Financing Weekly Report | 23 public financing events; stablecoin infrastructure project usdx.money completes $45 million in financing, with participation from NGC and others.

This issue's highlights

According to incomplete statistics from PANews, there were 23 financing events in global blockchain last week (11.25-12.1), with a total funding scale exceeding $150 million, an increase compared to the previous week, as summarized below:

• In the DeFi sector, 8 financing events were reported, including the stablecoin infrastructure project usdx.money announcing the completion of $45 million in financing, with a valuation of $275 million.

• Two financing events in the Web3 gaming track were announced, including the Web3 game studio Qooverse announcing the completion of Pre-Seed round financing, led by Paper Ventures.

• One financing event in the NFT sector was announced: Animoca Brands strategically invested in Pudgy Penguins' parent company Igloo, Inc.

• The infrastructure and tools track announced 6 financings, including the modular L1 network U2U Network completing $13.8 million in financing, with participation from KuCoin Ventures.

• In other blockchain/crypto applications, 3 financing events were announced, including the prediction market BRKT.gg announcing the completion of $1.75 million in seed round financing, led by Foresight Ventures.

• Three financing events were announced in the centralized finance sector, with Deutsche Bank joining Partior's $80 million Series B financing as a strategic investor (previously disclosed to have raised over $60 million).

DeFi

usdx.money announced the completion of $45 million in financing, with participation from NGC and others.

The stablecoin infrastructure project usdx.money announced the completion of $45 million in financing, with a valuation of $275 million. This round of investors includes NGC, BAI Capital, Generative Ventures, and UOB Venture Management, with some investments made in the form of warrants. Previous investors also include Dragonfly Capital and Jeneration Capital.

Trump family's crypto project WLFI received a $30 million investment from Sun Yuchen.

Tron founder Sun Yuchen invested $30 million in U.S. President-elect Trump's DeFi project World Liberty Financial (WLFI), becoming the largest investor in the project. Sun Yuchen wrote on platform X: 'The U.S. is becoming a blockchain hub, and the rise of Bitcoin is attributed to Trump.' A WLFI spokesperson stated in a statement: 'Several significant purchases have already been made in recent weeks, and we are confident about future success. More developments are expected in the coming weeks and months.'

Schuman Financial completed a $7.36 million seed round financing, led by RockawayX.

Schuman Financial completed a $7.36 million seed round financing in September this year, led by RockawayX, with participation from Lightspeed Faction, Kraken Ventures, Nexo Ventures, Gnosis VC, Delta Blockchain Fund, and Bankless Ventures. EURØP will first be issued on Ethereum and Polygon chains and plans to integrate more blockchains and DeFi protocols in the future, while also being listed on major European crypto exchanges. The company will also build an ecosystem that includes SEPA integration, banking channels, and custodial partnerships with top global banks like Societe Generale.

Crypto yield protocol developer Avant completed a $6.5 million seed round financing.

Crypto yield protocol developer Avant announced the completion of a $6.5 million seed round financing, with participation from Superlayer, Avalaunch, GoGoPool, Daybreak Digital, and Linda Kreitzman. Avant founder Rhett Shipp stated that the company is focusing on its existing contacts and angel investor network rather than targeting well-known crypto venture capitalists; Avant was established in June this year and began informal talks with investors in May but officially started fundraising in October; this round of financing concluded earlier this month, and the financing structure is a Simple Agreement for Future Equity (SAFE), with Avant's post-financing valuation reaching $25 million.

According to reports, Avant issued a token called avUSD, a 'stable value' token that can earn savUSD (the yield version of avUSD) through staking. The protocol operates on the Avalanche blockchain. While avUSD itself does not generate yield, it is designed for various DeFi activities such as lending. By staking avUSD to earn savUSD, yield can be obtained. According to Avant's website, the current annual percentage yield (APY) for savUSD is 34%.

OpenTrade completed $4 million in seed round expansion financing, led by AlbionVC.

London-based fintech company OpenTrade announced the completion of $4 million in seed round expansion financing, led by AlbionVC, with existing investors a16z Crypto and CMCC Global participating. This financing will be used to expand operational scale, enhance product functionality, and develop additional services, including yield products supporting new asset types. Since its establishment at the end of 2022, OpenTrade has processed over $100 million in transaction volume, providing clients including WOO X and Littio with stablecoin yield products based on real assets (such as US Treasury bonds), with annualized yields between 3%-6%, without the costs and complexities of fund flows returning to traditional banking systems.

