Venture Capitalists Show Confidence in Crypto and Web3 Projects
In November, venture capitalists demonstrated their confidence in crypto and Web3 projects with significant funding rounds. The cross-chain protocol Wormhole secured a $225 million investment led by Brevan Howard, Coinbase Ventures, Multicoin Capital, and others. Rokid, backed by Temasek Holdings, received $112 million for international expansion. Additionally, early-stage crypto startups received funding, with BITKRAFT Ventures supporting creative economy platforms and gaming studios.
Music Collaboration Platform Baton Raises $4.2 Million
Baton, a collaboration platform addressing key issues in the music industry, closed a $4.2 million funding round led by BITKRAFT Ventures. The funds will be used to expand the team and accelerate the product roadmap. Baton aims to curate and deliver content to the right audience while promoting collaboration and fair compensation for creators.
Saga Secures $5 Million in Seed Extension Funding
Saga, a layer-1 protocol, raised $5 million in a seed extension round led by Placeholder. The company plans to use the funds to expand the team, build strategic partnerships, and grow its Saga Innovator Program. Saga claims to have nearly 300 projects building on its protocol and expects its mainnet to go live in early 2024.
Game Studio Bazooka Tango Raises $5 Million
Bazooka Tango, a game studio founded by former employees of Rockstar Games and Riot, secured $5 million in funding from BITKRAFT Ventures. The funds will support the development of its collectible tactics game Shardbound.
Authentick Raises $4 Million for Wallet-Free Collectibles Purchases
Authentick, a platform offering wallet-free purchases of collectibles, raised $4 million in seed funding led by Menyala. The funds will be used for development and partnerships. Authentick converts digital collectibles into formats compatible with e-commerce platforms, allowing users to purchase them like regular retail items.
Intract Raises $3 Million for Web3 Gaming Platform
Intract, a web3 exploration platform, secured $3 million in seed funding from various investors. The startup offers community engagement solutions, allowing users to earn tokens and NFTs through participation in quests and events.
Hot Take: Venture Capitalists Fuel Growth in Crypto and Web3
Venture capitalists’ increased investment in crypto and Web3 projects highlights the growing confidence in these technologies. Major funding rounds and seed capital injections demonstrate the potential for innovation and disruption in various industries. With significant financial backing, startups in the music, gaming, collectibles, and web3 sectors can accelerate their growth and bring novel solutions to the market. This influx of capital also indicates the broader recognition of crypto as a legitimate asset class with long-term potential. As more venture capitalists enter the space, we can expect further advancements and breakthroughs in the crypto and Web3 landscape.
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