On behalf of the Web3 community, we would like to extend our warmest congratulations to the companies that announced their success in fundraising between 30th January-5th February 2024. We are thrilled to see such tremendous support from all involved. Well done! 


Squid (Switzerland): Dive into the future of financial technology as Squid secured $4M in Series A funding, led by Polychain. Squid allows any token to be swapped between blockchains, and unlocks access to apps across chains in a single click.
Use Squid to build seamless user experiences that tap into cross-chain liquidity and scale to reach anyone with a crypto wallet, no matter what chain they're on.


BlokID (United States): BlokID pioneers advanced, blockchain-powered solutions for digital advertising. Their technology enhances attribution accuracy and upholds user privacy. The US-based startup has secured $1.25M in Seed funding from AppWorks to revolutionize identity verification.


Portal (United States): Breaking barriers! Portal, based in the United States, raised an impressive $34M in Seed funding, setting the stage for innovative breakthroughs.


Nebeus (United Kingdom): Nebeus takes a giant leap forward with $270M in Debt Financing, fueling their mission to redefine financial landscapes in the United Kingdom.
After several years of operating in the P2P space, Nebeus pivoted in its business model and shifted from P2P lending to centralized crypto-backed lending, with the mission to help people bring their crypto to traditional finance.


Plater Network: Plater Network is an independent enterprise and privately held company with a noble objective of building the decentralized technology of information flow and data transferring software.
The entire network will be based on the blockchain technology, which increases the number of benefits for users. Plater Network secured a $2M Grant to advance their endeavors.


Infrared Finance (Canada): Infrared Finance simplies Proof of Liquidity and serves as the main portal to the Berachain ecosystem. The company raised $2.5M in Seed funding led by Synergis Capital.


Gevulot announced a $6M Seed round with Variant. Explore the potential of this rising star in the tech and ZK Proofs landscape.


Cube Group, Inc. (United States): Cube Group secured $12M in Series A funding from 6th Man Ventures. Witness the evolution of this innovative venture in the tech space!


Gateway opens new doors with $23K in Funding Round. This is an NFT powered gaming and learning platform where users can play, go on adventures, and even partake in P2P. They can then earn rewards in NFTs and trade their rare items.


Exciting times ahead! Follow CryptoWeekly for regular updates about Web3 funding deals.

Ripple, a key participant in real-time gross settlement systems, has revealed intentions to expand its Ripple Payments offerings throughout the United States, according to Senior Director W. Oliver Segovia.

Going Global

With most of its business conducted internationally, Ripple aims to utilize its global standing to enhance services in the U.S. market. The upcoming product updates are expected to capitalize on the pre-existing expertise of Ripple in blockchain technology and payments, presenting streamlined solutions for cross-border transactions within the U.S.

To kick off this initiative, Ripple will organize a gathering at its recently established headquarters in San Francisco. The event will include a panel discussion led by Brendan Berry and Pegah Soltani, product heads, moderated by U.S. Managing Director Joanie Xie. Chief Technology Officer David Schwartz will also contribute to a discussion regarding the Ripple blockchain as well as its payments outlook for 2024.

Keeping Up With The Times

In line with its expansion strategy, Ripple is actively recruiting in various global locations, including Bangalore, San Francisco, Toronto, and London. Ripple Payments is a service utilizing XRP as a bridge currency, offering advantages such as rapid transaction settlements within seconds, cost-effectiveness compared to conventional methods, transaction transparency through a public ledger, and security through a consensus mechanism.

Moreover, despite maintaining a relatively subdued presence in the U.S. for the past three years, Ripple plans to introduce fresh updates to its products driven by its money transmitter licenses (MTLs), encompassing a significant number of states.

As of the time of this writing, XRP is trading at around $0.5, according to CoinGecko.

Cardano, recognized for its research-oriented approach and environmentally friendly Proof-of-Stake (PoS) consensus, is witnessing substantial growth. The surge in transaction volumes, a diverse array of project launches, and active development within its ecosystem signify this expansion.

In December and January, Cardano processed over 4 million transactions, demonstrating a noteworthy uptick in on-chain activity. This development aligns with the overall goal of evolving into a scalable and sustainable blockchain for real-world applications.

Steady Progress

Beyond transaction processing, Cardano is attracting developers and projects. In the last two months, eight new projects debuted on Cardano, and an additional 17 are presently in development. This brings the total to 157 projects already launched and 1,320 in progress, indicating a vibrant and varied ecosystem.

The technological progress of Cardano is propelling its growth. The number of token policies on the platform also surged, resulting in the creation of 480,000 new native tokens. Furthermore, Plutus scripts, facilitating smart contracts on Cardano, experienced substantial growth, with both V1 and V2 scripts witnessing significant increases.

