Web3 Development, EVM Sharing and Blockchain Funding Deals Headline Crypto Bank
The dominance of Web3 in crypto funding cycles has been well documented by Cointelegraph Research. In addition to the recently announced Web3 mega funds, venture capital has also made smaller and more targeted investments in the sector. In this week’s Venture Capital (VC) roundup, we outline the latest Web3 funding initiatives and draw attention to a sharding platform, a non-fungible token (NFT) marketplace, a solution crypto-bank and a co-ownership infrastructure provider.
Related: Blockchain games and metaverse projects raised $1.3 billion in Q3: DappRadar
Gamers, Athletes and Content Creators Support WWVentures
WWVentures, a crypto boutique venture capital firm, has raised $15 million for its Web3 fund, putting the company on track to invest in metaverse, decentralized finance, and blockchain gaming startups. The funding round was supported by a host of notable players, content creators and athletes, including former UFC champion Michael Bisping and Liverpool FC’s Trent Alexander Arnold. The fund will focus exclusively on startups with a “community-first approach” to development and help their growth through social capital and community development support.
Happy to be involved in this project and a proud investor. Let’s go! @WW_Ventures https://t.co/q6td5fiDna
— Michael (@bisping) September 27, 2022
Scalability-focused blockchain raises $18.2 million
The Shardeum blockchain, based on Ethereum Virtual Machine, has received $18.2 million in seed funding from more than 50 investors, including venture capital firms Jane Street, The Spartan Group and DFG. Shardeum is a proof-of-stake network focused on solving one of blockchain’s biggest problems: scalability. As the name suggests, the platform uses sharding – a type of database partitioning – to increase throughput capacity. Shardeum claims that its scalability is superior to other layer 1 blockchains.
Avalanche Native Platform Rises $6M for NFT Market
Myna Swap, a luxury marketplace that allows users to convert their physical assets into digital twins via NFTs, has raised $6 million in seed funding. Investors include Polygon Studios, Blizzard Avalanche Fund, Spartan Capital and Wave Financial. The platform, which offers trading and vault services, is aimed at collectors of sneakers, sports cards and watches and was built on the Avalanche blockchain. Myna Swap is set to launch later this year.
Alexis Ohanian supports Antic for a fundraising of 7 million dollars
Web3 co-owned infrastructure provider Antic has raised $7 million in funding led by venture capital studio Seven Seven Six of Alexis Ohanian and Sheva, with additional participation from Pantera Capital, Sound Ventures and Dapper Labs. Antic described co-ownership technology as an emerging concept within the Web3 community that makes it easier for businesses to establish blockchain-based ownership models.
Crypto banking platform closes $18M Series A
Web3 banking platform Juno raised $18M in Series A funding led by ParaFi Capital, with additional participation from Hashed, Jump Crypto and others. Juno provides a crypto-native checking account that makes it easier for users to bank with their digital assets. Following the investment round, Juno plans to expand its product offering and launch a tokenized loyalty program that allows users to earn coins to receive their paycheck in crypto or spend digital assets with their Juno card.
Related: FTX and Visa Partner to Enable Crypto Payments in 40 Countries
Wintermute Labs Leads Zerion Funding Round
Web3 wallet and DeFi aggregator Zerion closed a $12.3 million Series B funding round led by Wintermute Labs, the venture capital arm of liquidity provider Wintermute. Zerion will use the funding to further develop its Web3 wallet by integrating advanced data and enabling better cross-chain identity management for Ethereum-enabled blockchains. Zerion claims that its trading volume has grown from $47 million in 2019 to over $1.5 billion.
The growth of the Web3 VC industry shows no signs of slowing down.
Polygon founder Sandeep Nailwal is the latest to join the party after raising $50 million for a new seed fund. https://t.co/XqEuvk5PV3
— Cointelegraph (@Cointelegraph) August 25, 2022
thirdweb lands $24m from top venture capitalists
Web3 development platform thirdweb hit a lofty valuation of $160 million following its Series A funding round which netted the company $24 million. The Series A funding was led by Haun Ventures and included several notable investors such as Coinbase Ventures, Shopify, Polygon, and Protocol Labs. Founded in 2021, thirdweb is developing the infrastructure layer for Web3 that could enable more seamless application development on blockchains.