Bleap completed a $2.3 million seed round financing, led by Ethereal Ventures.

Bleap, founded by former Revolut employees Joao Alves and Guilherme Gomes, completed a $2.3 million seed round financing led by Ethereal Ventures. Other participants include Maven11, Alliance DAO, and executives from Revolut, Phantom, and OKX. After this round of financing, the company's valuation reached $10 million. Bleap is a self-custody stablecoin payment application that allows users to make stablecoin payments via a linked Mastercard, enjoying zero conversion fees and up to 2% cashback. The application is based on the Ethereum Layer 2 network Arbitrum and supports stablecoins such as USDC and USDT, with plans for full launch in Q1 2025. Bleap combines blockchain technology with banking services, providing DeFi yields and no-fee global transfer services. Additionally, Bleap is registering as a virtual asset service provider (VASP) in Poland and plans to launch its own token in 2026.

The DeFi liquidity reboot protocol Tren Finance completed seed round financing, with participation from Maven Capital and others.

The DeFi liquidity reboot protocol Tren Finance announced the completion of seed round financing, with participation from Contango Digital Assets, Maven Capital, Moonrock Capital, OIG Capital, Spyre Capital, etc. Specific financing amounts and valuation information have not been disclosed, and it is reported that Tren Finance currently mainly provides liquidity proofs and hooks to support re-staked LPs, money market deposits, and re-staked positions in various DeFi services.

Vanilla Finance completed Pre-Seed round financing, led by Paper Ventures.

Telegram ecosystem trading platform Vanilla Finance announced the completion of Pre-Seed round financing, led by Paper Ventures, UOB Ventures, and ABCDE Labs, with participation from HTX Ventures, Ocular, Openspace, Y2 Ventures, Signum Capital, and angel investors from projects like STEPN and Scroll, with specific amounts not disclosed. It is reported that Vanilla Finance aims to use these funds to expand its market product range, focusing on deploying localized services in the Southeast Asian and Asia-Pacific digital economy.

NFT

Animoca Brands strategically invested in Pudgy Penguins' parent company Igloo, Inc.

Animoca Brands announced a strategic investment in Pudgy Penguins' parent company Igloo, Inc., demonstrating its confidence in the growth potential of the consumer crypto market and the NFT industry.

Web3 Games

Web3 game studio Qooverse completed Pre-Seed round financing, led by Paper Ventures.

Web3 game studio Qooverse announced the completion of Pre-Seed round financing, led by Paper Ventures, with participation from Animoca Brands, Merit Circle, and several angel investors, with specific financing amounts not yet disclosed. Qooverse was founded by a creative team that previously worked at Tencent and Goldman Sachs and is currently developing casual social games based on social platforms like Telegram, with plans to launch the token TGE in early 2025.

Web3 ARPG blockchain game Runesoul completed $1 million in seed round financing, led by Accelbyte.

Web3 ARPG blockchain game Runesoul announced the completion of a $1 million seed round financing at a valuation of $20 million, co-invested by Accelbyte and IGC. Runesoul focuses on creating an innovative Web3 ARPG gaming experience, aiming to combine on-chain economic systems with high-quality game content to attract global players and blockchain community users.

Infrastructure & Tools

The modular L1 network U2U Network completed $13.8 million in financing.

The modular L1 network U2U Network completed $13.8 million in financing, with participation from KuCoin Ventures, Chain Capital, IDG Blockchain, Cointelegraph, V3V, JDI Ventures, Tesseract, IBG, Blockhive, Maxx Capital, UB Ventures, etc. The raised funds will support the continued development of U2U Network's Subnet technology. According to reports, U2U Network is a Layer 1 blockchain that uses DAG technology and is EVM compatible. The innovative subnet technology of U2U Network allows developers to create scalable and flexible subnets, making it an ideal platform for efficient DePIN development. U2U Network was formed by former employees from Ethereum, Google, and Infina, totaling 100 early contributors.

