In a gloomy market outlook, blockchain company OpenLedger has managed to secure $8 million in a seed funding round. The round was led by Polychain Capital and Borderless Capital, demonstrating a continued interest in blockchain technology despite the industry's challenges.

The funding comes ahead of OpenLedger's testnet launch scheduled for later this year. While this could be seen as a positive development, the broader market conditions and regulatory uncertainties globally cast a shadow over the future of blockchain and cryptocurrency businesses.

The industry continues to face regulatory scrutiny worldwide, and the performance of cryptocurrency exchanges remains volatile. The success of OpenLedger's testnet launch, and its subsequent impact on the company's valuation, remains to be seen in this pessimistic market environment.