Injective Launches $150 Million Ecosystem

Layer-1 blockchain technology Injective, which was established in 2018, has announced the introduction of a $150 million ecosystem fund to help developers that are developing on the Cosmos network.

The so-called ecosystem group is supported financially by a large consortium of venture capital and Web3 companies. These companies include Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, IDG Capital, Gate Labs, and Flow Traders.

According to Injective, the consortium has amassed the most members out of all those that have been formed inside the greater Cosmos ecosystem.

According to Injective, developers who are chosen for the fund will get help in the form of “bespoke token and equity investments”, in addition to mentoring, technical assistance, business growth, and marketing.

The greatest attention will be given to projects that are developing decentralised financial infrastructure (DeFI) and interoperability infrastructure.

The construction of trading platforms, scalability solutions, and proof-of-stake infrastructure are all initiatives that will benefit from the allocation of these funds “

In terms of stage, the organisation is generally interested in early-stage enterprises (seed to Series B), but it is open to the possibility of considering follow-on investment on an individual basis as well.

The amount of financing that is granted to each project will vary according to the stage it is currently in and the requirements it must meet in order to achieve the overall aim of ensuring that each project is successful.”

Injective is a decentralised smart contracts platform that was constructed using the Cosmos SDK, which is a development kit that encourages speedier and more cost-effective infrastructure than Ethereum. Injective is also known as the Injective Protocol.

According to Chen, in comparison to other blockchains, Cosmos has more adaptability, opportunities for customisation, and horizontal scalability.

According to CoinMarketCap, Cosmos is the 20th biggest blockchain network due to its market value of over $3.7 billion.

The term “decentralised finance” first appeared in public discourse in the summer of 2020, at the same time when a number of noteworthy projects initiated a bull market in cryptocurrencies not long after Bitcoin’s quadrennial halving.

Even though decentralised finance (DeFi) activity has slowed down over the course of the last year, the industry as a whole has been mostly immune to the problems that have been afflicting centralised finance (CeFi) platforms.

According to Chen’s additional explanation, “the decentralised structure of DeFi protocols provides for better transparency and actual control over assets,” which will always be a fundamental benefit over centralised finance.

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QuickNode Closes $60 Million Funding Round

A fundraising round with a total value of sixty million dollars has been successfully completed by the distributed ledger technology (Blockchain) development platform QuickNode. This achievement is a component of a worldwide expansion that is being undertaken with the goal of luring a greater number of users and developers onto the Web3 platform. This accomplishment was made feasible as a direct consequence of the efforts that QuickNode put out in order to entice a higher number of users and developers to participate in the Web3 platform. On the 24th of January, the company made the news that the venture capital firm 10T Fund will be leading the Series B fund raising effort, with participation from Tiger Global, Seven Seven Six, and QED. That fact is common knowledge at this point. As a direct result of the fact that the investment was successfully completed, the value of QuickNode has been increased to an estimated $800 million.

QuickNode’s management has said that the cash will be used to accelerate the company’s expansion into new markets across the globe and will make the transition to Web3 more straightforward “at scale.

” If this is to be achieved, it is vital to provide developers with the deployability that is required in order to sign up more blockchain clients.

The Series B funding round has been the most crucial financing round for the business since October 2021, when the firm was only seven months old and received $35 million in its first investment round. Since that time, the company has been in operation.

QuickNode asserts that the size of its existing user base has more than doubled in size throughout the period of time that has passed between the company’s two previous rounds of venture investment.

At the present, the company provides its infrastructure services to over 16 distinct blockchains, some of which are Ethereum, Matic, Optimism, Arbitrum, and Solana. Other blockchains that currently make use of the company’s offerings include Solana is one of the blockchains that is featured among the others. There are a number of other blockchains in addition to these that utilise a selection of these services in their operations.

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Former FTX US Head Launches New Crypto Software

According to Bloomberg, the former CEO of FTX US is creating a new bitcoin software firm and has already secured $5 million from different investors. Coinbase Ventures and Circle Ventures have provided funding for a new software company that will be founded by Brett Harrison, who formerly held the position of president of FTX US from May 2021 to September 2022.

Shari Glazer of Kalos Labs and Anthony Scaramucci were two of the individuals that joined in the seed round with SALT Fund, Motivate VC, P2P Validator, and Third Kind Venture Capital.

His new company, which will be known as Architect, will provide trading software for huge institutions who are interested in accessing the cryptocurrency markets.

