Crypto Fundraising weekly
Dates: 15 – 21, Sep 2024

This week's biggest funding round

The Open Network (TON) raised $30M in a funding round from Bitget, Foresight Ventures.

TON (The Open Network) is a fully decentralized layer-1 blockchain developed by Telegram. It offers fast transactions, low fees, user-friendly applications, and eco-friendly features. TON aims to unite various blockchains and the existing internet, providing a scalable and secure platform capable of hosting a wide range of applications and services.

Pre-seed and Seed investment rounds

Octra raised $4M in a Pre-seed funding round from Finality Capital*, Big Brain Holdings, Karatage, Presto Labs, Builder Capital, Zero Dao, Curiosity Capital, Wise3 Ventures, ID Theory, Vamient Capital, Cogitent Ventures, Outlier Ventures, xo2 com.

Octra is a blockchain network focused on Fully Homomorphic Encryption (FHE), offering cryptographic tools for secure mathematical operations in isolated execution environments. The platform supports smart contracts developed in OCaml, AST, ReasonML, and C++, and provides open-source libraries like Hypergraph for broader compatibility. Octra uses an extended version of IrminDB to manage data with validators.

Blend Finance raised undisclosed amount in a Seed funding round from IBC Group, HackQuest, Mario Nawfal.

Blend is a decentralized, non-custodial liquidity market protocol built on Bitcoin Layer 2. It allows users to supply liquidity and earn passive income or borrow through overcollateralized or undercollateralized loans. The protocol is audited, open-source, and supports interaction via UI, API, or smart contracts. Users can tokenize their lender positions as bTokens, which are tradable and play a key role in governance and staking within Blend.

Bool Network raised $2M in a Seed funding round from AntAlpha, ViaBTC Capital, Spark Digital Capital, Cogitent Ventures, Web3Port Labs, D11-Labs, SatoshiLab, Sharding Capital, CKB Eco Fund.

Bool Network is a decentralized Bitcoin verification layer that enhances Bitcoin’s scalability without altering its core consensus. It improves transaction throughput and addresses the blockchain trilemma by leveraging MPC-based distributed key management, Dynamic Hidden Committees (DHC), and Ring Verifiable Random Function (Ring VRF) protocols. These innovations ensure faster transactions while maintaining security and decentralization. Bool Network bridges the gap for scalable Bitcoin solutions with enhanced privacy and integrity.

Sorted raised $1.5M in a Pre-seed funding round from Tether.

Sorted Wallet is a non-custodial cryptocurrency wallet designed to promote financial inclusion for the unbanked and underbanked populations in emerging markets. It provides secure access to cryptocurrencies through feature phones and low-powered smartphones, enabling users to manage and grow their wealth. By bridging traditional technology with Web3 innovation, Sorted empowers individuals with limited access to the financial system, fostering a more equitable economic landscape.

Hemi Labs raised $15M in a Seed funding round from Binance Labs Fund*, Breyer Capital*, Big Brain Holdings*, Crypto com Capital, Web3com Ventures, HyperChain Capital, Alchemy Ventures, SALT fund, DNA Fund, Gate Ventures, Quantstamp, TRGC, BTC Inc, Artichoke Capital, Cypher Capital, SNZ Holding, Impossible Finance, UTXO Management, Jihan Wu, George Burke.

Hemi Network is a modular Layer-2 protocol enhancing scaling, security, and interoperability across Bitcoin and Ethereum. Powered by the Hemi Virtual Machine (hVM) and Hemi Bitcoin Kit (hBK), it enables cross-chain dApps with seamless Bitcoin-Ethereum integration. With innovative features like PoP consensus and trustless cross-chain portability, Hemi allows developers to unlock new potential in decentralized applications, leveraging the combined strengths of Bitcoin and Ethereum networks.

TrueX raised $9M in a Seed funding round from RRE Ventures, Reciprocal Ventures, Paxos, Accomplice Blockchain, Hack VC, Solana Foundation, Aptos Network.

