October 15, 2024
Here’s your Weekly Wrap of all things crypto funding, ending October 12, 2024.
This week’s crypto funding landscape showcased notable investments across key blockchain sectors, reflecting sustained investor confidence and innovation in decentralized technologies. The total disclosed funding reached $198.55 million across 27 projects, with DeFi, Gaming, and Bitcoin emerging as the standout categories. These sectors highlighted blockchain’s growing role in transforming financial systems, gaming ecosystems, and Bitcoin scalability.
Below is a detailed breakdown of the standout sectors and their significant projects.
Category | Organization Name | Project Description | Money Raised this Round |
AI |
|
| 15,500,000 |
Kiva AI | Platform supporting next-gen AI applications | 7,000,000 | |
OpenGradient | Decentralized AI Infrastructure | 8,500,000 | |
Bitcoin |
|
| 20,000,000 |
APRO Oracle | First Oracle tailored for Bitcoin | 3,000,000 | |
Bitlayer Labs | Developer of a Bitcoin Layer 2 network | 9,000,000 | |
Yala | Bitcoin-backed Stablecoin Developer | 8,000,000 | |
DeFi |
|
| 69,600,000 |
Bison Swap | UTXO-based DEX | UNDISCLOSED | |
Fission Labs | DeFi app that allows users to invest in VC backed projects | 1,600,000 | |
Infinex | Platform focused on enhancing decentralized finance | 65,000,000 | |
Rexas Finance | Tokenizing Real World Asset | 3,000,000 | |
Scallop | Leading Money Market on Sui | UNDISCLOSED | |
DePIN |
|
| UNDISCLOSED |
AiGO | DePIN for Mobility Geo-Location Data | UNDISCLOSED | |
PinGo | AI & DePin on TON Network | UNDISCLOSED | |
FinTech |
|
| 4,200,000 |
Kriptown | French FinTech blockchain-based SME stock exchange | 4,200,000 | |
TSFC | API connected CEX trading app | UNDISCLOSED | |
Gaming |
|
| 21,000,000 |
Dragonz Lab | Utility First P2E Game on Venom Blockchain | 9,000,000 | |
Moonveil | Gamer Ecosystem | 2,000,000 | |
PiP World | Financial Learning Gaming Project | 10,000,000 | |
Infrastructure |
|
| 4,500,000 |
Botanika | Decentralized Data Storage | 1,500,000 | |
Semantic Layer | dApps Incentive Alignment project | 3,000,000 | |
Layer 1 |
|
| 27,000,000 |
TON Blockchain | Decentralized Layer1 blockchain | 10,000,000 | |
Apex Fusion | UTxO and EVM platform | 6,000,000 | |
delta | Network of Networks | 11,000,000 | |
Layer2 |
|
| 20,000,000 |
Ithaca | Open-Source L2 to accelerate crypto frontier | 20,000,000 | |
Social |
|
| 7,750,000 |
MeWe | Privacy-first social media network | 6,000,000 | |
Trendies | Community Launchpad on Base | 1,750,000 | |
Trading |
|
| UNDISCLOSED |
Tradias | EU Digital Assets Trading Platform | UNDISCLOSED | |
Web3 |
|
| 9,000,000 |
InFinitar | Web3 MOBA and eSports platform | 9,000,000 | |
Grand Total |
|
| 198,550,000 |
Bitcoin
The Bitcoin category showcased its continued relevance, securing $20 million across three projects. These projects reflect an ongoing interest in enhancing Bitcoin’s functionality through layer 2 networks, stablecoin infrastructure, and innovative oracle solutions.
APRO Oracle raised $3 million, emphasizing its focus on being the first oracle tailored for Bitcoin. By enabling secure and reliable off-chain data integration with Bitcoin applications, APRO Oracle is paving the way for decentralized applications to thrive on the Bitcoin network. The funding highlights growing recognition of Bitcoin’s potential beyond payments and its role in a broader Web3 ecosystem.
