Funding Roundup: Capital Influx Propels Innovation & Development Of New-Age DeFi Offerings
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Given the rising popularity and acceptance of cryptocurrencies across borders, the crypto ecosystem is abuzz with VC firms and angel investors willing to provide the funds and the support needed for rising crypto startups.
As promising crypto apps and programs make their way into the decentralized ecosystem, billions of dollars from some of the most prominent names within the industry are at stake. Continuing the upward trend from 2020, the first half of the pandemic-struck 2021 witnessed the launch of several new DeFi projects and a massive capital influx.
Flare Completes $11.3 Million Seed Round To Support Turing-Complete Smart Contracts
Flare, a highly scalable smart contract platform running on Ethereum Virtual Machines (EVM), is developing a scaling method for smart contracts without relying on economic safety mechanisms, offering low transaction costs and increased throughput.
The world’s first Turing-complete FBA network has successfully completed its private seed round. Led by Kenetic Capital, the platform raised $11.3 million from Digital Currency Group, Coinfund, LD Capital, cFund, Wave Financial, Borderless Capital, Newform Capital, Genesis Capital, ZB Group, MXC, DeFi Capital, Backend Capital, private investors Do Kwan and Vinny Lingham, and Litecoin founder Charlie Lee.
dotmoovs Adds $840K To Further NFT Platform Development
dotmoovs, an innovative NFT platform powered by advanced computer vision algorithms, aims to democratize eSports by addressing issues that limit competition. The platform uses an arbitration engine and a scoring algorithm to measure player’s skills and offers a neutral platform for trusted and fair competitions, enabling players to monetize their skills.
The platform has already caught the attention of several notable investors, helping dotmoovs close a private funding round of $840,000. Participation in the capital raise included Ascensive Assets, AU21, Building Blocks, GBV Capital, MarketAcross, Moonrock Capital, Morningstar Ventures, Rarestone, and Spark Digital Capital.
Balancer Labs Collects $24.25 Million To Advance Balancer Protocol
Developed by Balancer Labs, the Balancer Protocol is an Automated Market Maker (AMM), offering a flexible and decentralized way for programmable liquidity and instant on-chain swaps at negligible gas costs. With the launch of the Balancer V2, the platform is shaping up as a launchpad for other AMM projects.
To continue developing the protocol and increase awareness across Asia-Pac, Balancer Labs has completed its seed funding round, raising $24.25 million from a consortium of investors, such as Blockchain Capital, Fintech Collective, LongHash Ventures, Continue Capital, Kain Warwicl (Founder, Synthetic), and Fenbushi Capital.
Solana Foundation & ROK Capital Unveil $20 Million Fund To Expand Solana’s Footprint
Solana is a high-performance blockchain network that provides the underlying infrastructure to build innovative dApps. With speeds of up to 50,000 transactions per second (TPS), Solana is designed to be fast, secure, cost-efficient.
To empower developers building Web3, DeFi, and NFT projects on Solana and expand the ecosystem’s presence in Korea, leading blockchain accelerator ROK Capital, in partnership with the Solana Foundation, has established the $20 million Solana Eco Fund. A portion of the funds has already been deployed to up-and-coming Solana-based projects, such as Serum, Synthetify, Mercurial Finance, and more.