Organized by: Luan Peng, RootData
According to incomplete statistics from RootData, from November 25 to December 1, 2024, there were a total of 25 public investment and financing events in the blockchain and cryptocurrency industry, with a total financing of approximately $183 million.
From the distribution of tracks, the projects that received financing are mainly distributed in the infrastructure and DeFi tracks. Popular projects include modular L1 network U2U Network, stablecoin issuance protocol usdx.money, prediction market BRKT.gg, and privacy-first social protocol Rarimo.
In addition, blockchain payment company Partior completed $80 million in Series B financing, with Deutsche Bank joining as a new investor. This financing round initially started in July 2024, with investors including Peak XV Partners, JPMorgan, Jump Trading Group, Standard Chartered Bank, Temasek, and Valor Capital Group.
(List of projects with financing greater than $5 million last week, data source: Rootdata)
1. Infrastructure
Modular L1 network U2U Network completes $13.8 million in financing, with participation from JDI Ventures and others.
Modular L1 network U2U Network completes $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, and others. The funds raised will support the ongoing development of U2U Network's Subnet technology.
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 is composed of former employees from Ethereum, Google, and Infina.
Chloe Phung, co-founder and co-CEO of U2U Network, announced that it is about to go public.
The DePIN + AI project PinGo based on the TON chain has received investment from UFLY Labs.
According to official news, the first DePIN + AI project based on the TON chain, PinGo, has successfully received investment from UFLY Labs, with specific amounts not yet disclosed. This round of financing will help PinGo accelerate the development of its proprietary DePIN blockchain network, driving the next wave of decentralized innovation. By combining cutting-edge technology with real-world applications, PinGo aims to bring more possibilities to decentralized ecosystems.
Earlier, PinGo launched an airdrop subscription event on Gate Web3 Startup, attracting 56,271 participants and raising a total of 19,589,740 GT, with a subscription progress of 538,623.59%.
PinGo, as the first AI + DePIN project based on the TON network, aims to redefine the way to acquire computing resources, datasets, and artificial intelligence.
UFLY Labs is the ecological fund of UXLINK. It focuses on investing in innovative projects with cutting-edge technologies or products, relying on UXLINK's strong community and ecosystem, always at the forefront of technological innovation and real user feedback.
AI blockchain platform Talus Network completes $6 million in financing, with a valuation of $150 million, led by Polychain Capital.
AI blockchain platform Talus Network completes $6 million in financing, with a valuation of $150 million, led by Polychain Capital, with participation from Foresight Ventures, Animoca, Geek Cartel, Echo, and angel investors including Polygon co-founder Sandeep Nailwal, Sentient core contributors and Symbolic Capital co-founder Kenzi Wang, 0G Labs CEO Michael Heinrich, Allora Labs CEO Nick Emmons, and Nuffle Labs co-founder Atlan Tutar. This brings Talus's total financing amount to $9 million.
These funds will help further develop the Talus ecosystem, including Protochain, Nexus framework, and the 'AI dating experience' application.
According to RootData, Talus Network is a blockchain platform focused on decentralized artificial intelligence. The network leverages the powerful capabilities of Move, emphasizing security, speed, and enhanced developer experience. Talus Network creates a future that empowers users fairly and accessibly by cultivating a diverse ecosystem of intelligent agents for decentralized applications.
Cryptocurrency payment company Request Finance acquires Pay.so and launches a cryptocurrency/fiat payment solution.
Cryptocurrency payment company Request Finance announces the acquisition of regulated Lithuanian VASP company Pay.so and launches a cryptocurrency/fiat payment solution.
This acquisition allows Request Finance to provide a fully compliant one-stop payment solution, connecting cryptocurrency and fiat, thereby simplifying global transactions for businesses of all sizes.
It is reported that Pay.so operates under one of the most powerful and reliable regulatory frameworks for companies providing digital asset services. Pay.so has grown tenfold in just nine months, solidifying its position as a major partner for large companies adopting digital currencies. Pay.so is one of the companies with the widest currency coverage in the market, providing various fiat payments in several currencies to Request Finance's clients, including USD, EUR, GBP, AUD, CHF, SGD, NZD, THB, HKD, IDR, CAD, INR, AED, KRW, JPY, MYR, and PHP.
