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October 09,2023

Crypto Fundraising October 3 - 9

On behalf of the Web3 community, we would like to extend our warmest congratulations to the companies that announced their success in fundraising between 3rd October and 9th October 2023. We are thrilled to see such tremendous support from all involved. Well done! 

AirDAO raised $7.5M - AirDAO is an ecosystem of innovative, user-friendly dApps accessible through a single dashboard.

Paima Studios raised $1.4M - The Paima team, beyond building core infrastructure, also builds games too.With multiple games live already, Paima have been working on Tarochi.

Toncoin raised an undisclosed amount - Ton is the next generation network aiming to unite all blockchains and the existing Internet. TON blockchain was launched by the founders of Telegram.

Blackbird raised $35M - The funds give the company significant runway, and that the funding will go toward scaling up operations as well as marketing. Blackbird, which is built on Coinbase's Layer-2 Base blockchain.

ParaFinance raised $5M - ParaFinance offers a diverse range of collateral assets for users to choose from. With a wide selection of digital assets, including WBTC, ETH, UNI, and ARB, users can use these as collateral.

Convergence RFQ raised $2.5M - Convergence RFQ is currently building its platform on Solana and then wants to also support the Ethereum Layer 2 network Arbitrum.

Cicada raised $9.7M - Cicada aims to build non-custodial credit products on top of the Cambrian explosion in blockchain-based credit origination protocols.

L1 Advisors raised $1.6M - Through L1 Platform platform, wealth and asset managers will leverage the most powerful decentralized finance protocols and the benefits of self get access to products that aren't possible offchain.

Burnt raised an undisclosed amount - Burnt is building XION, the only layer-1 blockchain specifically built for consumer adoption. Burnt is the Web3 foundry behind XION.

Phaver raised $7M - Phaver is a Web3 social app that rewards users for creating and sharing quality content. The capital will be used to scale the team as well as for product development and additional partnerships.

Fairblock raised $2.5M - Fairblock's goal is to lower risks for average crypto users, adding that there are still many issues with transactions being front-run or having the contents of a transaction leaked.

Hadean raised $47.6M - Founded in 2015, Hadean are a venture backed startup, reimagining distributed, spatial and scalable computing for web 3.0 and the metaverse.

Ostium Labs raised $3.5M - Ostium Labs is currently developing a new protocol for digitized commodities perpetual swaps. Ostium Labs aspire for this platform to attract both traditional commodities traders.

To stay updated with news about future Web3 Funding Rounds, Follow

October 08,2023

The U.S Is Threatening The Freedom Of Crypto, According To OpenAI CEO

OpenAI CEO Sam Altman recently defended cryptocurrencies in light of the challenges they have encountered this year, particularly the heightened scrutiny by the U.S. government. Despite Bitcoin showing an impressive performance in the first half of 2023, its momentum has been somewhat hindered.


A Harsh Environment

Altman, a visionary in the field of artificial intelligence (AI) and the driving force behind OpenAI, has expressed his concerns regarding the aggressive stance of the U.S. government towards cryptocurrencies. He believes that the overly restrictive actions imply a larger agenda to establish control over the crypto industry.

Sam recently expressed his disappointment with the approach taken by the U.S. government. He mentioned that these recent developments, particularly an overall forceful stance on crypto, highlights an underlying intention to dominate and manage the crypto sphere. He also discussed the potential risks associated with an increasingly intrusive surveillance state, especially concerning financial transactions.


CBDCs May Not Be The Answer

Additionally, Sam is hesitant about the possible implementation of central bank digital currencies (CBDCs), viewing them as instruments that could magnify state authority over individual financial liberties.

The concept of a digital dollar CBDC has been a topic of conversation among U.S. regulators for quite some time. Nevertheless, Jerome Powell, the Federal Reserve chair, believes that the realization of such technology remains a distant prospect.

Despite facing criticism by the crypto community due to his involvement with the Worldcoin project, which aims to create a user database using eye scans in exchange for its cryptocurrency, Altman maintains his optimism regarding Bitcoin. He sees the idea of a global decentralized currency as a pivotal technological advancement, and one that is desperately needed in this financial age.

