Crypto Ventures Navigate Global Interest Rate Increase with Strong Funding: Orbital, UnshETH, ZTX, Stroom Network, and Fxhash Secure Millions in Investments
Summary:
Global interest rate increase affects crypto ventures, but new projects continue to flourish. Orbital raises $6.4M to expand enterprise blockchain services. UnshETH secures $3.3M for decentralized finance protocol. ZTX attracts $13M to develop Web3 virtual world platform. Stroom Network raises $3.5M for streamlined Bitcoin staking. Fxhash closes $5M funding round for digital art platform.
Global interest rate increase dampens investor appetite for crypto ventures, but new projects continue to thrive and attract capital. According to data from the Cointelegraph Research Venture Capital Database, June saw a 29.73% decrease in venture capital investments, with $779.32 million secured in 62 deals. However, the overall trend for the year shows a rise in venture capital deals. In the midst of this complex and competitive environment, there are standout projects making waves.
Orbital, an enterprise crypto platform, has raised $6.4 million (5 million euros) in a funding round led by venture firm Golden Record Ventures. Other investors included New Form Capital, GSRV, and Luminous Futures. The funding will be used to expand Orbital's product development and its blockchain payment infrastructure for traditional businesses. With Orbital, these businesses can accept crypto payments from customers and convert them into fiat currencies like the U.S. dollar, euro, and British pound. The company processes $250 million in transactions every month.
UnshETH, a decentralized finance protocol focused on Ethereum staking solutions, has closed a $3.3 million seed round. Soma Capital and ICONIQ Capital led the funding, with participation from other investors including Fan Zhang, co-founder of Sequoia Capital China. The protocol aims to promote decentralization of validators through competition among Ether (ETH) liquid staking protocols. Its omnichain token allows transfers across different blockchains, such as Ethereum, BNB Chain, and Arbitrum. The raised funds will support the development of liquid staking-related features.
Web3 virtual world platform ZTX has raised $13 million in a seed round led by Jump Crypto, with Collab+Currency and MZ Web3 Fund also participating. ZTX is a collaboration between Jump Crypto and ZEPETO, one of the largest metaverse platforms. The platform recently introduced its first playtest, an invite-only beta test of its upcoming 3D open-world platform. The funds will be used to develop Web3 infrastructure for creators in immersive 3D environments.
Bitcoin liquid staking protocol Stroom Network has completed a $3.5 million seed round led by Greenfield, a Berlin-based crypto investment fund. Ankr's venture arm, Mission Street, also participated. Stroom operates on Bitcoin's Lightning Network, allowing users to utilize their Bitcoin capital on LN and the Ethereum network simultaneously. The funding will support operational expansion and the release of the protocol's liquid staking token on the Ethereum mainnet. LN is considered Bitcoin's most promising layer-2 network.
Fxhash, a digital art platform, has raised $5 million in seed investments led by Web3 venture firm 1kx. Fabric Ventures, Bright Opportunities DAO, Tezos Foundation, and Union Square Ventures also participated. Fxhash empowers artists to create, list, and collect generative art using computer code. Since its inception in 2021, the platform has minted over 2 million unique pieces of generative art. AI-generative art is seen as an emerging trend in the nonfungible tokens sector.
This news was reported by Sam Bourgi.
Published At
9/6/2023 9:00:00 PM
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