This week witnessed a flurry of significant investments and partnerships in the cryptocurrency and blockchain sector, underscoring the industry’s continued growth and innovation. Notable deals include Ripple’s $1 million donation to support John Deaton’s Senate campaign, Menlo Ventures and Anthropic’s launch of a $100 million AI startup fund, and Allium Labs securing $16.5 million in Series A funding.
Additionally, Chainbase raised $15 million, while Haruko and Bitrue Ventures announced $6 million and $40 million funds, respectively, aimed at expanding digital asset management and supporting Web3 startups.
Chainbase Secures $15 Million Series A Funding
Chainbase has completed a $15 million Series A investment round. Leading companies, including Tencent Investment Group and Matrix Partners, are leading this investment, which will help Chainbase in its endeavors to develop a complete on-chain data infrastructure for Web3.
With more than 500 billion data calls, 6,000 projects, and more than 15,000 developers are now supported by Chainbase’s network. By providing a consistent, open, and interoperable data network intended to democratize access to on-chain data and improve AI capabilities, the business hopes to address problems with centralized data control and restricted fair access.
With the goal of enhancing on-chain data intelligence and meeting scalable Web3 data requirements, Chainbase’s initial crypto world model will be developed and launched with the help of additional funds. The goal of this project is to bring together millions of users and developers, standardize on-chain data interfaces, and guarantee that the value of data is restored to the original producers.
Chris Feng highlighted the importance of this investment in expanding the company’s mission and advancing its goals. Matrix Partners’ Harry Man noted Chainbase’s rapid growth and its significant role in integrating AI with on-chain data. With a global team of data scientists and ML engineers, Chainbase is set to drive future advancements in Web3 data.
Ripple’s $1M Donation to John Deaton’s Senate Campaign
The $1 million donation from Ripple to the Commonwealth Unity Fund represents a major financial boost for John Deaton’s campaign. This super PAC was established specifically to support Deaton by lawyer James Murphy. Federal Election Commission records show that alongside Ripple’s contribution, Murphy himself donated $50,000.
Deaton’s campaign has received contributions totaling $1.7 million from a number of well-known cryptocurrency personalities. These include Charles Hoskinson, the founder of Cardano, Anthony Scaramucci, Chris Larsen, and the Winklevoss brothers of Gemini.
Deaton will, however, have a difficult time defeating Elizabeth Warren, the incumbent, who has raised $18 million. Furthermore, not all groups that support cryptocurrencies are endorsing Deaton.
Anthropic and Menlo Ventures’ $100 Million Anthology Fund
In addition to financial support, startups chosen for the fund will have access to Anthropic’s state-of-the-art AI models and technologies.
Daniela Amodei highlighted the company’s focus on projects that use AI to improve human capacities in industries, including scientific research, energy, healthcare, legal services, and education.
This partnership builds on Menlo Ventures’ existing relationship with Anthropic, as Menlo was an early investor in the AI firm. Menlo Ventures has a track record of successful AI investments, including Siri and Uber.
Allium Labs’ $16.5M Series A Funding
Theory Ventures spearheaded the investment round for Allium Labs. With the participation of already-existing seed investors, Allium raised a total of $21.5 million.
Visa and Allium Labs collaborated to create the Visa OnChain Analytics Dashboard, which offers data on stablecoin activities. According to their most current research, there are 27.5 million active users each month across all chains, and the total amount of stablecoins in circulation is close to $150 billion.
The company intends to strategically allocate its new funding to enhance its data infrastructure and broaden its market presence. This initiative is designed to empower financial institutions to seamlessly integrate and adopt digital assets, positioning them to fully leverage the potential of the digital economy.
Haruko’s $6M Series A Funding
Since its founding in 2021, the company has expanded to serve over 50 investment management firms across North America and Europe.
Supporting a variety of financial instruments, the platform provides coverage of OTC venues, DeFi, and CeFi. The increasing demand from clients in the area for sophisticated portfolio and risk management solutions in digital asset investing is the driving force behind Haruko’s entry into Southeast Asia.
Bitrue Ventures’ $40M Web3 Investment Fund
Bitrue Ventures’ $40 million fund will make individual investments of up to $200,000 in web3 startups. The fund’s focus areas align with current trends in the crypto and blockchain space, including AI integration, real-world asset tokenization, and decentralized infrastructure.
In addition to funding, Bitrue Ventures plans to publish research reports to guide development teams and inform consumers about industry trends. This initiative comes at a time when web3 startups raised nearly $1.9 billion in Q1 2024, indicating strong ongoing interest in the industry despite market fluctuations.
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