Additionally, according to Web3 asset data platform RootData, Request Finance is an integrated financial solution for Web3 enterprises, helping crypto project teams, DAOs, and their accountants simplify their corporate cryptocurrency payments and financial reporting.
BNB Chain ecosystem re-staking infrastructure Kernel completes a total of $10 million in financing, with participation from Binance Labs and others.
BNB Chain ecosystem re-staking infrastructure Kernel announces that it has raised a total of $10 million in multiple financing rounds, 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.
Kernel includes three DeFi products: cross-chain re-staking infrastructure Kernel on BNB Chain (mainnet coming soon), liquidity re-staking protocol Kelp on Ethereum, and RWA tokenized yield protocol Gain. Kernel states that the KERNEL token will unify governance and incentives for Kelp, Kernel, and Gain, rewarding early supporters and driving ecosystem development.
2. DeFi
The stablecoin issuance protocol usdx.money completed $45 million in financing, with participation from BAI Capital and others.
The stablecoin issuance protocol usdx.money completed a $45 million financing, after this round of financing, the project's valuation has reached $275 million. NGC, BAI Capital, Generative Ventures, UOB Venture Management, and others participated, with some investors injecting funds through warrants. Existing supporters of the project include Dragonfly Capital and Jeneration Capital.
usdx.money aims to build the next generation of stablecoin infrastructure, with USDX as its first stablecoin product. After the financing is completed, usdx.money will further accelerate its ecological layout, promoting the application of stablecoin USDX and sUSDX in various fields.
The investment platform Margarita Finance based on Solana completes $1 million in Pre-Seed financing.
According to official news, Margarita Finance announces the completion of $1 million in Pre-Seed financing, with participation from Tomahawk.VC, Outrun Ventures, G-20 Group, N&V Capital. Additionally, Margarita Finance has also 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 choose their crypto assets, lock-in periods, and target yields, with the platform using option strategies to generate returns.
DeFi derivatives protocol Cega announced it has been acquired by a 'leading platform' and will shut down the platform by the end of the year.
DeFi derivatives protocol Cega announces it has been acquired by a 'leading platform', with the name of the acquirer and the acquisition amount not disclosed.
The company has stated that it will discontinue its product suite by the end of the year, and Cega's platform will no longer accept deposits, urging users to begin withdrawals as the products will cease service by the end of this year. Cega stated on X platform: 'Cega's original vision was to create the next evolution of DeFi derivatives.'
Today, we are pleased to announce that we have been acquired by a leading platform and will continue to drive this vision. Our team is very proud to be the first to introduce exotic options into DeFi, processing 500 million transactions and safely securing user funds over the past three years.
Binance Labs announces investment in Astherus.
Binance Labs announces investment in multi-asset liquidity center Astherus, which aims to solve inefficiencies in DeFi by focusing on maximizing the real returns of assets, providing sustainable and substantial returns while enhancing the utility and liquidity of digital assets within the ecosystem.
Astherus plans to launch AstherusLayer, a Layer-1 blockchain dedicated to DeFi, which will support multi-asset staking and utilize BNB as gas fees.
Astherus will use the newly acquired funds to accelerate product development, launch innovative yield products, and optimize user experience, aiming to expand yield strategies and simplify DeFi interactions.
Cryptocurrency yield protocol developer Avant completes $6.5 million in seed round financing, with participation from Superlayer and others.
Cryptocurrency yield protocol developer Avant completes $6.5 million in seed round financing, post-investment valuation of $25 million, with participation from Superlayer, Avalaunch, GoGoPool, Daybreak Digital, and Linda Kreitzman. Founder Rhett Shipp stated that Avant was established in June this year, informal talks with investors began in May, but formal financing started in October and concluded earlier this month.
It is reported that Avant has issued a 'stable value' token called avUSD, which can be obtained through staking to receive savUSD (a yield version of avUSD). Avant Protocol is still in its early stages, operating in 'early access' mode, allowing only a select group of whitelisted addresses to mint and stake avUSD. Shipp stated, 'This whitelist will expand in the coming weeks.' He also added that avUSD and savUSD are planned for full public release in December. (The Block)
Vanilla Finance completes Pre-Seed financing, led by ABCDE Labs and others.