TrueX is a non-custodial, stablecoin-native cryptocurrency exchange offering advanced trading technology for modern traders. With a proprietary matching engine and stablecoin settlements (PYUSD), TrueX ensures secure and efficient transactions. The platform leverages external custodians like Paxos Custody for asset protection and provides advanced APIs for customizable trading strategies. Offering markets and liquidity as a service globally, TrueX is designed for traders seeking robust liquidity, seamless trade execution, and heightened security.

Cudis raised $5M in a Seed funding round from Draper Associates*, SkyBridge Capital, Penrose Tech, SNZ Holding, Mozaik Capital, NGC Ventures (NEO Global Capital), Foresight Ventures, MonkeVentures, Draper Dragon, Block Patch, Trinito.

CUDIS is a Web3 AI wellness company that develops a smart ring to monitor health metrics, allowing users to access and own their health data via the Solana blockchain. By integrating AI, users also receive personalized wellness advice from an AI coach. CUDIS promotes a healthier lifestyle while enabling users to earn passive rewards through data monetization, creating a decentralized and user-focused approach to health tracking.

Yellow Network raised $10M in a Seed funding round from ConsenSys, GSR Markets LTD, NxGen, Master Ventures, Gate Labs, ZBS Capital, Moonrock Capital, Math Wallet, Cobo, NOIA Capital, LD Capital.

Yellow, a Blockchain product and infrastructure company, and Moonrock Capital, a blockchain advisory and investment company. Yellow Network is a new generation of Financial Information Exchange (FIE) Network allowing direct P2P trading between any blockchains and exchange brokerages, aiming to interconnect the blockchain industry and solve the crypto liquidity fragmentation problem with proven traditional finance strategies.

0xAstra raised $3M in a Seed funding round from Animoca Brands, Skyland Ventures, Folius Ventures, Ultiverse, Orbiter Finance, Redpoint.

0xAstra is an omnichain strategy (SLG) game where players build, expand, and defend their cosmic homeland. Players engage in space exploration, resource management, and interstellar conquest, using tactical strategies to dominate the galaxy. By leveraging omnichain technology, 0xAstra enables seamless cross-chain interactions and asset management, ensuring a fluid gaming experience across multiple blockchains. Players can form alliances, battle rivals, and explore vast universes while unlocking unique game assets in a decentralized environment.

Fermah raised $5.2M in a Seed funding round from a16z Crypto Startup Accelerator (CSX)*, Lemniscap*, Bankless Ventures, LongHash Ventures, P-OPS Team, Public Works, Zero Knowledge Validator (ZKV), LambdaClass, Daedalus, Zero Dao, Velocity Capital, Balaji Srinivasan, Sandeep Nailwal, Daemon Ventures.

Fermah is a universal proof generation layer that operates as a marketplace for zero-knowledge (ZK) proof generation. It connects the supply side, consisting of GPUs and FPGAs, with the demand side, offering ZK proof generation for a variety of use cases such as ZK rollups, bridges, and privacy-focused applications. Fermah aims to provide reliable and cost-effective infrastructure, allowing projects to generate ZK proofs efficiently while leveraging decentralized computing power.

Limitless raised $3M in a Pre-seed funding round from 1confirmation*, Collider Ventures, Paper Ventures, Public Works.

Limitless is a decentralized social prediction protocol that allows creators to easily configure prediction markets and share them with their communities. Users can trade on the outcomes of real-world events, earning fees and making forecasts. The platform utilizes price feeds to resolve daily markets, similar to binary options or 0DTE options. Limitless combines community engagement with decentralized finance to offer a seamless, low-cost prediction market experience.

MagicBlock raised $3M in a Pre-seed funding round from a16z Crypto Startup Accelerator (CSX).

MagicBlock is a high-performance engine built on top of Solana, designed to accelerate the development of onchain games and consumer applications that are decentralized and unstoppable. With Ephemeral Rollups, MagicBlock introduces a new primitive that enhances Solana’s scalability without fragmenting its state. Developers can leverage MagicBlock to build fully onchain games and apps that are trustless, permissionlessly composable, and persist without the need for centralized servers.