He expressed to Bloomberg his optimism that “people would be able to recover their trust back in trading in this business” with the release of Architect.

Harrison left FTX US months before the company collapsed under the shoddy guidance of Sam Bankman-Fried, who headed the global FTX cryptocurrency exchange and several other companies under its purview. Harrison left FTX US because he was unhappy with the direction the company was being led in by Bankman-Fried.

In November, FTX US was one of around 130 firms that were a part of the FTX Group that filed for bankruptcy.

1/49 A lot of people have inquired about my tenure at FTX US and the reasons for my departure at the time that I did.

As I said earlier in the week, I’m excited to start sharing my experiences as well as my point of view with the public.

— Brett Harrison (@BrettHarrison88) The 14th of January, 2023 On January 14, Harrison detailed the reasons for his departure from the cryptocurrency exchange in a long discussion on Twitter.

He claimed that six months into his tenure, “cracks began to form” in his relationship with Bankman-Fried, and that the former CEO of FTX displayed “total insecurity and intransigence” whenever he was confronted with conflict. He stated that this behaviour occurred whenever he was put in a position of authority.

Among other alleged transgressions, Bankman-Fried is facing eight criminal accusations and may spend as much as 115 years in jail for allegedly scamming investors and breaking regulations pertaining to political funding.

On January 5, he entered a plea of not guilty to all of the charges.

As the bear market continued to wreak havoc on the cryptocurrency industry in the second half of 2022, venture capital funding started to dry up.

As cryptocurrency markets adjust to the new reality, the failure of FTX and the subsequent ripple effects it caused seem to have added further strain to the process of raising cash.

According to Bloomberg, Harrison’s first goal for Architect was to fund anywhere from $5 million to $10 million at a value of $100 million.

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CFTC Commissioner Questions VCs’ Due Diligence

Commodity Futures Trading Commission (CFTC) raises questions regarding the level of due diligence carried out by institutional investors and their level of accountability regarding the loss of user funds in the context of ongoing investigations regarding the defunct cryptocurrency exchange FTX. These investigations are taking place in the context of ongoing investigations regarding the FTX. Concerning the extent of responsibility that should be taken for the misappropriation of user cash, some concerns have been posed. These investigations are now still being carried out. Concerns and questions have been voiced in connection to the amount of responsibility that has to be taken for the theft of user cash. These questions and concerns have been presented in a number of different ways.

In an interview with Bloomberg, CFTC Commissioner Christy Goldsmith Romero stated that venture capital firms that had to write down their investments in the millions of dollars to nearly zero raises “serious questions” about the level of due diligence that was performed over the course of the previous year. Romero was referring to the fact that these firms had to reduce their investments from nearly zero to almost zero. Romero was alluding to the fact that these companies were required to lower the amount of money they invested from practically nil to almost zero. Romero was making a reference to the fact that these businesses were mandated to reduce the amount of money they invested from almost little to basically nothing. Romero was making a reference to the fact that these companies were required to decrease the amount of money they invested from nearly nothing to essentially nothing, and he was saying this in the context of his comment.

She voiced her concerns to the magistrate in response to the revelations that the CEO of FTX, John Ray, had made in court regarding the fact that the exchange lacked both records of its financial transactions and procedures to oversee such operations. John Ray was testifying about the fact that the exchange lacked both records of its financial transactions and procedures to oversee such operations. The fact that the exchange did not keep records of its financial dealings and did not have policies and processes in place to monitor such dealings was a source of worry for her. She was made to feel uneasy as a result of these revelations.

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Two Sigma Ventures Pulls $400m in Two Funding Rounds

Multi-dimensional venture capital firm, Two Sigma Ventures (TSV) has raised two funds worth as much as $400 million to invest in early-stage startups.

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The fundings named Two Sigma Ventures IV (TSV IV) will invest in early-stage startups, and Two Sigma Ventures Opportunity Fund II (TSV Opps II) will invest in growth-stage companies.

Bogus as it sounds, the Two Sigma Ventures funding recorded as much as 85% participation from external investors. The external investments came from institutions like “college endowments, non-profit foundations, pension funds, and hospital systems, with the remainder of the capital coming from Two Sigma’s partners and senior employees.”

As detailed by the company, the investments will be deployed into startups that are using technologies to interact with the broader world.

“We started Two Sigma Ventures a decade ago with the belief that, as the world becomes more information-rich, most new companies that change the world will do so using some combination of data science and advanced computing,” said Colin Beirne, partner at Two Sigma Ventures. “In the last 10 years, we’ve backed over 100 companies aligned with that thesis and are proud of the successes our founders have experienced. This new infusion of capital is the beginning of our next chapter as a business and will allow us to fund the next generation of entrepreneurs with world-changing ideas.”

