‘Web5’ startups, Metaverse sports and bitcoin financing are in the news

'Web5' startups, Metaverse sports and bitcoin financing are in the news

There has been a lot in the bitcoin (BTC) and cryptocurrency markets since our last edition of the VC Roundup. Terra ecosystem has been hit by another massive collapse of the digital asset market, exposing over-leveraged traders, lending platforms and venture capital funds. In the process, the price of bitcoin hit new lows, falling below the peak of the previous cycle for the first time in its history.

Despite the initial dominance hit by the cryptocurrency markets, venture capitalists continue to invest in the industry ‘s most prolific start – ups. The latest edition of VC Roundup sheds light on the financing operations of digital asset infrastructure providers, unsecured cryptocurrency protocols, payment solutions and decentralized identity management companies.

Digital Asset Infrastructure Provider Closes $ 53M Funding Round

PolySign’s drive to offer institution-level cryptocurrency storage solutions to investors from a number of venture capital firms has received support. The company recently raised $ 53 million in Series C funding with the support of Cowen Digital, Brevan Howard, GSR and others. In addition, the company received a $ 25 million credit facility from venture capital firm Boathouse Capital. Although PolySign did not specify how the funding would be allocated, Series C closed around the same time as the company acquired digital asset fund administrator MG Stover.

Read also: Goldman Sachs downgrades Coinbase stock to ‘sell’

Bitcoin Startup Raises Funds to Make Money on Creator Economy

Bitcoin and Lightning Network payment platform Mash raised $ 6 million in seed funding in June, as part of its ongoing efforts to refinance the internet for developers and content creators. The seed round was co-hosted by Nic Carter’s Castle Island Ventures and Whitecap Venture Partners, with additional participation from Maple VC, Strategic Cyber ​​Ventures, Aquanow and Spacecadet Ventures. The Mash platform enables content developers and creators to offer “pay-as-you-go” pricing options to customers facilitated by BTC and Lightning Network.

The NFT Floor app raises $ 8 million

Unseen Signal App Floor has closed its $ 8 million Tier A round of funding to further its mission of making NFTs more accessible to ordinary users. The round was led by 6thMan Ventures, with additional participation from B Capital, Worklife Ventures, Collab + Currency, and others. Floor said it will use this funding to accelerate development and make NFTs more useful.

New cryptocurrency projects often rely on venture capitalists to help them get off the ground. The real question is: are there venture capitalists for the community and the fundamentals, or are they for their own good? (Via @CointelegraphZN) – Cointelegraph (@Cointelegraph) July 8, 2022

Euler receives significant funding

Hostless cryptocurrency protocol Euler has closed a $ 32 million round of funding, led by Haun Ventures, with participation from FTX Ventures, Coinbase Ventures, Jump Crypto, Jane Street, Uniswap Labs and others. The funds will be injected into the exchequer of the Euler Decentralized Autonomous Organization, or DAO, which is being rolled out in three phases. Euler is a decentralized financial protocol built on Ethereum that allows users to borrow and borrow cryptocurrency assets.

“Web5” and decentralized identity attract interest from private investors

Dunstrins decentralized identity protocol recently received an $ 8.5 million funding round to continue developing its user-controlled identity products. A company spokesman said Trinsic’s products bring real convenience to Jack Dorsey’s “Web5” ambitions. A vocal critic of Web3, the former Twitter CEO announced in June that he was avoiding the third iteration of the internet in favor of “Web5,” a new bitcoin-centric identity management model.

Read also: VC Roundup: The Rise of Blockchain Gaming, DAO Management and Asset Signage

KYVE Raises $ 9M Before Mainnet Launch

Web3 archiving protocol KYVE has raised $ 9 million in funding ahead of the mainnet launch planned for Q4 2022. The round, which included Distributed Global, Wicklow Capital, IOSG Ventures, Blockchain Coinvestors, Huobi Incurabor and others, will be used to further integration. ecosystems into the KYVE decentralized data lake. Many blockchains currently use KYVE, including Avalanche, Zilliqa, Cosmos, and Polkadot.

No one thought 2022 would bring that. Learn about the latest movements in the world of cryptocurrency and business in our Crypto Biz. – Cointelegraph (@Cointelegraph) July 2, 2022

Atmos Labs focuses on Metaverse sports with a seed fundraiser

Gaming developer Atmos Labs has closed a $ 11 million funding round to undertake the creation of Metaverse-focused sports games. The round was led by Sfermion, an NFT – focused venture capital firm, with participation from Animoca Brands, Collab + Currency, FBG Capital, CoinGecko Ventures and many more. Atmos Labs seeks to bring esports to a wider audience by creating immersive games in the Metaverse.

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