The BNB Chain ecosystem's re-staking infrastructure Kernel has cumulatively completed $10 million in financing, with participation from Binance Labs.

The BNB Chain ecosystem's re-staking infrastructure Kernel announced that it has raised a total of $10 million in multiple rounds of financing, with investors including Binance Labs, SCB Limited, Laser Digital, Bankless Ventures, Hypersphere, Draper Dragon, DACM, CYPHER, ArkStream Capital, HTX Ventures, Avid VC, GSR, Cluster Capital, Longhash Ventures, Via BTC, Side Door Ventures, NOIA, and DWF Labs. According to reports, Kernel is a core re-staking infrastructure project focused on the BNB Chain, which will soon launch its mainnet and introduce KERNEL tokens to unify the governance and incentive mechanisms of Kelp, Kernel, and Gain, rewarding early supporters and promoting ecosystem development.

Talus Network completed a $6 million financing led by Polychain Capital, valued at $150 million.

The high-throughput blockchain protocol Talus Network completed $6 million in strategic financing led by Polychain Capital, with a valuation of $150 million. This round of financing also attracted investments from Foresight Ventures, Animoca, Geek Cartel, and Echo, as well as several well-known angel investors. The funds will be used to expand the Talus ecosystem, including Protochain, Nexus framework, and 'AI dating experience' applications. As a result, Talus's total financing amount reached $9 million.

Talus aims to support decentralized AI agents, with its developed Talus Agents managing DeFi portfolios, DAO governance fund allocation, and in-game NPC tasks, allowing users to co-own and trade these on-chain assets. Additionally, the platform plans to launch the TAI token for transaction fees and resource allocation. As an ecosystem case, Talus will launch the 'AI Bae' application by the end of the year, providing users with personalized AI companions, generating exclusive virtual avatars connected to TikTok, and supporting chat, social betting, and tokenized interactions.

Rarimo completed $2.5 million in financing, with participation from Vitalik Buterin and others.

The decentralized digital identity infrastructure Rarimo announced the completion of $2.5 million in Vision round financing, with investors including Ethereum co-founder Vitalik Buterin, Celestia co-founder Nick White, Aztec co-founder Zac Williamson, and Arnaud Schenk, among many blockchain and zero-knowledge proof (ZK) field leaders. This round of financing aims to promote Rarimo's vision of fully decentralized digital identity and will migrate to Ethereum Rollup in Q1 2025 for improved accessibility. Rarimo's core technology ZK identity registry has been applied in various fields, including election voting and the construction of decentralized social graphs. Vitalik Buterin stated that Rarimo effectively protects privacy and enhances trust by packaging existing identity verification methods through ZK technology.

No-code Telegram mini-program launcher SODA secured Pre-Seed round financing led by Gagra Ventures.

The no-code Telegram mini-program launcher and cryptocurrency distribution infrastructure SODA announced the completion of a Pre-Seed round financing, led by Gagra Ventures, with participation from Kenny Li (founder of Manta Network and p0x Labs), Marat Khichikov (executive partner at Bitfury Group), Seb (founder of Sophon), and Omakase (early contributor to Sushiswap), with specific amounts and valuation information not yet disclosed. SODA will support Memecoin developers using Telegram as a distribution channel, expected to launch in December 2024, initially supporting Solana, EVM, and TON blockchains, with plans to expand to Sui, Aptos, and others.

Lnfi Network completed Pre-Seed round financing, with participation from HashKey Capital and others.

Lnfi Network (formerly NostrAssets) announced that it has completed Pre-Seed round financing, with participation from HashKey Capital, UTXO Management, CMS Holdings, Waterdrip Capital, Wolf's Clothing, among others, with specific amounts and valuation information not yet disclosed. The new funds will support the expansion of its lightning and Bitcoin order book exchange LN Exchange, elevating the lightning network from an instant payment protocol to a comprehensive financial ecosystem. Previously, Lnfi Network released its token economics, with 60% allocated to the community, 10% for pre-launch trading mining rewards and airdrops.

Others

The prediction market BRKT.gg completed a $1.75 million seed round financing.