According to Bitcoin.com, Vanilla Finance announces the completion of Pre-Seed 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, Scroll.
Long-tail asset liquidity platform Tren Finance announces the completion of seed round financing, with participation from Contango Digital Assets and others.
Long-tail asset liquidity platform Tren Finance announces completion of seed round financing, with participation from Contango Digital Assets, Maven Capital, Moonrock Capital, OIG Capital, Metabros, OZARU Ventures, and others.
It is reported that this round of financing will be used to build the (re)activation protocol for DeFi.
Additionally, according to Web3 asset data platform RootData, Tren Finance is a liquidity platform for crypto long-tail assets. By supporting niche assets as collateral, Tren Finance aims to unlock higher capital efficiency for various crypto assets.
DeFi project OpenTrade completes $4 million seed expansion round financing, led by AlbionVC.
DeFi project OpenTrade announces completion of $4 million seed expansion round financing to build RWA-supported loan and stablecoin yield products. This round of financing is led by AlbionVC, with participation from a16z Crypto and CMCC Global.
OpenTrade CEO David Sutter stated: 'Stablecoins play a critical role in the crypto ecosystem, bridging the gap between digital assets and traditional finance. As the crypto ecosystem matures, our technology enables fintech companies and exchanges to offer seamlessly integrated, secure, and fast stablecoin yield products to meet high demand levels.'
According to RootData, OpenTrade is built on Circle's payment and DeFi infrastructure, through OpenTrade, regulated asset management firms can create on-chain lending products that assume returns, depositing USDC or EURC into an on-chain treasury with certain investment standards and target returns.
3. Games
Prediction market BRKT.gg completes a $1.75 million seed round financing.
According to official news, 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, 280Capital, Triton Liquid Fund, Movement, Silvermine Capital, and Nibiru Chain.
It is reported that BRKT.gg is a decentralized prediction market powered by Movement. In less than six months, it has attracted over 300,000 users.
Web3 game ecosystem company N3MUS completes an $800,000 Pre-Seed round financing, led by Moonbeam Foundation.
Web3 game ecosystem company N3MUS announced the completion of an $800,000 Pre-Seed round financing, led by Moonbeam Foundation, with participation from Arrington Capital, Borderless Capital, Techstars, Frens Syndicate, Paka Fund, Metazero Capital, Black Dragon, and x21. The new funds will be used to advance its Web3 game ecosystem, focusing on user acquisition, competition types, and cross-chain gaming experiences.
Additionally, according to Web3 asset data platform RootData, N3MUS is a Web3 game ecosystem that aims to seamlessly integrate blockchain into mainstream games. This is achieved through its three main products, including N3MUS ID, a Web3 account abstract wallet for game studios; N3MUS Tournament, allowing players to participate in skill-based competitions and climb leaderboards for rewards; and a game center for players to explore and participate in various games.
Balance announces that Key Node node sales are now live.
Web3 experience infrastructure Balance announces that Key Node node sales are now live, with nodes being sold on a first-come, first-served basis, with limited quantities.
According to RootData, Balance is a Web3 experience infrastructure created by the Epal team, dedicated to providing a smooth Web3 transition experience for Web2 users. Balance leverages its user traffic pool to bring transformation to multiple industries (especially social and gaming) by integrating blockchain and AI technology.
Balance successfully completes two rounds of financing led by Andreessen Horowitz (a16z) and Galaxy Interactive, with a total financing amount of $30 million. Participating institutions include Animoca Brands, K5, CLF Partners, MBK Capital, New Heights Fund, AMBER, MarbleX, and others.
Web3 game studio Qooverse completes Pre-seed financing, led by Paper Ventures.
Web3 game studio Qooverse completes Pre-seed financing round, led by Paper Ventures, with participation from Animoca Brands, Merit Circle, and notable angel investors. Specific amounts not disclosed.
Qooverse is a Web3 game studio founded by senior personnel from Tencent and Goldman Sachs. Qooverse plans to conduct TGE in early 2025 and is currently developing a medium and casual social gaming ecosystem, with games to be released on Telegram and eventually more social platforms.
4. Social
Privacy-first social protocol Rarimo completes $2.5 million Vision round financing, with participation from Vitalik and others.
