Crypto startups secure $201.4M in funding, led by Futureverse and RISC Zero.

Crypto startups secure $201.4M in funding, led by Futureverse and RISC Zero.

The Surging Interest in Infrastructure Funding in the Blockchain Industry

Source:Shutterstock

Last week, the blockchain industry saw a significant surge in venture capital and investment firms pouring funds into crypto projects. A total of $201.4 million was invested, with notable raises for metaverse startup Futureverse and zero-knowledge-proof provider RISC Zero.

Futureverse: Empowering Developers and Users

Futureverse, a metaverse startup, stood out with an impressive $54 million funding from its Series A round, led by 10T Holdings and Ripple Labs. The company aims to build a collaborative ecosystem that consolidates 11 metaverse infrastructure and content companies. This consolidation provides a comprehensive platform for developers and users, empowering them with enhanced technology and a blockchain called The Root Network. The funds obtained from the funding round will be utilized to further enhance Futureverse’s technology.

RISC Zero: Enhancing ZK-Powered Applications

Another notable raise came from RISC Zero, a provider of zero-knowledge-proof tools for developers. They secured $40 million in Series A funding with participation from leading investors like Blockchain Capital, Bain Capital Crypto, Galaxy Digital, IOSG, and RockawayX. RISC Zero, led by CEO Brian Retford, aims to improve accessibility and efficiency for zero-knowledge-proof powered applications across various computing environments.

Aside from Futureverse and RISC Zero, the funding round also saw investments in other infrastructure sector companies. These include Cosmic Wire, Manta Network, Echooo Wallet, Side Protocol, and Over Protocol.

Surging Interest and Investment in Infrastructure Funding

The significant investments in Futureverse and RISC Zero are part of a larger trend of surging interest in infrastructure funding within the blockchain industry. In June alone, the infrastructure sector received over $210 million across 26 funding rounds. This trend continued in recent weeks, highlighting the growing importance of infrastructure development in the blockchain ecosystem.

Source: RootData

Last week, Seattle-based RISC Zero secured $40 million in Series A funding, with notable participation from Blockchain Capital, Bain Capital Crypto, Galaxy Digital, IOSG, and RockawayX. Cosmic Wire, another infrastructure-focused company, successfully raised $30 million in its series A seed round. The Solana Foundation and Polygon were among the prominent investors in Cosmic Wire.

There were other significant investments as well. Manta Network, an ambitious project, secured an impressive $25 million in Series A funding, led by renowned investors Polychain and Qiming Venture Partners. Superblock, a key player in Over Protocol’s development, obtained $8 million in funding from notable companies and venture capitalists in South Korea.

The infrastructure funding trend also extends to projects like Side Protocol. Side Labs, the firm behind the cross-blockchain liquidity network, successfully secured $1.5 million in funding through a SAFT round. Notable investors in Side Labs include Hashkey Capital, KR1, Continue Capital, Symbolic Capital, and more. This funding brought the company’s token valuation to $30 million.

Crypto Fundraising: Peaks and Declines

While there is a surge in infrastructure funding, it’s important to note the overall trend of crypto fundraising. In February 2023, crypto projects raised an impressive $947 million from 123 funding rounds. However, since then, fundraising activities have been consistently declining.

Source: RootData

In June, venture capital funding in the crypto space hit an all-time low, securing $520.1 million across 84 funding rounds. This represents a 23.11% decrease compared to May. However, despite this decline, the overall trend for 2023 still indicates growth.

Positive developments in the industry, such as prominent players like BlackRock, VanEck, WisdomTree, and Fidelity applying for Bitcoin exchange-traded funds (ETFs), as well as Ripple’s recent legal victory against the Securities and Exchange Commission, have boosted industry sentiment.

In summary, the blockchain industry is witnessing a surge in infrastructure funding, with venture capitalists investing significant amounts of money into promising projects. Companies like Futureverse and RISC Zero are leading the charge in empowering developers and users through their innovative technologies. While there may be recent declines in crypto fundraising, the overall growth trend in the industry remains intact, driven by positive developments and increased interest from institutional players.

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