Project Catalyst, the community-driven funding initiative of Cardano, is similarly fostering engagement and innovation. In the second week of voting for Fund11, almost 5,000 wallets cast over 150,000 votes across 920 proposals seeking community funding. This active participation underscores the robust community support for Cardano.

Still A Ways To Go

Cardano, designed by Charles Hoskinson as a peer-reviewed blockchain, stands out with its Ouroboros PoS system. In contrast to Bitcoin, Cardano can execute transactions with a significantly smaller environmental footprint, thanks to its energy-efficient methodology.

Reflecting the positive sentiment, ADA saw a price increase of 1.3% in 24 hours and 7.4% in a week. While the report presents an optimistic outlook, it is essential to recognize the broader context. Cardano faces competition by established players like Ethereum and emerging blockchains. Regulatory uncertainty regarding cryptocurrencies remains a factor, and despite being touted as energy-efficient, the environmental impact of Cardano compared to other blockchains is still a subject of debate.

On behalf of the Web3 community, we would like to extend our warmest congratulations to the companies that announced their success in fundraising between 30th January-5th February 2024. We are thrilled to see such tremendous support from all involved.


Dive into the future of financial technology as Squid secured $4M in Series A funding, led by Polychain. Squid allows any token to be swapped between blockchains, and unlocks access to apps across chains in a single click.
Use Squid to build seamless user experiences that tap into cross-chain liquidity and scale to reach anyone with a crypto wallet, no matter what chain they're on.


BlokID pioneers advanced, blockchain-powered solutions for digital advertising. Their technology enhances attribution accuracy and upholds user privacy. The US-based startup has secured $1.25M in Seed funding from AppWorks to revolutionize identity verification.


Breaking barriers! Portal, based in the United States, raised an impressive $34M in Seed funding, setting the stage for innovative breakthroughs.


Nebeus takes a giant leap forward with $270M in Debt Financing, fueling their mission to redefine financial landscapes in the United Kingdom.
After several years of operating in the P2P space, Nebeus pivoted in its business model and shifted from P2P lending to centralized crypto-backed lending, with the mission to help people bring their crypto to traditional finance.


Plater Network is an independent enterprise and privately held company with a noble objective of building the decentralized technology of information flow and data transferring software.
The entire network will be based on the blockchain technology, which increases the number of benefits for users. Plater Network secured a $2M Grant to advance their endeavors.


Infrared Finance simplies Proof of Liquidity and serves as the main portal to the Berachain ecosystem. The company raised $2.5M in Seed funding led by Synergis Capital.


Gevulot announced a $6M Seed round with Variant. Explore the potential of this rising star in the tech and ZK Proofs landscape.


Cube Group secured $12M in Series A funding from 6th Man Ventures. Witness the evolution of this innovative venture in the tech space.


Gateway opens new doors with $23K in Funding Round. This is an NFT powered gaming and learning platform where users can play, go on adventures, and even partake in P2P. They can then earn rewards in NFTs and trade their rare items.

 

Following recent heightened volatility, BTC has stabilized around the $43,000 threshold. Most altcoins exhibit an unusually calm daily trend, except for ICP and TIA, both showcasing noteworthy gains. Infact, ICP and TIA rank among the leading performers within the largest 36 digital assets.

2023 posed challenges for cryptocurrency prices and the overall market, but it also saw the emergence of various narratives and catalysts for crypto projects. Some experienced rapid, overnight increases in total value locked (TVL), while others grew more organically.

Bulls Intervene

BTC encountered a significant decline in the weeks after the approval and launch of numerous spot ETFs in the United States. It reached a low point at $38,500 last Thursday. Subsequently, the bulls intervened, preventing further declines. Instead, BTC initiated an upward trajectory, surpassing the coveted $40,000 level over the weekend. The start of the business week witnessed even more impressive movements, with BTC exceeding $43,000 on multiple occasions, reaching $43,750.

However, it failed to sustain beyond that point, experiencing a subsequent rejection that led to a dip to $42,000 on Wednesday and Thursday. Despite this setback, BTC rebounded once again, stabilizing at its current level around $43,000. Its market capitalization also rose to $845 billion, maintaining dominance over altcoins at just over 50% on CoinMarketCap. Despite their usual volatility, altcoins like ETH, XRP, ADA, AVAX, and LINK have shown marginal gains. Conversely, BNB, DOGE, TRX, DOT, and TON are slightly in the negative.