Privacy-first social protocol Rarimo announced the completion of a $2.5 million Vision round financing, specifically for founders. Ethereum co-founder Vitalik Buterin, Celestia co-founder Nick White, RiscZero co-founder Brian Retford, Gnosis co-founder Stefan George, Aleo co-founder Alex Pruden, Monad co-founder Keone Hon, Aztec co-founder Zac Williamson, Arnaud Schenk, Aztec co-founder and Zcash contributor Ariel Gabizon, Alpen Labs founder Liam Eagan, Polygon Zero co-founder Daniel Lubarov, and distributed lab co-founder Pavel Kravchenko, among others, participated.
According to Web3 asset data platform RootData, Rarimo is an interoperability protocol that enables multi-chain assets, identities, and dApps, making it easier to work across different chains, allowing users to perform operations such as transferring tokens and staking tokens, and providing cross-chain proof of ownership. The project is developed by Rarify Labs.
5. Others
Bleap completes $2.3 million in Pre-seed financing, led by Ethereal Ventures.
The 'blockchain bank account' Bleap completes $2.3 million in Pre-seed financing, led by Ethereal Ventures, with participation from Maven11, Alliance DAO, Robot Ventures, and Credibly Neutral, as well as senior executives from angel investors Revolut, Phantom, OKX, EigenLayer, and Consensys.
This funding will be used to help develop a self-custody payment application that allows customers to spend stablecoins in the real world through the associated Mastercard debit card, ensuring no conversion or redemption fees are charged, and providing cashback of up to 2% on purchases. Bleap is currently testing for select EU users, with a full public deployment planned for Q1 2025, and the token is expected to launch in 2026.
Blockchain payment company Partior completes $80 million in Series B financing, with participation from Deutsche Bank.
According to Cryptonews, blockchain payment company Partior completed $80 million in Series B financing, with Deutsche Bank joining as a new investor. This financing round initially started in July 2024, with investors including Peak XV Partners, JPMorgan, Jump Trading Group, Standard Chartered Bank, Temasek, and Valor Capital Group.
Partior was founded in 2021, supported by financial institutions such as DBS Bank and JPMorgan. The company provides real-time clearing and settlement services through its blockchain platform, aiming to solve the sequential processing issues in traditional payment systems. Deutsche Bank's global head of cash management Patricia Sullivan stated that the bank plans to join the Partior platform as a euro and dollar settlement bank.
The funds will be used to strengthen Partior's global expansion and develop new features such as intra-day foreign exchange swaps. Notably, Deutsche Bank has been increasing its investment in the cryptocurrency sector in recent years, having applied for a digital asset custody license from German financial regulators in June 2023.
Swedish listed company Hilbert Group acquires digital asset management firm Liberty Road Capital.
According to Cointelegraph, Swedish listed company Hilbert Group announced the acquisition of Liberty Road Capital (LRC), where all AUM, existing customer relationships, key employees, and all intellectual property will be acquired by Hilbert Group.
LRC co-founder Russell Thompson will join Hilbert Group. Thompson co-founded the traditional hedge fund The Cambridge Strategy in 2003, which reached a peak AUM of $3.5 billion and was successfully sold in 2018. LRC was founded in 2019 and is based in the British Virgin Islands, holding an investment management license issued by the local Financial Services Commission.
According to the agreement, in the next two years, LRC's business income will be shared at a ratio of 50:50, with LRC committing to convert all its share of income into new Class B shares of Hilbert Group. Hilbert Group CEO Niclas Sandström stated that this acquisition will significantly accelerate the company's business development and expand the scope of trading strategies.
Stablecoin issuer Schuman Financial completed $7.36 million in seed round financing, led by RockawayX.
Stablecoin issuer Schuman Financial completes $7.36 million in seed round financing, led by RockawayX, with participation from Lightspeed Faction, Kraken Ventures, Nexo Ventures, Gnosis VC, Delta Blockchain Fund, and Bankless Ventures.
Additionally, Schuman Financial has launched a euro stablecoin EURØP compliant with MiCA standards.
Schuman Financial has become the first European company to obtain a stablecoin issuer license in France, building an ecosystem around EURØP, which includes SEPA integration, banking channels, and custody partnerships with leading global banks such as Société Générale.
