October 8, 2024
Here’s your Weekly Wrap of all things crypto funding, ending October 5, 2024.
This week’s crypto funding landscape witnessed targeted investments across a range of blockchain-driven sectors, indicating a steady focus on both innovation and practical applications. The total disclosed funding amounted to $35.2 million across nine projects, with AI, Wallet, and Layer 2 emerging as standout categories. These sectors collectively showcased blockchain’s expanding influence on AI integration, decentralized finance, and infrastructure enhancement.
The AI category led the week, raising $12.55 million, highlighting blockchain’s increasing integration with artificial intelligence for both virtual environments and financial insights. SecondLive spearheaded the sector with $12 million for its AI Metaverse Funding initiative, while Synnax Technologies contributed with $550,000 for its AI Credit Intelligence platform, emphasizing the broad scope of AI applications.
Wallet technologies followed closely, securing $7.8 million. RD Technologies stood out as a Stablecoin Issuer, reflecting a growing interest in stable digital currencies to drive financial stability within the crypto ecosystem. Meanwhile, Layer 2 solutions also drew considerable attention, with Layer raising $6 million to advance developer-friendly Web Assembly tools, underscoring the demand for scalable and efficient blockchain applications.
Below is a detailed breakdown of the standout sectors and their significant projects.
Category | Organization Name | Project Description | Money Raised this Round |
AI |
|
| 12,550,000 |
SecondLive | AI Metaverse Funding | 12,000,000 | |
Synnax Technologies | AI Credit Intelligence platform | 550,000 | |
DeFi |
|
| 1,100,000 |
Locked Money | Trustless digital asset management solution | 1,100,000 | |
FinTech |
|
| 2,000,000 |
Infinite Gaming | Platform that helps nonprofits manage their money | 2,000,000 | |
Gaming |
|
| 4,750,000 |
Moonray Game | Multiplayer action-RPG | 4,750,000 | |
Infrastructure |
|
|
|
Sophon | Modular blockchain ecosystem for entertainment applications | UNDISCLOSED | |
Layer 2 |
|
| 6,000,000 |
Layer | Web Assembly allowing devs to write apps in languages like rust | 6,000,000 | |
NFT |
|
| 1,000,000 |
RoOLZ | IP Game on TON | 1,000,000 | |
Wallet |
|
| 7,800,000 |
RD Technologies | Stablecoin Issuer | 7,800,000 | |
Grand Total |
|
| 35,200,000 |
AI
The AI category dominated this week’s funding, securing $12.55 million. SecondLive, an AI Metaverse Funding project, led the category with $12 million, showcasing the increasing integration of AI within immersive virtual environments. Meanwhile, Synnax Technologies raised $550,000 for its AI Credit Intelligence platform, signaling the potential of AI-powered financial solutions to enhance decision-making in credit and lending processes. These investments emphasize blockchain's role in supporting advanced AI-driven tools and applications.
SecondLive: Focused on AI Metaverse Funding to enhance virtual environments and experiences. Raised $12 million.
Synnax Technologies: Developed an AI Credit Intelligence platform aimed at transforming credit and financial decision-making. Raised $550,000.
Wallet
The Wallet category secured $7.8 million this week, with RD Technologies leading as a Stablecoin Issuer. RD Technologies’ raise highlights the ongoing demand for stable digital currencies as a means to improve financial stability in the crypto space. This funding reflects a growing interest in enhancing wallet infrastructure to facilitate reliable, cross-border transactions in the ecosystem.
RD Technologies: A Stablecoin Issuer aiming to support stable and efficient digital payments. Raised $7.8 million.
Layer 2
The Layer 2 category raised $6 million, driven entirely by Layer. This project focuses on enabling developers to build applications in languages like Rust through Web Assembly, which promises enhanced performance and scalability for decentralized applications. The funding reflects the increasing importance of Layer 2 solutions in reducing congestion and improving the efficiency of blockchain networks.
Layer: A Web Assembly-based Layer 2 project supporting developer-friendly app development. Raised $6 million.
Conclusion
This week’s funding activity underscores the expanding reach of blockchain across multiple sectors, with significant investments in AI, Wallet, and Layer 2 technologies. The AI category led the charge, raising a total of $12.55 million, driven by SecondLive with $12 million, while Synnax Technologies secured $550,000. Wallet technologies followed with $7.8 million in funding, reflecting the increasing interest in stable digital currencies, and Layer 2 projects raised $6 million, highlighting the demand for scalable blockchain solutions. These investments illustrate a continued investor focus on blockchain's integration with AI, decentralized finance, and infrastructure. As these sectors evolve, the blockchain space remains dynamic and primed for sustained growth.
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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