Two Sigma Ventures investments are also enjoyed by a wide range of industry startups, including those in the digital currency ecosystem, as well as in biotech amongst others. Two Sigma Ventures’ portfolio in the Web3.0 ecosystem includes UMA, Pyth, Rally, and Rift Finance amongst others.

With TSV still committed to backing startups in all industries, chances are high that it will further bolster its engagements with the Web3 sector. The embrace of investments in the blockchain ecosystem is notably becoming a trend amongst non-crypto-native VCs and accounts for why outfits like Andressen Horowitz (a16z) are injecting billions of funds into the Web3.0 world.

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Venture Capital Firm MetaWeb Ventures to Establish $30M Venture Fund

Venture capital firm MetaWeb Ventures has announced the launch of a $30 million venture fund to help focus on decentralized social media, DeFi, gaming and decentralized autonomous organizations (DAOs).

In this financing round, the company said it has received support from Sequoia Capital, Dragonfly Capital, the NEAR Foundation, and others.

This is the first fund of the crypto startup-focused venture capital firm.

MetaWeb.VC is a global crypto venture capital investment firm focusing on NEAR Protocol, investing in DeFi, NFT, metaverse, gaming, social, and middleware.

MetaWeb Ventures has conducted seven investments. Their most recent investment was a Series A investment on Jun 9, 2022, when decentralized exchange Orderly Network raised $20M.

Venture capital firms continue to infiltrate the crypto space, having injected $17 billion so far this year.

MetaWeb Ventures focuses on investing in the NEAR ecosystem. With its vast network of connections and deep insights into NEAR, MetaWeb Ventures has invested in more than 30 startups in stealth mode.

The company plans to expand its future goals to applications, including working with Ethereum, Aurora and Cosmos to accelerate product development and community building.

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Venture Capital Firm Variant to Establish $450m Venture Fund III

Venture capital firm Variant has announced the launch of a $450 million Venture Fund III to help startups focused on Defi and Web3 infrastructure.

In this funding round, the company said Venture Fund III includes $150 million in seed funding and $300 million in opportunity funds.

Venture Capital (VC) firms continue penetrating the crypto sector, given that they have pumped in $17 billion so far this year.

Venture capital firm Variant was founded by veterans such as venture capital firm Andreessen Horowitz (a16Z).

This is the third funding launched by the company. Its second fund was launched in October last year, valued at $ 110 million. The fund itself comes about a year after the $22.5 million debut fund.

DeFi projects in Variant’s portfolio include Cozy Finance, Empiric, Euler, Fei Protocol, Flashbots, Gearbox, Goldfinch, Morpho, Sense, Union, Uniswap, Verto, and Yield Protocol.

The company said it has doubled in size, bringing in a total of 15 professionals with deep expertise in DeFi, consumer, and infrastructure to help the fund manage portfolio support functions, as well as provide information on a listing, token design, and community building, etc.

Partners Jin Li, Spencer Noon and Jesse Walden said, “Variant is designed for this moment in cryptocurrency. There’s a reason we’ve stayed small: because it allows us to work with our Portfolios work closely together and guide founders on the most important issues they face early on in their journeys.”

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Crypto Investments Shrank Nearly 25% to about $9.3B in H1

Penetration of the crypto space has decreased; Venture capital firms’ investment shrunk nearly 25% from a record $12.5 billion invested in the first half of last year to about $9.3 billion in the first six months of this year.

Despite deal value having shrunk, deal volume has increased, with 534 deals announced in the first half of this year compared to 456 in the first half of last year.

Investment data remained solid in the second quarter. More than $4.2 billion flowed into venture-backed crypto startups, up slightly from last year’s period.

Although a decrease of about $1 billion from the previous quarter and well below the record high of $6.1 billion set in the fourth quarter of last year, it is still a good result in the winter of the cryptocurrency market.

The first quarter included 6 rounds of $400 million or more. Glassnode co-founders under the pseudonym Negentropic explained:

“$17bn VC crypto investments and +1k deals in 2022. This year ha seen the highest median deal size at $4.5mn. Capital is flowing into BTC and altcoins, setting up for a strong recovery.”

After Bitcoin had topped 1,300% gains in 2018, VC money nearly quadrupled to its previous high of $8 billion.