October 06,2023

Ledger Employees Get Sacked As Staff Reductions Continue

Ledger, one of the most prominent crypto wallet providers worldwide, has become the latest player in the industry to reduce its workforce due to the deepening impact of the ongoing bear market. This decision follows a series of staff reductions at other prominent crypto and blockchain firms this month.

On October 5th, Ledger CEO Pascal Gauthier communicated to the employees that the company had to make a challenging choice to cut 12% of its workforce. Gauthier emphasized the need for focus during these challenging times and pointed to macroeconomic factors, the ongoing crypto bear market, and the aftermath of multiple collapses last year as reasons for this decision.

Ledger reportedly employs approximately 734 individuals, which implies that up to 88 people might be affected by the layoffs. Gauthier expressed confidence that the company would emerge stronger going forward and highlighted the strong sales performance of its crypto wallets. In March, Ledger announced a successful $109 million Series C funding round, valuing the company at $1.4 billion.

Additionally, Ledger has faced a series of controversies and mishaps in recent years, including significant server breaches that exposed the personal information of several customers, leading to many hacks and digital exploits.

Elsewhere, Chainalysis, a blockchain analytics provider, laid off 15% of its workforce (approximately 135 employees) on October 3rd due to unfavorable market conditions and reduced demand for its commercial products.

Chia Network also reduced its workforce by a third, cutting 26 out of 70 employees this month. Binance.US let go of a third of its staff in September due to regulatory pressures and the winding down of its American operations.

October 05,2023

Judge Overseeing Ripple Case Officially Declines SEC Request

Judge Analisa Torres issued the decision on October 3rd, 2023. Furthermore, the request for a postponement has been denied as it no longer applies. The hearing is scheduled for April 23rd, 2024, beginning at 9:00 A.M. Before that, a final pretrial conference involving attorneys representing both the SEC and Ripple is scheduled for April 16th, 2024, at 2:00 P.M.

The court has therefore set specific deadlines in its pretrial scheduling order. All necessary pretrial submissions, including the joint pretrial agreement, motion filings, and decision documentation must be submitted by December 4th, 2023, upon which date a copy of each requested document must also reach the court.

Previously, the U.S. Securities and Exchange Commission sought permission to file an interlocutory appeal during the case, which is unlike the usual practice of filing appeals after all issues are definitively decided, with exceptions for crucial matters. However, the court has now rejected the appeal, indicating that the issue at hand does not warrant an exception.

The court listed several reasons for denying the request, including but not limited to the matter at hand not being a purely legal concern, the reported issues lacking legal precedents, the irrelevance of similar cases in the past such as LUNA, among others.

October 04,2023

Yield Protocol To Shut Down Operations Soon

Yield Protocol, which had previously secured $22 million in total value locked (TVL) and enjoyed support by prominent venture capital firms is reportedly closing its operations. The decision is a result of the ongoing bear market, which has forced several projects to end their once successful initiatives.

The platform had provided fixed-rate lending and borrowing services on stablecoins based on predefined durations. The closure of Yield Protocol was announced by its X account, which explained that the protocol would gradually conclude its activities. It also mentioned that borrowing and lending services would come to a halt by December 2023.

Lead Engineer Alberto Cuesta Cañada expressed gratitude for the support received over the years. The Yield Protocol website lists backers such as Paradigm, Framework Ventures, CMS, and Robot Ventures. While the protocol had amassed over $22 million in TVL at its peak in April 2022, its current TVL is now slightly above $2 million.

A spokesperson for the protocol cited a lack of demand and uncertainty surrounding regulatory matters as significant factors influencing the decision to cease operations.

Yield Protocol is not the only DeFi project to undergo shutdown in recent weeks. In September, GRO, a protocol based on Avalanche, conducted a DAO vote to terminate its operations. Additionally, in July, AlgoFi, a lending platform based on Algorand, similarly declared its closure through a blog post.

