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CryptoVenture Highlights: Funding Updates

Martin Walker
Sep 7, 2023 at 09:20 am

The recent uptick in global interest rates may have given some investors pause when it comes to venturing into the cryptocurrency space. However, despite this, new projects are continuing to thrive and attract capital to expedite their growth trajectory. Venture Capital Database indicates that the month of June saw a rather substantial decrease of 29.73% in venture capital investments, amounting to a modest $779.32 million secured through 62 deals, in stark contrast to the figures from June 2022. Nevertheless, the overarching trend for the year paints a picture of increasing venture capital activity. In this intricate and fiercely competitive landscape roundup serves as a valuable resource, highlighting the latest endeavors that are making significant strides.

Orbital, the enterprise cryptocurrency platform, has successfully secured $6.4 million (equivalent to 5 million euros) in a funding round, with primary backing from the renowned venture firm Golden Record Ventures. The funding endeavor also saw the active participation of notable investors like New Form Capital, GSRV, and Luminous Futures. These acquired funds will be channeled towards enhancing Orbital's product development, with a specific focus on blockchain payment infrastructure tailored to cater to the needs of traditional businesses. Remarkably, the company enables these conventional enterprises to embrace cryptocurrency payments from their customers and subsequently convert these digital assets into major fiat currencies, including the U.S. dollar, euro, and British pound. Orbital proudly states that it processes approximately $250 million in transactions each month on behalf of its clientele.

The DeFi protocol unshETH has successfully secured $3.3 million in funding during its seed round

In another corner of the cryptocurrency landscape, the DeFi protocol known as unshETH has managed to secure a substantial $3.3 million in its seed funding round, which concluded in August. The financial backing for this endeavor came from a diverse pool of investors, spearheaded by Soma Capital and ICONIQ Capital, with participation from prominent figures like Fan Zhang, co-founder of Sequoia Capital China. The unshETH protocol actively promotes healthy competition among Ether liquid staking protocols, with the overarching goal of advancing the decentralization of validators. The versatile omnichain token associated with this protocol purportedly facilitates seamless transfers across various blockchains, including Ethereum, BNB Chain, and Arbitrum. The funds garnered from this funding round will be judiciously allocated to support the development of features closely linked to liquid staking.


The Web3 creator ZTX has garnered $13 million in investment

Shifting our focus to the realm of Web3, ZTX, the visionary Web3 virtual world platform, recently concluded a seed funding round that brought in an impressive $13 million in capital. The funding round was spearheaded by Jump Crypto and enjoyed participation from a diverse consortium of investors, including Collab+Currency and MZ Web3 Fund. ZTX represents a collaborative effort between Jump Crypto and ZEPETO, one of the world's largest metaverse platforms. Launched in 2022, ZTX has recently taken a significant step forward by introducing its inaugural playtest—an exclusive beta test of its forthcoming 3D open-world platform. The newfound financial resources will be deployed to bolster the development of Web3 infrastructure, catering to the needs of creators operating within immersive 3D environments.

Stroom Network aims to simplify Bitcoin staking through a $3.5 million funding effort

Stroom Network, a dynamic player in the crypto space, has successfully concluded a seed funding round, raising an impressive $3.5 million in financial backing. Leading the charge in this round is Greenfield, a Berlin-based crypto investment fund known for its forward-thinking approach. Joining them in this exciting endeavor is Mission Street, the venture arm of the well-known Ankr. Stroom Network, operating on the innovative Bitcoin's Lightning Network (LN), offers users a seamless solution for optimizing their Bitcoin capital utilization on both the LN and the Ethereum network simultaneously. This dual-network capability has sparked considerable interest among crypto enthusiasts seeking efficient ways to harness the potential of their Bitcoin holdings. The recently secured funds are earmarked for expanding operational capacity and the highly anticipated launch of the protocol's liquid staking token on the Ethereum mainnet, marking a significant milestone in Stroom Network's evolution. Notably, LN has garnered a reputation as Bitcoin's most promising layer-2 network, boasting an impressive current capacity of 4,743.97 BTC, according to data sourced from 1ml.

The Web3 art platform Fxhash successfully concludes a funding round, securing $5 million

Shifting our focus to the world of digital art, Fxhash, a pioneering Web3 art platform, has made waves by successfully securing a substantial $5 million in seed investments. Spearheading this funding round is the esteemed Web3 venture firm 1kx, known for its strategic investments in cutting-edge projects. Additionally, the support extended to Fxhash comes from a diverse group of backers, including Fabric Ventures, Bright Opportunities DAO, Tezos Foundation, and Union Square Ventures, reflecting the broad appeal of Fxhash's innovative approach to digital art. Fxhash's platform empowers artists to unleash their creativity by enabling the creation, listing, and collection of generative art—a unique form of digital art generated using intricate computer code. Since its inception in 2021, Fxhash proudly boasts that its platform has minted over a staggering 2 million distinct pieces of generative art, highlighting its impact and influence in the world of digital creativity. In an exciting twist, some forward-looking experts in the blockchain realm have begun touting artificial intelligence-generated art as the next major trend within the nonfungible tokens sector, underscoring Fxhash's relevance and potential in shaping the future of digital artistry.

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