Filament Finance raised $1.1M in a Seed funding round from Lingfeng Innovation Fund (LIF)*, Halo Capital, Spyre Group, Polygon, Router Protocol, Chorus One, Archerman Capital, CoinBureau, Stakecito.

Filament is a decentralized perpetual exchange (Perp DEX) utilizing a hybrid model combining off-chain orderbooks with on-chain liquidity pools. Designed to solve issues like low liquidity in niche markets and capital inefficiency, Filament optimizes liquidity provision and trading across a wide range of assets. It leverages dynamic liquidity pools, strategic funding rates, and stablecoin usage to improve returns for liquidity providers and expand asset accessibility. The platform aims to enhance the decentralized finance landscape through more efficient perpetual trading.

Rise Labs raised $3.2M in a Seed funding round from Finality Capital*, Orange DAO, Digital Asset Capital Management (DACM), ether fi, P2 Ventures (Polygon Ventures), MH Ventures, Public Works, Alex Svanevik, Vitalik Buterin, Stani Kulechov, Sandeep Nailwal, DCF God, Scott Moore, Sam Kazemian, Anthony Sassano.

RISE is a Layer 2 platform designed to revolutionize blockchain scalability with over 100,000 transactions per second. Aiming to achieve Ethereum’s vision, RISE preserving decentralization and security while delivering near-instant, low-cost transactions. Its architecture, built on Rust-based infrastructure and parallel Ethereum Virtual Machine (EVM) execution, surpasses current Ethereum Layer 2 solutions, unlocking new possibilities for blockchain apps.

Other investment rounds

SolanaFM raised undisclosed amount in a M&A  funding round from Jupiter.

SolanaFM is a solana blockchain explorer and indexing provider.

Coinhall raised undisclosed amount in a M&A  funding round from Jupiter.

Coinhall is the leading Interchain Trading Terminal, providing traders with real-time price charts, liquidity analytics, and aggregated swaps across multiple decentralized exchanges (AMM DEXes) on supported networks like Terra, Juno, Near, and Cosmos. It is designed for both beginner and professional traders, offering a user-friendly interface powered by TradingView for advanced data visualization.

Chaos Labs raised undisclosed amount in a  funding round from PayPal Ventures.

Chaos Labs is a highly automated economic security and risk management platform for DeFi protocols. Chaos Labs' tooling allows core teams and community members to better monitor protocol health and risks in real-time to execute mainnet changes before a potential vulnerability is exploited.

Nametag raised undisclosed amount in a M&A  funding round from Mask Network.

Nametag is a decentralized identity platform that empowers users to own and manage their digital identities. By using the Nametag Web Extension, users can display digital collections, achievements, and social credentials (Nokens) across platforms like YouTube, Twitter, and Discord. Nokens reflect users’ online actions, such as game rankings, assets, and community involvement. Nametag enables new forms of interaction, allowing individuals to create dynamic profiles that showcase their online presence and verified accomplishments.

Drift Protocol raised $25M in a Series B  funding round from Multicoin Capital*, Blockchain Capital, Folius Ventures, Primitive.

Drift Protocol is a decentralized Solana-based exchange for spot trading, perpetual futures, and token swaps with a focus on capital efficiency and asset protection. It features a cross-margined risk engine, Just-in-Time Auction Liquidity, an on-chain perpetual and spot orderbook, and a decentralized orderbook (DLOB) for enhanced liquidity.

Helius raised $21.8M in a Series B  funding round from HAUN Ventures*, Founders fund*, Foundation Capital, 6th Man Ventures (6MV), Chapter One, Spearhead.

Helius provides Solana RPCs (Remote Procedure Calls) powered by top-tier hardware, offering reliable and optimized performance for applications. With global coverage, dedicated nodes, Geyser plugins, and excellent 24/7 developer support, Helius ensures a seamless experience for users, including advanced options for traders, bot developers, and exchanges.

