A Week of Prosperous Funding
Last week, crypto startups witnessed a significant influx of capital, with a collective raise of over $115 million. Leading the pack was blockchain game studio, Proof of Play, which secured a whopping $33 million in a funding round spearheaded by Andreessen Horowitz. This studio has grand plans for its invite-only, on-chain pirate role-playing game, Pirate Nation, aiming to pioneer a decentralized “Forever Game” that stands independent of creator interventions or external servers.
Delving into the Details
Several other crypto ventures also celebrated substantial funding rounds. Bastion, a crypto firm with a focus on enterprise, bagged $25 million. Founded by two ex-executives from a16z’s crypto wing, Bastion’s vision is to seamlessly merge Web3 infrastructure with prevailing enterprise technologies. Meanwhile, Jiritsu garnered $10.2 million to enhance its innovative blockchain solutions, spotlighting its flagship product, Tomei RWA, a novel asset tokenization platform. Fuse Finance and Briya weren’t far behind, raising $14 million and $11.5 million respectively, for their unique crypto services. CoinScan, too, secured a commendable $6.3 million for its crypto data and analytics platform. Other noteworthy mentions from the past week include Orb, Essential, BeWater, Freatic, GRVT, and Bubblemaps. However, it’s crucial to note that despite the impressive $277 million raised in September, the general trend for crypto venture funding has been on a downward trajectory since late 2021.
My Take on the Situation
From my point of view, the crypto market’s resilience is evident in the face of a bearish phase. While venture firms remain eager to invest in promising crypto startups, this optimism isn’t mirrored in the broader market. Over the past weekend, the total capitalization dipped by around $10 billion, settling at $1.04 trillion by Monday morning in Asia. Bitcoin’s value slid to a 12-day low of $26,000, marking a 2% drop, and Ethereum wasn’t spared either, recording a 1% decline to $1,580. The crypto community on social media platforms seems to be bracing for a turbulent October. However, as I see it, the robust funding activity underscores the enduring faith in the potential of blockchain technology and crypto ventures, even amidst market fluctuations. On the flip side, it’s essential to approach these numbers with a pinch of caution, as the broader market sentiment remains bearish.
