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Financing Highlights | Multicoin Capital leads investment in DeFi project Drift; Bitget and Foresight Ventures jointly announce strategic investment in TON

24-09-23 16:43
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According to BlockBeats statistics, there were 10 financings last week, which was the same as before, with a total amount of about 309.2 million US dollars and an average financing amount of 39,200 US dollars. Among them, Web3+AI occupies the majority, with relatively more infrastructure and less metaverse. The following figure shows the proportion of financing in each sector last week:



Metaverse/GameFi


In the field of Metaverse/GameFi, there was a total of 1 financing, with a total amount of 1 million US dollars, accounting for 0.32% of the total financing last week.


Final Salvation



On September 18, Ambrus Studio, the developer of the MOBA game E4C: Final Salvation, announced the completion of millions of US dollars in financing, and the specific amount was not disclosed. The financing was led by The Spartan Group, with participation from IVC, Sui Foundation, Knight Capital, Goodwater Capital and ZeePrime Capital.


Ambrus Studio is a company focused on developing blockchain games, with its masterpiece being the MOBA game E4C: Final Salvation. As an innovative game developer, Ambrus Studio is committed to integrating blockchain technology into the gaming field, leveraging the transparency and decentralization of blockchain to create a unique gaming experience for players.


E4C: Final Salvation is a multiplayer online tactical competitive game (MOBA) that combines blockchain technology with traditional gameplay, and may include NFT assets or a token economy system to provide players with the opportunity to own in-game assets. Ambrus Studio's goal is to promote the development of GameFi and the metaverse through blockchain games, and to integrate decentralized economies and community-driven gaming ecosystems into games.


DeFi


A total of 3 financings were raised in the DeFi field, with a total amount of over 36 million US dollars, accounting for 11.64% of the total financing last week.


TrueX



On September 18, Bloomberg reported that two former Coinbase executives are launching a cryptocurrency platform called TrueX, which will use PayPal's stablecoin PYUSD as its preferred trading token. PYUSD issuer Paxos will provide third-party custody services for TrueX users. TrueX will first be open to US institutions and some international institutions in certain regions. In addition, Paxos is also one of the investors involved in the startup's seed round of financing. TrueX raised $9 million from venture capitalists such as RRE Ventures and Hack VC.


It is reported that before co-founding TrueX, Vishal Gupta served as the head of the trading platform at Coinbase. He was responsible for overseeing the launch of the USDC stablecoin during his tenure at Circle. Patrick McCreary previously served as a senior engineer at Coinbase. Both of them have worked at Goldman Sachs.


TrueX is a cryptocurrency trading platform that focuses on providing users with secure and efficient digital asset trading services. As an emerging crypto trading platform, TrueX is committed to meeting users' needs for digital asset management, trading and investment by providing a variety of trading pairs, liquidity and decentralized finance (DeFi) solutions.


The platform may support different trading products such as spot trading and derivatives trading, while using blockchain technology to ensure transaction transparency and security. TrueX may also explore providing users with more flexible asset trading methods by introducing a decentralized trading model (DEX) or integrating with other DeFi protocols. TrueX's main goal is to become a key player in the crypto trading market, attract more users through innovative technology and high-quality services, and expand its business globally.


Amnis Finance



On September 18, according to Cointelegraph, Amnis Finance, a liquidity pledge agreement on the Aptos blockchain, completed a $2 million financing round, led by Borderless Capital and OKX Ventures, with participation from Aptos Labs, Arkgrow Pte Ltd, Ambush Capital, Gate Ventures, Sky Vision Capital, Old Fashion Research, Chorus One Venture, Re7 and Flowdesk. The funds from this round of financing will be used to accelerate the integration of Amnis Finance's liquidity pledge solution in Aptos' DeFi ecosystem.


The protocol allows users to stake crypto assets while still maintaining the liquidity of those assets. Through liquidity staking, users can receive staking rewards while continuing to use the staked tokens for other DeFi activities, such as lending, trading, or participating in other financial protocols.


As an important part of the Aptos ecosystem, Amnis Finance leverages the advantages of Aptos' high-performance blockchain to provide users with low-cost, high-efficiency staking solutions while helping to improve the security and decentralization of the network. The core concept of liquidity staking is to solve the problem of locked assets in traditional staking, thereby improving the efficiency of asset use.


The goal of Amnis Finance is to provide users with more flexible staking options through innovative liquidity solutions and further promote the development of decentralized finance (DeFi) in the Aptos ecosystem.


Drift



On September 19, according to Fortune magazine, Solana ecosystem DeFi platform Drift completed a $25 million Series B financing round, led by Multicoin Capital, with participation from Blockchain Capital, Primitive Ventures, and Folius Ventures.


Drift Labs co-founder Cindy Leow said her goal is to make Drift the "Robinhood of the crypto space" by building a series of financial service tools, all based on Solana, and focusing on providing high-performance derivatives trading services. As an important project in the Solana ecosystem, Drift leverages Solana's high transaction throughput and low transaction costs to provide users with a seamless and efficient trading experience.


Drift aims to further promote the development of the DeFi derivatives market by providing innovative financial tools, attracting more users to the decentralized finance field, while enjoying the high-performance infrastructure support provided by Solana.


Infrastructure


A total of 3 financings in the infrastructure field, with a total amount of more than 51.75 million US dollars, accounting for 16.74% of the total financing last week.


TON



On September 18, Bitget and Foresight Ventures jointly announced a strategic investment of US$30 million in TON to further promote the development of the TON ecosystem. This strategic investment will be achieved by purchasing TON tokens. Bitget and Foresight Ventures will deeply participate in the governance and future development planning of the TON ecosystem, and promote more potential dApps to quickly enter the market.


