Venture Capitalists Fueling the Boom in Blockchain-Based Startups with Massive Funding Pledges
Summary:
This article discusses the surge of investment in blockchain-based startups, with venture capitalists closing funds of up to $850 million. Firms like Paradigm, Pantera Capital and Tether are pioneering this trend with significant plans for funding. The article also highlights various startups that successfully secured funding in June, including Plural Energy, Everclear (formerly Connext), Ava Protocol (formerly OAK Network), GoPlus, Radian Arc, Blueberry Protocol and Ouinex.
Investors are increasingly funding startups that are rooted in blockchain technology. Among the proliferating investments is Paradigm, who has recently sealed a third fund with $850 million directed to startups in their initial stages. Similarly, Pantera Capital is on the hunt for over $1 billion for an upcoming venture intended to encompass a broad range of blockchain assets by 2025. Another platform that could potentially provide up to $1 billion worth of investments for startups is Tether. In the upcoming year, Tether aims to funnel investments into emerging markets, biotech and artificial intelligence. Recently, Tether's VC arm has injected about $2 billion in areas like AI and alternative financial structures.
Blockbuster startup funding in June includes Avail's successful round of $43 million, intended to solve data accessibility issues across blockchains, and Mirror World Labs securing $12 million in a Series A funding round with the intention to expedite its Sonic protocol. This edition of Cointelegraph’s VC Roundup puts the limelight on other ventures that managed to secure investment earlier in June.
Plural Energy has obtained $2.33 million in pre-seed financing to aid the development of its onchain clean energy investment platform, with the help of Necessary Ventures, Compound, Volt Capital and Maven11. Plural now plans to launch its inaugural tokenized investment asset, a range of solar projects developed by Solaris Energy. The platform will enable users to invest in solar farms based in the US and experience blockchain-powered dividends.
In a different area, Connext is now renamed Everclear and bagged $5 million from Pantera Capital through a private transaction. The funds are intended to enhance its decentralized autonomous organization (DAO) and capitalize the development of innovative Clearing Layers that allow net settlement of capital flows between blockchains.
Ava Protocol, previously OAK Network, has now pooled $10 million in seed funding. This is to aid their development of the Web3 infrastructure for intent-based private autonomous transactions.
Finally, OKX Ventures, the investment arm of OKX crypto exchange, has announced a strategic investment in GoPlus, a blockchain security firm providing automated security services for the decentralized finance (DeFi) space. Meanwhile, both Radian Arc and Blueberry Protocol secured hefty investments to bolster their specialized services, while Ouinex has raised over $5 million from their latest token sales round.
Published At
6/19/2024 11:00:00 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.