Losses Continue

Capital, research, and development efforts are actively invested in new technologies and features that hold the potential for significant improvements in decentralized finance. Incora, an aerospace parts supplier, is currently facing resistance by bond investors. This situation underscores why high-yield debt investors have suffered substantial losses in this credit cycle.

Notably, money managers, including JPMorgan Chase and affiliates of BlackRock Inc., seek to reverse a rescue financing undertaken by Incora in 2022. This financing left them and other investors in a disadvantaged position. In recent years, companies facing financial challenges have increasingly sought emergency funding through a select group of money managers, adversely affecting their other creditors in the process.

Former Treasury Secretary Lawrence Summers noted that the enduring strength of the economy, despite the vigorous Federal Reserve tightening, makes it more likely that neutral interest rates have risen. He emphasized the resilience of the economy and suggested that arguments in favor of higher neutral rates due to fiscal deficits and decreased sensitivity to borrowing costs are becoming evident.

A set of sensitive material linked to the cryptocurrency exchange Binance, comprising code and internal passwords, was allegedly disclosed on GitHub, where it remained accessible to the public for several months.

As per 404 Media, the shared content by the account named Termf encompassed code, infrastructure diagrams, internal passwords, and other technical details. Some of the code available on the platform was purportedly associated with various security measures which have been implemented by the exchange, encompassing passwords and multi-factor authentication (MFA).

Binance Takes Action

The disclosed data also supposedly included passwords for systems labeled as prod, likely indicating their use on the live site rather than in development or demonstration environments. The leaked information on GitHub was reportedly taken down following a copyright request by Binance last week, validating that the content contained code owned by the exchange.

Perhaps most alarming though, the leaked material had been accessible for viewing since at least January 5th, when 404 Media notified the biggest cryptocurrency exchange in the world about what happened.

Damage Control

In its copyright takedown request, Binance asserted that the leaked internal code poses significant risk to Binance and causes severe financial harm to both Binance and its users. A spokesperson for Binance acknowledged awareness of the leak, stating that their security team had assessed this claim and confirmed that it does not resemble what is currently in production.

The spokesperson reassured users that their data and assets remained secure on the platform, emphasizing that the leaked information presented negligible risk to the security of our users, their assets, or our platform. As of the time of this writing, BNB is trading around the $300 mark.

On January 31st, the US Energy Information Administration (EIA) announced the commencement of a temporary survey to gather data on electricity consumption through identified crypto-mining companies operating in the country.

The proposed expedited survey, named Cryptocurrency Mining Facilities, received approval as an emergency collection of data requested by the Office of Management and Budget (OMB) on January 26th. Commencing next week, the EIA will collect data via a selection of commercial crypto-miners, mandating miners to provide details about their energy consumption. The agency will also seek public input on the collection of energy use data by crypto miners.

Growing Demand

As outlined by the OMB, the gathering of energy data aims to establish a foundational overview of the crypto mining companies in the sample, quantify the rate of change in crypto mining activity among the companies in the sample, identify electricity sources for US crypto miners in the sample, and finally identify regions in the United States with concentrated crypto mining activity based on the companies in the sample.

Glenn McGrath, an electricity expert at the EIA, believes that there is a significant source of demand which is worthy of additional research based on quantification, adding that until experts can substantiate growing activity with better data, there will just be more questions to answer.

Potential Upsurge In BTC Mining Activity

According to a report by the International Energy Agency (IEA), in 2022, crypto mining comprised 0.4% of the global annual electricity consumption, consuming about 110TWh. In 2023, this figure rose to 130TWh, with Bitcoin contributing 120TWh to the total.

The report predicts a 40% increase in electricity consumption through crypto mining in 2026, reaching 160 TWh. The United States emerged as the largest mining hub globally after China banned crypto mining operations in 2021. McGrath acknowledged that the EIA has received requests via various sectors to begin to quantify cryptocurrency mining energy use going forward.

In a memo by the EIA requesting emergency approval of the project, the agency explained that the 50% surge in the price of BTC in the last three months increases the likelihood of public harm, as the higher price reward will incentivize more crypto mining activity, subsequently increasing electricity consumption.

However, the Bitcoin community and independent institutions like the Cambridge Centre for Alternative Finance (CCAF) have raised substantial doubts about similar data and conclusions via other governments and BTC critics.

In a noteworthy progression for blockchain technology, Avalanche has declared the imminent introduction of its Durango upgrade on the Fuji testnet. Set to become active on February 14th, this upgrade marks a crucial moment for the Avalanche ecosystem.

The Durango upgrade is more than a routine update, as it stands as a transformative improvement, bringing forth Avalanche Warp Messaging (AWM) to the C-chain. This innovative feature is poised to revolutionize cross-chain communication within the Avalanche network, especially impacting all Ethereum Virtual Machine (EVM) chains connected to the ecosystem.