Regarding this strategic investment, Bitget CEO Gracy Chen said: "The two parties will jointly promote the development of more innovative products and solutions to accelerate the full implementation of the TON ecosystem." Forest Bai, co-founder and CEO of Foresight Ventures, added: "The rapid development of the TON ecosystem is undoubtedly the biggest growth driver of the cryptocurrency market now and in the next 3 to 5 years.


The growth momentum of the TON ecosystem is significant. In 2024, its average daily transaction volume surged from 100,000 to 1.2 million, showing strong development momentum. TON's total locked volume (TVL) has increased 18 times to US$350 million in the past six months, mainly due to the growth of decentralized exchange (DEX) trading volume. In addition, there are more than 1,000 decentralized applications in the TON ecosystem, including popular GameFi projects such as Catizen and DOGS, which have attracted millions of users. This time, Bitget and Foresight Ventures received 300 million The $100 million investment will help TON improve the development of its GameFi and Tap-to-Earn models.


Helius



On September 19, Solana developer platform Helius announced the completion of $21.75 million in financing, with participation from Haun Ventures, Founders Fund, Foundation Capital, 6th Man Ventures, Chapter One and Spearhead.


The Helius platform is designed to simplify and accelerate the process of building applications on Solana. It provides developers with a powerful set of tools and infrastructure services to help them develop decentralized applications (dApps) more efficiently and enhance the overall developer experience. Helius provides a convenient API that enables developers to easily access Solana The data on the blockchain does not need to be built and maintained by the developer. This greatly simplifies the development process, allowing developers to focus on the business logic of the application without having to worry about the complex blockchain infrastructure.


Helius provides real-time data indexing services to help developers obtain transactions and status changes on the blockchain faster and more accurately, and is suitable for building applications such as on-chain analysis, wallets, and data monitoring. A variety of customized tools and SDKs have been created for developers to accelerate the development process of dApps, including integrated wallets, contract interactions, and data processing functions.


The rest of the infrastructure financing includes:


On September 18, according to official news, Binance Labs announced an investment in Hemi Labs, the developer of the modular blockchain network Hemi Network.


It is reported that Hemi is a modular blockchain network designed to achieve excellent scalability, security, and interoperability, unifying Bitcoin and Ethereum as components of a new super network.


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Web3+AI


There were a total of 3 financings in the Web3+AI field, with a total amount of more than US$220.45 million, accounting for 71.3% of the total financing last week. Including:


Vana



On September 18, Vana, a Web3 startup dedicated to building a user-owned data pool network, announced on Wednesday that it had completed a $5 million strategic round of financing, led by Coinbase Ventures, bringing its total financing to $25 million. Vana had previously received investment from Paradigm, which led the company's $18 million Series A financing. The startup has set out to build a DAO network, using its blockchain technology to solve the problem of lack of training data for artificial intelligence models, while providing Internet users with a way to earn income.


Vana is committed to providing users with a new way of data ownership and privacy protection through decentralized technology. Vana focuses on building data-related applications and platforms using Web3 technology, allowing users to manage their own data assets in a decentralized network and gain full control over their data. Vana's goal is to empower users through Web3 technology, innovate data ownership and management, and promote a more decentralized and privacy-friendly Internet ecosystem.


Sakana



On September 18, Japanese artificial intelligence company Sakana AI raised approximately 30 billion yen (approximately US$214 million) in Series A financing, with a company valuation of US$1.5 billion. Sakana AI was founded in July 2023 by former Google researchers, just one year after its founding. Investors in this round of financing include financial institutions such as Mitsubishi UFJ Financial Group, Mizuho Financial Group, Sumitomo Mitsui Banking Corporation, and Nomura Holdings, as well as well-known companies such as NEC, Itochu Corporation, KDDI, and Fujitsu. Sakana AI has obtained processing time on Japanese supercomputers and is working with multiple organizations to strengthen Japan's AI ecosystem. This echoes NVIDIA's recent plan to support Japan's sovereign AI projects.


Sakana AI focuses on developing advanced AI technologies and solutions, covering areas such as machine learning, deep learning, and natural language processing, aiming to optimize business processes, improve productivity and decision-making capabilities through intelligent means. Sakana AI's technology is widely used in multiple industries such as finance, healthcare, manufacturing, and retail, helping companies achieve data-driven operations and improve efficiency. For example, in the healthcare field, Sakana AI may use AI technology to improve the accuracy of disease diagnosis and treatment plans; in the manufacturing field, optimize production lines through predictive maintenance and automated processes.


Sakana AI has made significant innovations in NLP and has developed AI systems that can understand and generate natural language, which is of great value to applications such as customer service, text analysis, and speech recognition. Sakana AI can also provide data analysis tools that can process large-scale data sets, helping companies predict market trends, analyze consumer behavior, and optimize business decisions. It is committed to reducing manual operations and achieving more efficient workflows through automated solutions, especially in repetitive tasks and complex data processing.


Sakana AI's vision is to change traditional business models through innovative AI technology, promote digital transformation in various industries, and improve overall productivity and decision-making capabilities.


Web3+AI The rest of the financing includes:


Capstone Technology


On September 18, according to News.Bitcoin, the UAE blockchain and artificial intelligence company Capstone Technology completed US$5.45 million in financing to promote the development of its GAYA blockchain project. The project aims to create a network for entrepreneurs in the fields of gaming, AI and entertainment. Capstone Technology plans to use these funds to manage technology assets, develop Web3 applications, expand regional influence and improve its platform.


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