The prediction market BRKT.gg announced the completion of a $1.75 million seed round financing, led by Foresight Ventures, with participation from Orange DAO, V3V Ventures, MEXC Ventures, 280 Capital, Triton Liquid Fund, Movement, Silvermine Capital, and Nibiru Chain. According to reports, BRKT.gg is a decentralized prediction market driven by Movement. In less than six months, it has attracted over 300,000 users.

Left Bank Wisdom released a RWA project in the agricultural sector and completed a 10 million yuan equity financing.

Left Bank Wisdom (Shanghai) Data Technology Co., Ltd. (hereinafter referred to as 'Left Bank Wisdom') released an agricultural RWA project - 'Malus Grape RWA' project, and completed 10 million yuan equity financing. It is reported that 'Malus Grape' is one of Shanghai's most representative agricultural product brands, with a development history of over 40 years. In conjunction with the development of the 'Malus Grape' industrial chain, the Shanghai Data Exchange, in collaboration with the Malus Town Economic Development Service Center, Left Bank Wisdom, 'Malus Grape' planting companies, as well as infrastructure service providers, information security service providers, law firms, accounting firms, asset appraisal companies, and other business entities, are exploring innovative applications of data elements. Among them, Left Bank Wisdom, as the project operator, integrates agricultural products and production data into project assets based on the core architecture of the SwiftLink management platform, ensuring the accuracy, completeness, and timeliness of information disclosure based on the tradable nature of the project operator's shares.

The BSC ecosystem meme coin issuance platform BabyGOUT completed a $500,000 seed round financing, led by Crypto Labs.

The fair issuance platform for meme coins based on the BSC public chain, BabyGOUT, announced the completion of a $500,000 seed round financing, led by Crypto Labs, with participation from Panther Capital and others. It is reported that BabyGOUT is a fair issuance platform for meme coins based on the BSC public chain, allowing users to launch immediately tradable tokens without providing liquidity. In addition, BabyGOUT is the first ecological project of the BSC public chain MEMECoin GOUT community.

Centralized finance

Deutsche Bank joined Partior's $80 million Series B financing as a strategic investor.

Singapore-based blockchain fintech company Partior announced that Deutsche Bank has joined its Series B financing as a strategic investor, with the total amount of this financing reaching $80 million. Previously, Partior raised over $60 million in its Series B financing, led by Peak XV Partners, with participation from J.P. Morgan, Jump Trading, Standard Chartered Bank, Temasek, and Valor Capital Group. Partior plans to expand its cross-border settlement capabilities with the support of Deutsche Bank, developing features such as instant forex swaps and multi-bank payments. Deutsche Bank will join its platform as the Euro and U.S. dollar settlement bank, enhancing the capabilities of its recently launched dbX cross-border payment ecosystem. Since its establishment in 2021, Partior has processed over $1 billion in transactions, providing real-time clearing and settlement services through its blockchain-based network, simplifying global payment processes while enhancing transparency and efficiency.

The investment platform Margarita Finance based on Solana completed $1 million in Pre-Seed round financing.

Margarita Finance announced the completion of $1 million in Pre-Seed round financing, with participation from Tomahawk.VC, Outrun Ventures, G-20 Group, and N&V Capital. Additionally, Margarita Finance has received funding from the Solana Foundation. It is reported that Margarita Finance is an investment platform built on the Solana blockchain, bringing Wall Street-style structured products into the cryptocurrency world, providing returns through customizable 'yield boosters'. Users can select their own crypto assets, lock-up periods, and target yields, with the platform using options strategies to generate returns.

The crypto investment platform BitSave has completed a Pre-A round of financing led by Leo Capital.

Bangalore-based crypto investment platform BitSave announced the completion of Pre-A round financing, led by Leo Capital, with specific financing amounts and valuation data not disclosed. Currently, its core service is providing cryptocurrency index products aimed at professionals and high-net-worth individuals (HNIs), primarily tracking the Bloomberg Galaxy Crypto Index. The platform intends to use the new funds to support demand acquisition for business licenses and plans to expand its crypto investment business to other Asian countries.

Investment institution

Alchemy launched a $10 million grant fund to support Arbitrum Orbit builders.

Web3 development company Alchemy announced the launch of a $10 million grant fund for builders on the Arbitrum Orbit chain. For teams launching the Orbit chain: Alchemy will provide up to $500,000 in credit for each team, fully covering the infrastructure stack.