The integration of AWM into the C-chain marks a groundbreaking development. It furnishes the Avalanche ecosystem with inherent cross-chain communication capabilities, a sought-after feature in the blockchain community. This functionality extends beyond facilitating seamless transactions and interactions between different chains. It establishes a robust framework for an interconnected blockchain environment, enabling diverse chains to communicate effortlessly, securely, and efficiently.

Facilitating EVM Chain Connections

The incorporation of Avalanche Warp Messaging (AWM) in the Durango upgrade underscores the dedication by Avalanche to fostering a unified and interconnected blockchain ecosystem. AWM is crafted to deliver native cross-chain communication, a feature with the potential to significantly boost interoperability across diverse blockchain networks. By enabling each Ethereum Virtual Machine (EVM) chain within the Avalanche ecosystem to communicate inherently, AWM sets a new standard for cross-chain interactions.

This feature goes beyond enhancing the current capabilities of the Avalanche network, it lays the foundation for the future of blockchain technology. The Durango upgrade, incorporating AWM, ensures that upcoming virtual machines can leverage this advanced communication protocol. This forward-thinking approach ensures that the Avalanche ecosystem remains at the forefront of technological innovation, prepared to integrate and interact with emerging blockchain networks and virtual machines.

The Influence Of Durango On The Blockchain Landscape

As the Avalanche ecosystem prepares for the launch of the Durango upgrade on the Fuji testnet, there is a tangible sense of anticipation within the blockchain community. This upgrade is more than an improvement to the existing network it represents a visionary step forward that promises to redefine the dynamics of cross-chain communication and interoperability.

The launch of the Durango upgrade on February 14th signifies not just a milestone for the Avalanche network but a transformative moment for the broader blockchain landscape. By introducing Avalanche Warp Messaging (AWM) to the C-chain and establishing a standard for future virtual machines, Avalanche is not merely advancing its ecosystem but contributing to the evolution of blockchain technology as a whole. It paves the way for a future where seamless, secure, and efficient cross-chain communication becomes the norm, not the exception.

As the blockchain community eagerly awaits the launch of the upgrade on the Fuji testnet, there is a sense of excitement for the new possibilities and opportunities that Avalanche Warp Messaging (AWM) will unlock. The Durango upgrade is not just a testament to the technological prowess of the Avalanche network, it is a beacon of progress, signaling the dawn of a new era in blockchain interoperability and communication.

In a concerning development for the crypto community, Ripple has reportedly experienced a substantial security breach. As disclosed by the crypto digital investigator known as ZachXBT on January 31st, 2024, Ripple indeed fell victim to a hack, resulting in the loss of approximately 213 million XRP, equivalent to $112.5 million.

A Monumental Blunder

This disclosure has sent shockwaves throughout the industry, prompting concerns about the security protocols employed by major cryptocurrency entities. The source address associated with the breach appears to be the origin of the illicit activity. Subsequently, the pilfered funds have undergone systematic laundering through various cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, among others.

Chris Larsen, the Co-founder and Executive Chairman of Ripple, issued an official statement outlining the extent of the breach and detailing the actions being taken to address the aftermath. The timing of this security breach is particularly sensitive, coinciding with the scheduled unlocking of 1 billion XRP via the Ripple escrow account.

What Comes Next

This customary release of funds by Ripple has historically sparked speculation about its potential impact on the market value of XRP. While concerns about a significant sell-off affecting the price of the cryptocurrency have arisen due to the unlocking of a substantial XRP amount, the current situation introduces an additional layer of uncertainty.

Market observers are closely monitoring how this recent security breach might impact investor confidence and whether it could amplify potential responses by the market to the escrow release as well as how Ripple manages the situation going forward.

Jupiter, the decentralized exchange aggregator, recently initiated the claim period for eligible users to receive the airdrop of its native token, JUP. Within a short span of under six hours, the token saw a trading volume exceeding $450 million solely on the Jupiter platform. Nonetheless, the noteworthy resilience exhibited by the Solana network in managing extensive activity during the processing stole the limelight.

Staggering TPS Rate

Jupiter reportedly executed 1.2 million transactions within just one hour after enabling JUP claims. Mert Muntaz, CEO of Helius Labs, a Solana infrastructure provider, provided more insight into this development. He emphasized that the network handled up to 1,400 transactions per second (TPS), some of which involved intricate swaps leveraging the full composability of Solana.

In addition, Muntaz also mentioned that the Helius RPC remained operational for most of the time, even while dealing with transaction volumes up to five times the average. A user on the X platform, using the alias Aylo, shared challenges encountered during JUP token claims. However, he asserted that these issues were associated with the RPC in use, and switching to the one hosted by Helius resolved them.

