Crypto Startup Funding on the Rise: Ledger and EigenLabs Lead with $227 Million in Investments
Crypto startup funding continues to rise, with 11 companies landing an estimated $227 million in funding in the last week alone. This marks a slight increase from the previous week, during which companies secured $190 million. Among the most significant recipients of funding are cryptocurrency hardware company Ledger and the team behind EigenLayer, a re-staking protocol on Ethereum.
Ledger, a hardware wallet for cryptocurrencies, landed $109 million in its series C round. Investors included 10T, CapHorn Invest, Morgan Creek Capital, and Cathay Innovation, among others. Following this round of capital, Ledger is valued at $1.4 billion. This funding announcement comes at a time when centralized exchanges have been heavily scrutinized for security concerns, and self-custody discussions are on the rise.
Meanwhile, EigenLabs, the team behind EigenLayer, raised $50 million in a Series A round led by Blockchain Capital. Other participants included Electric Capital, Polychain Capital, Hack VC, Finality Capital, and Coinbase Ventures, among others. EigenLabs aims to create a new model that enables developers to easily consume trust instead of needing to build it. The team plans to launch EigenLayer in phases throughout the year.
Sreeram Kannan, the founder of EigenLayer, said in a statement posted on Twitter, “One of the central bottlenecks to innovation in today’s crypto ecosystem is the requirement for projects to bootstrap trust or crypto economic security. EigenLabs was born in the hopes of creating a new model, in which developers can easily consume trust, instead of needing to build trust, and design powerful systems of assurance that make the cryptosystem safer and more useful.”
As the crypto industry continues to grow, investments in startups and projects will likely continue to rise. Funding announcements like those of Ledger and EigenLabs demonstrate that investors are eager to support companies that are addressing the challenges and bottlenecks of the crypto ecosystem.
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