October 03,2023

Babylon Unveils Minimum Viable Product (MVP) For Its BTC Staking Protocol

Over 66% of the circulating supply of Bitcoin, which is approximately $329 billion, presently remains dormant. BabylonChain Inc. aims to harness this idle BTC and employ it to establish economic security for Proof-of-Stake (PoS) chains.

Earlier this year, the Babylon team introduced a Bitcoin timestamping protocol that PoS networks could utilize to enhance their long-term security. Subsequently, they introduced a litepaper on Bitcoin staking designed to repurpose inactive BTC in wallets to bolster the security of PoS chains.

Conventional PoS chains depend on their native assets to secure their blockchains. For instance, on Ethereum, stakers can lock their funds onto the network to enhance its security and earn rewards.

Babylon observes that most of this capital currently goes towards securing already-established networks and protocols. Up-and-coming chains often struggle with limited staking resources, which undermine their network security.

So, by utilizing BTC instead of relying on their native tokens, emerging PoS chains have the opportunity to inherit reliable security via Babylon. Co-founder David Tse stated that the ultimate goal for the company is to transform Bitcoin into a security foundation for PoS chains.

The MVP launch will reportedly enable Bitcoin holders to experiment with BTC staking through a user-friendly web application, according to Tse. After the launch, the team will concentrate on fostering the adoption of its protocol within the Cosmos ecosystem.

October 03,2023

Crypto Fundraising September 26 - October 1

On behalf of the Web3 community, we would like to extend our warmest congratulations to the companies that announced their success in fundraising between 25th September and 1st October 2023. We are thrilled to see such tremendous support from all involved. Well done! 

Cygnetise raised $4.26M - Cygnetise is a decentralised application that makes the process of managing authorised signatory lists efficient and secure. Using blockchain technology, organisations including PwC, BNY Mellon, SG Kleinwort Hambros (SocGen) and many more.

Pimlico raised $1.6M - The infrastructure layer powering Ethereum's transition to ERC-4337 smart accounts. The funds raised will be pivotal in propelling the development of Pimlico's innovative smart account infrastructure, revolutionizing Ethereum's ecosystem.

LeverFi raised $2M - LeverFi is a platform for on-chain leverage trading using yield-bearing collateral. Developer of decentralized leverage trading platform intended to provide users with the ability to trade with leverage permissionless and transparent platform.

Satsuma raised $5M - Satsuma is a blockchain indexing platform with drop-in support for hosted subgraphs. It features subgraph indexing with high reliability & low block lag, GraphQL API with high availability & low response times, advanced metrics for monitoring indexing and queries and flexible subgraph versioning system.

Avantis Labs raised $4M - Avantis is a decentralized leverage trading platform for cryptocurrencies and forex. One big area of innovation here is introducing dynamic risk management for liquidity providers via tranches, which allows them to select their appropriate risk-reward level.

Fhenix raised $7M - The funds will be used to bring Fhenix's &ldquoconfidential" smart contract platform into a public testnet, dubbed &ldquoRenaissance," early next year and support ecosystem development following the launch of its private devnet in July.

AnchorWatch raised $3M - With this latest investment, AnchorWatch will be in position to complete all regulatory and capital requirements needed to deliver Trident Vault to customers and start selling policies.

Zunami Protocol raised an undisclosed amount - Zunami's innovative approach to Omnipools and aggregated stablecoins swiftly gained market traction, surpassing a TVL of over $7 million in just a few months since the launch of its initial aggregated product.

KYAX raised an undisclosed amount - KYAX help system and data constrained crypto leaders get the right data, into the right hands, with the right reports. Independent blockchain advisory firm Appold has invested in and formed a strategic partnership with digital asset reporting and transaction reconciliation specialist KYAX.

To stay updated with news about future Web3 Funding Rounds, Follow CryptoWeekly


October 01,2023

Kraken Plans To Enter The World Of Stock Trading

According to a recent report, the crypto exchange aims to launch this new venture next year, as disclosed by an individual familiar with the intentions of the company.

