Cryptocurrencies

Venture capitalists are raising more and more capital to invest in startups

Venture capitalists are increasingly raising capital to invest in startups based on blockchain technology. In the past two weeks, Paradigm closed a third fund to invest $850 million in early-stage cryptocurrency projects, while Pantera Capital is seeking more than $1 billion for a new fund that will offer exposure to the “full range” of blockchain assets by 2025.

It’s also worth noting that another billion dollars for startups could come from Tether’s coffers. Over the next 12 months, the company plans to invest in areas such as emerging markets, artificial intelligence and biotechnology. Tether’s venture capital arm has already spent around $2 billion over the past two years on technologies such as artificial intelligence and alternative financial infrastructure.

On the startup side, June highlights include Avail’s $43 million in funding to address data availability issues in blockchain, and Mirror’s $12 million Series A funding World Labs to accelerate its Sonic protocol.

This edition of Cointelegraph’s VC report features another group of startups that raised capital in the first weeks of June.

Plural Energy secured $2.33 million for on-chain renewable energy

Plural Energy has raised $2.33 million in seed funding to support its clean energy investment platform. The funding round was led by Necessary Ventures and Compound, with additional participation from Volt Capital and Maven11. Plural plans to launch its first token investment asset, a portfolio of solar projects developed by Solaris Energy, in the coming months. The platform will allow users to invest in solar farms located in the United States and receive profits generated by blockchain technology. Plural would focus on projects worth less than $100 million, which are “often overlooked by infrastructure investors despite their vital role in transforming the power grid.” According to the company, more than $4 trillion must be invested in clean energy by 2030 to meet global climate goals.

Connext rebranded as Everclear, raising $5 million from Pantera Capital

Connext rebranded as Everclear and secured $5 million from Pantera Capital in a private deal. The funds will be used to diversify its Decentralized Autonomous Organization (DAO) and support the development of its clearing layers, which are public networks for market participants to coordinate the clearing and settlement of capital flows across chains. Everclear is already on the testnet, with mainnet launch planned for Q3 2024. The company has created a secure standard interoperability protocol backed by intent that recently surpassed $1 billion in total value and over $500 million dollars in monthly bridge volume.

Ava Protocol raises $10 million for Web3 automation

Ava Protocol, formerly known as OAK Network, has completed $10 million in total seed funding to expand its Web3 infrastructure for private, intent-based autonomous transactions. The funding includes a seed round of $5.5 million and a subsequent seed round of $4.5 million. According to the protocol, it facilitates the automation of cross-chain smart contracts, where contracts are activated based on predefined conditions such as time and price.

The funds will help improve its testing network, expand its capacity, and further develop the intent- and event-driven Eigenlayer AVS. The funding round included Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange and Shima Capital, with previous contributions from the likes of Sandeep Nailwal and companies including Greylock, Foundation Capital and GSR. The Ava Protocol testnet is used by more than 10,000 unique wallets, executing more than 1,000 automated transactions daily, the company reported.

OKX Ventures makes strategic investment in security company GoPlus

OKX Ventures, the investment arm of cryptocurrency exchange OKX, has revealed an investment in blockchain security company GoPlus. The company provides automated security services, including smart contract auditing, threat detection and anti-phishing tools, to the decentralized finance (DeFi) space.

The amount of the investment was not disclosed, but the capital is expected to accelerate GoPlus’s technology development, expand its team and expand its services to include more blockchain networks and decentralized applications (DApps).

Source: OKX Projects

Radian Arc Secures $9M Series B Funding Led by BITKRAFT Ventures

Radian Arc, an infrastructure-as-a-service (IaaS) provider focused on cloud gaming and artificial intelligence, announced the close of its Series B funding round, securing $9 million. The round was led by BITKRAFT Ventures, with contributions from AMD Ventures, Boston and Saffelberg. This investment will support Radian Arc’s expansion, enhancement of its IaaS platform and continued development of its cloud-based solutions. The company aims to partner with telecommunications companies to offer gaming experiences and artificial intelligence applications.

Ouinex raises over $5 million through token sale

Cryptocurrency and derivatives trading platform Ouinex recently concluded its second round of private token sales, raising $1 million from its private community. According to the announcement, the round was part of a series of private financing efforts that collectively brought the company’s total funding to $5.2 million. The latest edition was sold out within hours of its launch, Ouinex said, adding that its community currently has 50,000 members. The funds will be used to upgrade platform functionality and obtain regulatory licenses.

Blueberry Protocol raises $2.5M Series A led by White Star Capital

Decentralized prime broker Blueberry Protocol has raised $2.5 million in strategic funding led by WSC and Varys Capital. Blueberry offers decentralized access to leverage DeFi on Ethereum, while integrating risk management tools into its framework. According to the protocol, this approach aims to increase accessibility, improve capital efficiency, and potentially improve profitability for DeFi users. Other participants in this investment round include SNZ Capital, White Star Capital, Alchemix DAO, Aquanow, Dewhales Members, DCD Members, GateCap Ventures, Knight Trading and MonkeVentures.

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