Aptos raised undisclosed amount in a  funding round from Foresight Ventures.

Aptos is a Layer 1 blockchain on a mission to help people achieve universal and fair access to decentralized assets in a safe and scalable way.

Vana raised $5M in a Strategic  funding round from Coinbase Ventures, MH Ventures, Manifold, GSR Markets LTD, DeFiance Capital, Auros Global, Box Group.

Vana is building a decentralized network of user-owned data pools, empowering individuals to monetize their personal data. Focused on bridging blockchain and AI, Vana’s DAOs allow members to pool data from platforms like Reddit, LinkedIn, and X. These data pools are sold to AI researchers, offering users a new income stream.

Velo raised undisclosed amount in a  funding round from UOB Venture Management.

Velo Labs is a blockchain infrastructure company specializing in the development of a compliance-first global settlement network for fast, secure, and cost-effective cross-border payments.

Amnis Finance raised $2M in a  funding round from OKX Ventures (ex OKEx Blockdream Ventures)*, Borderless Capital*, Aptos Labs, SkyVision Capital, Chorus One, Old Fashion Research (OFR), Re7 Capital, Flowdesk, Gate Ventures, Ambush Capital, ArkGrow, Valhalla Capital, Stealth Capital.

Amnis Finance is a liquid staking protocol built on the Aptos blockchain, enabling users to maximize returns on their APT tokens while maintaining liquidity. Through innovative liquid staking, Amnis allows users to earn staking rewards while still using their staked tokens for trading or other investments. Additionally, Amnis introduces yield tokenization, splitting staked assets into principal and yield components, offering flexibility in crafting financial strategies.

SunDog raised undisclosed amount in a  funding round from SunPump.

SUNDOG is a meme token on the TRON blockchain inspired by dog memes, designed to bring fun and positivity to the crypto community. It is launched on the SunPump platform, aiming to engage the TRON community with lighthearted, meme-driven content while offering participation in the ecosystem. SUNDOG represents a playful and serious canine character that brings “sunshine” and enjoyment to users involved in the TRON network.

Forge raised undisclosed amount in a  funding round from Ava Labs, Sui Network, dingaling, Chris Wang.

Forge is a Web3 video gaming platform that allows gamers to consolidate their gaming achievements and activities into a single profile while offering rewards for their participation. The platform connects gamers, offers a unified gaming profile, and integrates blockchain technology to provide a social and rewarding gaming experience.

Permissionless Labs (Pipe Network) raised $10M in a  funding round from Multicoin Capital*.

Pipe Network is an incentivized internet infrastructure project that aims to revolutionize content delivery networks (CDN) by using blockchain technology. It allows users to contribute their computing power to expand CDN nodes and improve content delivery. By leveraging crypto incentives, Pipe plans to enhance the speed and efficiency of data transfer, reducing latency caused by geographical distances. The project is built on the Solana blockchain and is expected to launch its testnet during the Breakpoint conference in Singapore.

LogX raised $4M in a Strategic  funding round from Hashed Emergent, Cumberland (DRW), Gate Labs, Saison Capital, DWF Ventures, Antler, CoinSwitch, WAGMI Ventures, Kairos Capital.

LogX is a liquidity solution optimized for perpetual trading on Layer 2 blockchains. By aggregating liquidity across multiple chains, LogX ensures a seamless trading experience for users, eliminating the need for managing gas fee tokens or multiple transactions per trade. The platform caters to professional traders and institutions with deep liquidity pools, allowing for high-leverage trading with ease and efficiency. LogX is designed to offer trading features while maintaining low fees and high-speed performance across decentralized ecosystems.

AmbrusStudio (E4C: Final Salvation) raised undisclosed amount in a Series A  funding round from The Spartan Group*, Infinity Ventures Crypto (IVC), Sui Foundation, Goodwater Capital, Zee Prime Capital.

E4C: Final Salvation is set to become the first mobile MOBA game in the Web3 game field to incorporate eSports into its gameplay. Created by Ambrus Studio.

* fund, that lead investment round