Bitlayer Labs secured $9 million, underscoring its commitment to developing a Bitcoin Layer 2 network. This layer aims to improve transaction scalability, speed, and cost-efficiency, enabling more robust and diverse use cases for Bitcoin. The investment signifies increasing interest in leveraging Bitcoin’s foundational security for advanced technological applications.
Yala raised $8 million to develop a Bitcoin-backed stablecoin, addressing the need for a stable digital asset anchored to Bitcoin’s value. This project focuses on creating a reliable, decentralized financial instrument to facilitate global payments and hedging strategies. Yala’s funding reflects the growing demand for Bitcoin’s integration into the DeFi space.
DeFi
The DeFi sector dominated this week’s funding with $69.6 million raised across five projects. These investments showcase a sustained focus on reshaping traditional financial systems through decentralization and tokenization.
Bison Swap is a UTXO-based decentralized exchange (DEX). Although the funding amount remains undisclosed, its innovative approach to UTXO architecture positions it to redefine DEX operations by enhancing efficiency and security. The project’s potential to streamline decentralized trading is attracting significant attention.
Fission Labs raised $1.6 million to develop a DeFi application that enables users to invest in venture capital-backed projects. By democratizing access to exclusive investment opportunities, Fission Labs aims to bridge the gap between traditional finance and DeFi, making VC investments more accessible to retail users.
Infinex led the DeFi category with an impressive $65 million raised. The platform focuses on enhancing decentralized finance infrastructure, prioritizing scalability, security, and user experience. Infinex’s substantial funding reflects investor confidence in its mission to expand DeFi adoption by offering seamless tools for managing and trading digital assets.
Rexas Finance raised $3 million to tokenize real-world assets, enabling users to bridge physical and digital investments. By facilitating fractional ownership and liquidity of tangible assets, Rexas Finance aims to unlock new financial opportunities for global markets.
Scallop, a leading money market platform on Sui, has yet to disclose its funding amount. Its innovative financial solutions leverage Sui’s blockchain to provide users with efficient borrowing and lending options, contributing to the evolving DeFi ecosystem.
Gaming
The Gaming sector demonstrated its potential for innovation, with $21 million raised across three projects. These projects highlight the merging of education, entertainment, and community-building within blockchain-based gaming ecosystems.
PiP World raised $10 million to revolutionize the gaming and education space by creating a financial learning gaming project. This platform combines gamification with financial literacy, enabling users to learn about managing money, investments, and blockchain technologies while engaging in interactive gameplay. With its blockchain integration, PiP World aims to provide a rewarding learning experience by incentivizing participants through tokenized achievements. The significant funding underscores the growing appeal of educational gaming powered by blockchain.
Dragonz Lab secured $9 million to develop a utility-first play-to-earn (P2E) game on the Venom Blockchain. This project focuses on creating engaging blockchain-based gaming experiences where players can earn and trade digital assets while exploring immersive virtual worlds. By combining utility with entertainment, Dragonz Lab is setting a new standard for blockchain gaming, attracting both players and investors to its ecosystem.
Moonveil raised $2 million to build a gamer ecosystem platform, aimed at fostering blockchain-based gaming communities. The platform provides tools and resources for developers and gamers, enabling collaboration and the creation of unique gaming experiences. Moonveil’s emphasis on community-driven innovation highlights the evolving role of blockchain in connecting players and developers through decentralized ecosystems.
Conclusion
This week’s crypto funding landscape showcased a strong performance, with $307.6 million raised across 27 projects. While DeFi and Bitcoin sectors attracted notable investments, Gaming and AI projects demonstrated increasing momentum, highlighting blockchain’s growing influence across diverse industries. The substantial funding in traditional categories like Layer 1 and Bitcoin reaffirms investor confidence in foundational blockchain technologies, while the sustained interest in areas like Gaming and AI suggests a steady expansion of blockchain applications into emerging use cases.
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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