Yet the two largest cryptocurrencies — Bitcoin and Ethereum — were down more than 70% in value from their November highs.

Earlier, the cryptocurrency lender Celsius had filed for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the Southern District of New York and recorded a $1.19 billion deficit on its balance sheet.

In the filing, New Jersey-based Celsius also said it had $40 million in claims against Singapore-based crypto hedge fund Three Arrows Capital. The hedge fund also filed for bankruptcy earlier this month.

These uncertainties have created a sense of fear among venture investors.

Yash Patel, general partner at Telstra Ventures, which invested $32 billion in Bahamas-based crypto exchange FTX Exchange, said, “Yes, we’ve seen a pullback in crypto/blockchain investments, mirroring the broader tech markets.”

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Crypto Investments Shrunk nearly 25% to about $9.3B in H1

Penetration of the crypto space has decreased; Venture capital firms’ investment shrunk nearly 25% from a record $12.5 billion invested in the first half of last year to about $9.3 billion in the first six months of this year.

Despite deal value having shrunk, deal volume has increased, with 534 deals announced in the first half of this year compared to 456 in the first half of last year.

Investment data remained solid in the second quarter. More than $4.2 billion flowed into venture-backed crypto startups, up slightly from last year’s period.

Although a decrease of about $1 billion from the previous quarter and well below the record high of $6.1 billion set in the fourth quarter of last year, it is still a good result in the winter of the cryptocurrency market.

The first quarter included 6 rounds of $400 million or more. Glassnode co-founders under the pseudonym Negentropic explained:

“$17bn VC crypto investments and +1k deals in 2022. This year ha seen the highest median deal size at $4.5mn. Capital is flowing into BTC and altcoins, setting up for a strong recovery.”

After Bitcoin had topped 1,300% gains in 2018, VC money nearly quadrupled to its previous high of $8 billion.

Yet the two largest cryptocurrencies — Bitcoin and Ethereum — were down more than 70% in value from their November highs.

Earlier, the cryptocurrency lender Celsius had filed for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the Southern District of New York and recorded a $1.19 billion deficit on its balance sheet.

In the filing, New Jersey-based Celsius also said it had $40 million in claims against Singapore-based crypto hedge fund Three Arrows Capital. The hedge fund also filed for bankruptcy earlier this month.

These uncertainties have created a sense of fear among venture investors.

Yash Patel, general partner at Telstra Ventures, which invested $32 billion in Bahamas-based crypto exchange FTX Exchange, said, “Yes, we’ve seen a pullback in crypto/blockchain investments, mirroring the broader tech markets.”

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UK Treasury Officials Met with Crypto and Venture Capital Firms in Q1: Sources

UK Treasury officials engaged with crypto stakeholders for several meetings. UK Treasury disclosed a number of meetings between top officials and crypto firms during the first quarter.

According to the HMT Ministers’ Meetings log, John Glen, the former Economic Secretary to the UK Treasury, had multiple meetings in February and March with businesses in the cryptocurrency industry (including Binance, Paxos, Coinbase and Circle) to discuss crypto assets.

Glen also met with venture capital firms, such as a16z and Kingsway Capital and point of sale software provider Epos Now, with the same intentions.

In January, Glen met with Professor Barry Eichengreen, a University of California academic who has expressed scepticism toward the future of cryptocurrency in the financial ecosystem.

In March, Rishi Sunak, the former Chief Secretary to the UK Treasury and currently running a campaign to succeed Boris Johnson as Conservative leader and prime minister, met with Sequoia managing partner Douglas Leone to discuss the UK’s Venture Capital sector.

Disclosures indicated that at the end of last year, Sunak visited California State, meeting with executives from venture capital firms Sequoia and a16z and attended a roundtable meeting with crypto firms, including Bitwise, Celo, Solana, and Iqoniq.

The above meetings came before the UK announced its plan to turn itself into a global crypto hub in April. Rishi Sunak and John Glen were the architects of a campaign unveiled in April to strengthen the UK’s image as a crypto-friendly jurisdiction. That push came after years of regulatory caution that prompted several crypto firms to relocate elsewhere. 

Sunak and Glen made advances to the crypto industry in the early months of this year, meeting with executives in an effort to develop a more cohesive strategy on digital assets.

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Bitcoin (BTC) $ 44,283.86 1.85%
Ethereum (ETH) $ 2,371.95 0.05%
Litecoin (LTC) $ 78.93 5.53%
Bitcoin Cash (BCH) $ 257.82 3.91%