lubin, among others.
III. DEX
Decentralized Perpetual Futures Exchange Perpl Completes $9.25 Million Financing, Led by Dragonfly
According to Blockworks, decentralized perpetual futures exchange Perpl announced the completion of $9.25 million in financing, led by Dragonfly, with participation from Ergonia, Brevan Howard, Breed, L1D, and CMS.
The project plans to build an on-chain central limit order book on the Monad blockchain, with a testnet launch planned before the end of 2025.
IV. Others
According to CoinDesk, UK-based listed blockchain company Coinsilium Group (stock code: AQSE) announced the completion of £1.25 million in financing to establish a Bitcoin financial plan. On Friday, Coinsilium's stock trading volume reached a historic high of 14 million shares. The current stock price is £4.10, having risen 24% in the past 24 hours. The company's advisor is CoinDesk analyst James Van Straten.
Solana Ecosystem Ticketing Platform XP Completes $6.2 Million Seed Financing, Led by Blockchange
The Solana-based ticketing platform XP completed $6.2 million in seed financing, led by Blockchange, with participation from L1D and Reflexive.
According to reports, the platform encodes tickets as NFTs, allowing users to pay using USDC through a connected crypto wallet.
Founder Mike Saunders revealed that the platform will soon launch a user-driven resale feature and plans to provide exclusive rewards and experiences for fans through blockchain technology. Although the platform is built on Solana technology, the official website hardly mentions any crypto elements, and the founder has not clearly stated whether a token will be issued.
Blockchain Ticketing Platform KYD Labs Completes $7 Million Seed Financing, Led by a16z Crypto
According to CoinDesk, blockchain ticketing platform KYD Labs announced the completion of $7 million in seed financing, led by a16z Crypto.
KYD Labs aims to empower artists and venues to control ticket sales, fan data, and revenue, addressing the issue of revenue loss. The platform is built on Solana, allowing fans to quickly purchase tickets and plans to expand to over 100 venues in the U.S. by 2026.