A Kraken spokesperson stated that the exchange is continually exploring ways to support the widespread adoption of cryptocurrencies, and that while the company cannot comment on speculations or rumors, plenty of work is being done to expand and improve pre-existing offerings.

The report also indicated that the expansion into US-listed stocks and ETFs would be accessible in both the United States and the United Kingdom. Eligible customers will be able to activate this service, enabling them to access a combination of cryptocurrencies, stocks, and ETFs.

Kraken has pursued the necessary regulatory approvals in the UK and has reportedly applied for a broker-dealer license with the Financial Industry Regulatory Authority (FINRA) in the United States.

The reported expansion into US stocks coincides with Kraken wanting to extend its presence in Europe. The exchange recently obtained an EU e-money institution license via the Central Bank of Ireland and a virtual assets services provider license by the Bank of Spain, indicating its commitment to becoming a part of the thriving local fintech sectors in both countries and its broader investments in Europe.

October 01,2023

Future Of Ethereum Outlined By Vitalik Buterin

Vitalik Buterin, one of the Co-Founders of Ethereum (ETH), recently proposed potential alterations to the Ethereum protocol aimed at diminishing centralization. The post comes shortly after Vitalik saw his X (formerly Twitter) account be hacked by an unknown source, a move which resulted in many unsuspecting followers being scammed.


Looking Toward The Future

In his post, Buterin deliberates upon the possible repercussions of integrating additional functionalities into the ETH network. He explores the intricate trade-offs involved in incorporating specific features directly into the protocol as opposed to relegating them to other layers within the ecosystem. Among the protocols under scrutiny are the account abstraction protocol ERC-4337, ZK-EVMs, code precompiles, private mempools, and liquid staking.

Notably, Buterin exhibits a strong inclination towards integrating certain protocols, such as ERC-4337, directly into the code of Ethereum rather than relegating them to private mempools. Nevertheless, he acknowledges the intricate balance of advantages and drawbacks associated with each feature, which will certainly continue to evolve over time.


The Future Of Staking On Ethereum

The blog post also focused largely on the concept of liquid staking, a significant aspect of Ethereum. Presently, Lido, a liquid staking pool, exerts control over more than 32% of the total staked ETH. Despite the distribution of this stake across various validators, Buterin raises concerns regarding the concentration of liquid staking providers within the Ethereum network.

Rather than relying solely on ethical persuasion to encourage a more diverse group of staking providers, Buterin suggests that the Ethereum protocol could undergo various modifications to enhance the overall decentralization of liquid staking operations.

Buterin proposes potential measures, including altering the procedures employed by the liquid staking provider RocketPool or endowing additional governance powers to a randomly selected panel of smaller-scale stakers. He concluded the post by emphasizing the complexity of these issues, which are bound to change going forward.

Nevertheless, with competitors like Cardano (ADA) hot on its trail, Ethereum will need to make the aforementioned changes as soon as possible to maintain its position as the second biggest crypto in terms of market capitalization.

September 30,2023

Polygon Gets Google Cloud As Their New Validator

In a noteworthy development, Google Cloud has partnered with Polygon (MATIC), taking on the role of a decentralized validator for the Polygon Proof of Stake network.

Google Cloud, renowned for its role in empowering widely-used platforms such as YouTube and Gmail, is now leveraging its robust infrastructure to support the fast and cost-effective Polygon protocol, which shares similarities with Ethereum.

Back in June, Polygon acknowledged the importance of off-chain storage as a means to enhance decentralization. Official communication from Google Cloud also confirmed the collaboration, accompanied by a video detailing their joint efforts with the Polygon network.

Despite the persistent challenges posed by the volatility and unpredictability as well as the regulatory scrutiny from the US government towards the crypto market, the partnership between Google Cloud and Polygon Labs underscores the overall increasing interest in the Web3 sphere, a trend that has been growing since late 2022 and continues into 2023.

