OKX Ventures Prioritizes Investments in Sustainable Blockchain and Zero-Knowledge Tech
Summary:
OKX Ventures' key investment areas for 2024 include zero-knowledge technology and sustainable blockchain solutions. An investment of $12 million was made in Cysic, a startup in the ZK field. The cryptocurrency firm also aims to converge AI with blockchain technology. Other investments include WeatherXM AG's $7.7 million, Switchboard's $7.5 million, GaiaNet's $10 million, API3's $4 million, and $5 million secured by startup SCRYPT.
OKX Ventures has highlighted sustainability attempts and zero-knowledge tech as significant future investments. Jeff Ren, OKX partner, declared the firm's 2024 investment interests, emphasizing on sustainable blockchain solutions like tokenized green assets and on-chain tracking of carbon offsets. Ren also discussed investments in zero-knowledge technology, stating that they co-led a funding round amounting to $12 million for ZK's hardware acceleration project Cysic. Other intended investments revolve around the integration of artificial intelligence and blockchain, with projects such as MyShell and Flock.io in OKX's portfolio.
WeatherXM AG spearheaded a $7.7 million Series A funding round, with Lightspeed Faction as the primary investor. Protocol Labs and Arca are amongst the other contributors. The funding will be utilized for staff and network growth and continuing the development of weather hardware enabled by cryptocurrency. Over 5,000 weather stations across more than 80 countries have been established by WeatherXM.
A Series A funding round of $7.5 million was secured by Switchboard, an adaptable oracle network. Tribe Capital and RockawayX were amongst the primary investors, with Solana Foundation and Mysten Labs also being partakers. The fund will support expansion, with the platform already handling over $2 billion in total value and exceeding 100,000 users.
GaiaNet gathered $10 million in a seed funding round for the development of a decentralized network facilitating artificial intelligence software. The funds will back the initiation of new AI training models, enlarging the network nodes, and aid in constructing the network framework.
OKX Ventures has assigned $12 million for investing in Cysic, a startup focusing on zero-knowledge hardware acceleration. The funding will be used to boost global expansion, recruitments, and hardware production.
API3, a provider of oracle solutions, concluded a $4 million funding round with DWF Labs being the leading investor, aimed to enhance liquidity. They offer decentralized APIs and data feeds for smart contracts.
Lastly, cryptocurrency startup SCRYPT closed a funding round, obtaining $5 million, with Braza Bank spearheading the investment. The gained capital will be used to provide trading, custodial, and staking services.
Published At
6/3/2024 10:04:56 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.