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PolySign, Mash, Floor, Euler, Trinsic, KYVE, and Atmos Labs are the most recent blockchain and cryptocurrency companies to secure investment.
The Bitcoin (BTC) and cryptocurrency markets have seen significant changes since our last VC Roundup. The catastrophic collapse of the Terra ecosystem spread to other sectors of the digital asset market, exposing overleveraged traders, lending platforms, and venture capital institutions. Consequently, Bitcoin's price plummeted to historical lows, dipping below the preceding cycle's peak for the first time.
Despite macro headwinds hurting the crypto markets, venture capital companies continue investing in the field's most promising businesses. The most recent edition of VC Roundup highlights investment agreements for digital asset infrastructure providers, non-custodial crypto protocols, payment solutions, and decentralized identity management startups.
Several venture capital companies have backed PolySign’s efforts to provide institutional-grade crypto custody solutions to investors. Recent Series C funding of $53 million was provided by Cowen Digital, Brevan Howard, GSR, and others. The company has acquired a $25 million credit arrangement from venture capital firm Boathouse Capital. PolySign did not indicate how the Series C financing would be dispersed, although the transaction was completed around when the company bought digital asset fund administrator MG Stover.
As part of its ambitions to remonetize the internet for developers and content producers, Bitcoin and Lightning Network payments platform Mash secured $6 million in early investment in June. In addition to Castle Island Ventures and Whitecap Venture Partners, Maple VC, Strategic Cyber Ventures, Aquanow, and Spacecadet Ventures also participated in the investment round. The Mash platform enables developers and content providers to provide clients with “pay-as-you-enjoy” pricing choices made possible by Bitcoin and Lightning Network.
Application of non-fungible token to further its objective of making NFTs more accessible to general customers, Floor has secured a Series A financing round valued at $8 million. The fundraising round was led by 6thMan Ventures, with B Capital, Worklife Ventures, Collab+Currency, Crypto.com, and others also participating. Floor stated that it would utilize the funds to expedite research and increase the usability of NFTs.
Non-custodial crypto protocol Haun Ventures led Euler’s $32 million investment round, in which FTX Ventures, Coinbase Ventures, Jump Crypto, Jane Street, Uniswap Labs, and others participated. The funds will be deposited into Euler’s decentralized autonomous organization (DAO), which is being released in three parts. Euler is an Ethereum-based decentralized financial platform that allows users to lend and borrow crypto assets.
Protocol for decentralized identification recently, Trinsic raised an $8.5 million seed round to continue developing its so-called user-controlled identification solutions. A firm representative stated that Trinsic’s solutions provide practical utility for Jack Dorsey’s “Web5” goals. In June, the former CEO of Twitter, a prominent opponent of Web3, stated that he is skipping Web3 in favor of “Web5”, a new Bitcoin-centric approach to identity management.
KYVE, a Web3 archiving protocol, has raised $9 million in investment in anticipation of a mainnet launch scheduled for the fourth quarter of 2022. This round of investment, in which Distributed Global, Wicklow Capital, IOSG Ventures, Blockchain Co-investors, Huobi Incurabor, and others participated, will be used to incorporate other ecosystems into KYVE’s so-called decentralized data lake. Several blockchains, including Avalanche, Zilliqa, Cosmos, and Polkadot, now use KYVE.
Atmos Labs, a Play-to-Earn game developer, has secured an $11 million seed investment to continue developing Metaverse-centric sports games. Sfermion, a venture capital firm specializing in NFTs, led the funding round, with participation from Animoca Brands, Collab+Currency, FBG Capital, CoinGecko Ventures, and others. By providing immersive gaming in the Metaverse, Atmos Labs hopes to attract a worldwide audience for e-sports.