This collaboration has been ongoing since April of the previous year when both companies entered into a cooperative agreement, marking the commencement of a multi-year partnership. Notably, Polygon Proof-of-Stake nodes have been made accessible through the Google Cloud marketplace, with Polygon being a part of Google Cloud datasets since 2021.

September 28,2023

Representative Davidson Has Had Enough Of Gary Gensler

The SEC, responsible for regulating financial markets in the United States, recently delayed the ARK Invest and 21Shares Ethereum Spot ETF application, which was submitted jointly on September 21st, 2023. A final decision on these applications is not expected until early November.

This is seen as a significant step backward despite many believing that the SEC had begun steadily adopting a more flexible and understanding approach when it came to the crypto industry.

Representative Warren Davidson stated that the seemingly tyrannical rule of Gary Gensler underscores two primary concerns, namely an issue related to Gensler himself and a structural problem within the SEC. To address these issues, Davidson introduced the SEC Stabilization Act, which seeks to remove Gensler and reorganize the SEC.

During a House Financial Services Committee hearing, Gensler faced substantial scrutiny and criticism, particularly regarding the SEC and its initiatives concerning disclosures related to climate and crypto regulation. Republican representatives concentrated their inquiries on these areas, expressing reservations and seeking clarification by Gensler.

Davidson also questioned Gensler and his actions concerning the Environmental, Social, and Governance (ESG) disclosure rule, asserting that his claims of respecting the authority of Congress contradicted his actual conduct.

Notably, Congressman Davidson had previously advocated for the removal of Gensler through the Stabilization Act in June. This proposed bill aimed to transform the SEC into a more democratic institution, rather than being solely led by a single authoritative Chairman.

September 27,2023

Crypto Fundraising September 19 - 25

On behalf of the Web3 community, we would like to extend our warmest congratulations to the companies that announced their success in fundraising between 19th September and 25th September 2023. We are thrilled to see such tremendous support from all involved. Well done! 

Afterparty raised $9M - Afterparty is positioning itself to become the first go-to NFT ticketing site that offers fans extra perks. It is an all-in-one event ticketer and organizer, having hosted the first music festival to be fully-ticketed with NFTs back in March 2022.

GVRT raised $7.1M - The team is planning to launch the testnet in Q4 of 2023, with the mainnet slated for Q1 of 2024. Gravity will become the leading derivatives trading protocol on zkSync, just like GMX on Arbitrum and Dydx, which originated from Starkex. raised $10.2M - Jiritsu also unveiled today its asset tokenization platform &mdash Tomei RWA. The company said that the Tomei platform offers assurance in asset management through its proprietary attestation system. raised an undisclosed amount - Onramp is a fiat-to-crypto payment gateway which helps users seamlessly convert fiat currency to desired cryptocurrency. It is a fiat-to-crypto onramp and offramp solution provider.

Fuze raised $14M - The largest Seed investment in a digital assets startup in the history of the Middle East and North Africa. Fuze enables banks, fintechs or enterprises to offer regulated digital assets products to customers through native apps.

Freatic raised 3.6M - Bridging the gap between individuals with untapped knowledge and actors who can take advantage of these opportunities. The raised funds will be used to construct building blocks for trustless exchanges.

CoinScan raised an undisclosed amount - CoinScan has been under development for over two years, and recently completed beta testing.

Mesh raised $32M - Mesh will use the new cash, which brings its total raised to date to $32 million, to further develop its tools for deposits, payments and payouts, as well as support its go-to-market operations

Virtualness raised $8M - Virtualness is a mobile-first platform designed to help creators and brands navigate the complex world of Web3.

Northern Data Group raised $8.5M - Northern Data Group provides not only blockchain but AI computing services. Through the partnership, Tether and
Northern Data Group will collaborate on AI, communication and data storage initiatives.

Essential raised 5.15M - Essential is trying to rewire transaction supply chains in crypto to minimize value extraction by what it describes as &ldquorent-seeking intermediaries," for the benefit of users.

To stay updated with news about future Web3 Funding Rounds, Follow