Price Remains Steady

Despite a rapid 93% price surge within eight hours of launch for WEN, another token that emerged through the Jupiter team, JUP experienced a slower start. According to trading data via Birdeye, the price of the token has been confined within the $0.61 to $0.74 range. Even the listing on centralized platforms like Binance, Bybit, and OKX failed to liberate JUP when it came to this price range.

As of the current status, Jupiter has executed nearly 510,000 unique JUP trades, with a buy order volume surpassing $290 million and a sell order volume reaching $162 million.

Visa is reinforcing its commitment to cryptocurrency adoption by facilitating an additional avenue for exchanging crypto into fiat currencies without relying on a centralized exchange. The global payment giant has therefore joined forces with Transak, a Web3 infrastructure provider, to unveil a solution for cryptocurrency withdrawals and payments through Visa Direct.

This collaboration permits users to directly withdraw cryptocurrencies, such as Bitcoin, through a wallet like MetaMask to a Visa debit card. The integration, which is available immediately, empowers individuals to convert crypto into fiat and make payments at over 130 million merchant locations where Visa is accepted.

A Beneficial Partnership

Yanilsa Gonzalez-Ore, the North America Head of Visa Direct, praised Transak for providing a faster, simpler, and more connected experience by enabling real-time card withdrawals through Visa Direct. This integration significantly broadens the options for converting crypto into fiat currencies, marking a substantial milestone in bridging the gap between the crypto and traditional finance realms, according to Harshit Gangwar, the Head of Marketing and Investor Relations.

The partnership allows users in 145 countries to directly convert at least 40 cryptocurrencies to fiat without depending on centralized exchanges. Notable jurisdictions supported include Cyprus, Malta, Singapore, Portugal, and the United Arab Emirates.

Gangwar emphasized that this collaboration is a major step toward mainstream acceptance and utilization of cryptocurrencies, providing a more accessible and convenient transaction experience. He highlighted the benefits for users of decentralized platforms and wallets, such as MetaMask, Ledger, and Trust Wallet, pointing out that MetaMask users can seamlessly convert their digital assets to a Visa card.

Getting Involved With Crypto

MetaMask Senior Product Manager, Lorenzo Santos, acknowledged the significance of the Visa-Transak integration for MetaMask users, describing it as opening new horizons and providing greater flexibility in cryptocurrency to fiat conversions.

The proactive exploration of cryptocurrency use cases by Visa is evident in its strategic moves over recent years. In 2020, the company partnered with blockchain firm Circle to support the USDC stablecoin on specific Visa cards. Subsequently, in September 2023, Visa expanded its support for USDC payments settled on the Solana blockchain, showcasing its ongoing commitment to embracing and integrating cryptocurrencies into its services.

On-chain data revealed a robust recovery in the Bitcoin mining hashrate, surpassing its recent lows and establishing a new all-time high (ATH). As such, the 7-day average mining hashrate of Bitcoin has surged to an unprecedented level. This metric tracks the total computing power linked to the Bitcoin blockchain by miners.

An upward trend signifies an influx of new miners and expansion of existing facilities, indicating heightened interest in blockchain mining. Conversely, a declining trend suggests some miners may have opted to disconnect when it comes to the chain altogether, possibly due to unprofitability in mining.

Understanding The Context

The surge in mining hashrate could be attributed to the recent trend in mining difficulty. Mining difficulty on the Bitcoin blockchain determines the level of complexity miners face in mining blocks on the network. This metric exists to regulate cryptocurrency inflation, as block rewards are the sole means of producing more of the asset.

By controlling the pace of the miners, the production rate can be managed, increasing or decreasing difficulty accordingly. The Bitcoin network aims for a block to be mined approximately every ten minutes. When miners boost their hashrate, they become more efficient at mining and can produce blocks at a pace faster than the standard rate. Subsequently, the blockchain adjusts the difficulty in the next scheduled adjustment (which occurs approximately every two weeks), ensuring miners are slowed down to the intended pace.

Declining Difficulty

There has been a decline in difficulty in the latest adjustment, a natural outcome of the hashrate downturn. Interestingly, the bottoming out of the 7-day average hashrate coincided with this difficulty decrease. It seems miners have capitalized on the opportunity presented by the decreased difficulty, connecting a significant amount of computing power to the network for faster block mining.

At any rate, although the blockchain may increase difficulty, potentially leading to the withdrawal of the additional hashrate (if it was only added to exploit the dip), miners can currently enjoy accelerated rewards until any such adjustment occurs.