Crypto startups raise approx $52 million in the past week

For a significant amount of time, the climate surrounding crypto startup companies has appeared bleak and depressing. Recently, however, it seems that the tide has turned in their favor, as they were able to raise approximately $52 million last week. Earlier this week, they raised more than $118 million from various investors. Fedi, a developer of financial data technology, was able to acquire a sum of $17 million under the given circumstances. In addition, there is zkLink, a multichain zero-knowledge rollup that has successfully raised $10 million. In the case of Fedi, Ego Death Capital headed the Series A funding round. In addition to Kingsway, Trammell Venture Partners, and Timechain, additional contributors included others.

Where Fedi is concerned, it has been created on top of the Lighting Network. According to the entity, it will provide the opportunity for its users to be in the position of creating federations where payments can be carried out between friends and family with Bitcoin. For a start, the entity has plans to concentrate on some prime features related to the storage and transacting of Bitcoin, as well as safeguarding and making use of data. There will also be effective and private communication with family, friends, and co-workers.

In the case of zkLink, it was able to raise a total of $18.5 million from prominent investors, including Coinbase Ventures, Ascensive Assets, SIG DTI, Frontier, and others. The mainnet launch, which is scheduled for the third quarter of 2023, will follow the financing. With the assistance of the acquired funds, the entity has devised plans to provide crypto traders with uninterrupted multichain exposure. In addition, there is Fare Protocol, a probability smart contract ecosystem that was able to raise $6.2 million via a pilot round. Justin Kan, founder of Goat Capital and C Squared Ventures, provided the funding. 

Where the FARE token is concerned, it is possible to mint it through probability contracts. This is also true in the case of burning the FARE token. In this scenario, the value is allocated among the fare holders with the help of token deflation. Developers also find themselves able to create FARE contracts, with the users being capable of positioning FARE in the same contracts. This provides the opportunity to be able to mint fresh FARE or burn FARE with immediate effect. All of this will come with clarity as well as be verifiably random. 

Where the other fundraisers are concerned, they are Vibe, the NFT platform, which acquired $4 million through a seed round led by Alchemy Ventures. Another is Entendre Finance, which managed to raise $4 million through a seed round, with Basis Set as the lead investor and Moonpay and MDig. Then there is Nolus, a DeFi protocol, which secured $2.5 million with the help of a pre-seed round. Last but not least, there is the DeFi aggregator Portals, which managed $2 million through Lightshift Capital.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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