This Issue's Highlights
According to incomplete statistics from PANews, there were 21 financing events in the global blockchain industry last week (May 26 - June 1); the total amount of funds exceeded $133 million, with inflows decreasing compared to the previous week, as summarized below:
In the DeFi sector, five financing events were announced, including the decentralized trading platform Dexari announcing completion of $2.3 million seed round financing, led by Prelude Ventures and Lemniscap.
The Web3 gaming sector has announced two financing events, among which the Web3 game distribution platform Oncade completed $4 million financing, led by a16z crypto CSX.
In the Web3 + AI sector, four financing events were announced, including the crypto AI project Freysa AI completing $30 million in financing, with participation from Coinbase Ventures and Selini Capital.
In the Infrastructure & Tools sector, seven financing events were announced, among which Donut Labs announced completion of $7 million Pre-Seed round financing, led by Sequoia, Bitkraft, and HackVC.
In other applications, one financing event was announced: Matador completed approximately CAD 1.42 million second round non-brokered private financing to support Bitcoin purchases.
In the Centralized Finance sector, two financing events were announced, including the European fintech infrastructure platform Velocity completing $10 million pre-seed round financing, led by Activant Capital.
DeFi
Conduit completes $36 million Series A financing, led by Dragonfly Capital.
Stablecoin company Conduit announces completion of $36 million Series A financing, led by Dragonfly Capital, with participation from Sound Ventures, Altos Ventures, DCG, and Commerce Ventures. This round of financing brings the company's total fundraising amount to $53 million, with the valuation undisclosed. Conduit was founded by Kirill Gertman in 2021, focusing on building stablecoins and related infrastructure.
Dexari completes $2.3 million seed round financing, led by Prelude Ventures and Lemniscap.
Decentralized trading platform Dexari announces completion of $2.3 million seed round financing, led by Prelude Ventures and Lemniscap, with several well-known angel investors from the Hyperliquid ecosystem participating.
Solana ecosystem DEX Fermi Labs completes $1.2 million Pre-seed round financing
Solana ecosystem DEX Fermi Labs announces the completion of a $1.2 million Pre-seed round financing, led by Equilibrium and BBig Brain Holdings, with several angel investors participating. Fermi Labs is a Web3 R&D studio focused on developing dApps and infrastructure. Its flagship product, Fermi DEX, is a decentralized exchange (DEX) operating on the Solana blockchain, utilizing instant order settlement and liquidity abstraction technology. Additionally, Fermi Labs offers consulting services and educational programs.
ego.tech completes $800,000 Pre-Seed round financing, with founders from multiple projects including Solana and dYdX participating.
Solana ecosystem project ego.tech announces completion of $800,000 Pre-Seed round financing, with investors including Sam Lessin from Slow Ventures, Solana co-founder Raj Gokal, dYdX founder Antonio Juliano, Wintermute founder Wishful Cynic (@EvgenyGaevoy), Magic Eden co-founder Zhuoxun Yin, Hustle Fund, Polygon CEO Marc Boiron, and Andrena co-founder James Smits, among others. Ego aims to financialize any online profile on the internet; the protocol is currently live. Ego aims to build a clear financial layer to assess users' online and offline presence value.
Avalon Labs announces completion of strategic round financing, led by YZi Labs, with participation from GSR and others.
Bitcoin on-chain capital market Avalon Labs announces completion of strategic round financing, led by YZi Labs, with participation from Mirana, CE Innovation Capital, and GSR, with specific amounts undisclosed. Avalon states that this financing will support multiple initiatives, including regional licensing applications, public fund launches, and the expansion of institutional lending business.
Web3 Games
Web3 game distribution platform Oncade completes $4 million financing, led by a16z crypto CSX.
Web3 game distribution platform Oncade announces completion of $4 million financing, led by a16z crypto CSX. Oncade aims to help game studios increase revenue by enhancing player engagement and community interaction. Its core concept is to disrupt traditional distribution models of gaming platforms through a community-driven approach, building a game store directly for players.
Revolving Games completes a new round of financing led by Pantera Capital.
Web3 video game publisher Revolving Games announces completion of a new round of financing led by Pantera Capital to expand its game distribution ecosystem based on RCADE Network, with specific amounts undisclosed. The company plans to accelerate the launch of the (War of Nova) (Hatchlings) series and the new title (Skyborne: Phoenix Flight), which is set to launch a limited PC beta test in the third quarter of 2025.
AI
The team behind Freysa AI, Eternis AI, has secured $30 million in financing from companies including Coinbase Ventures.
Crypto AI project Freysa AI has completed $30 million financing through its affiliated entity Eternis AI, with participation from Coinbase Ventures and Selini Capital. The project, developed on the Base blockchain, aims to build 'personal AI digital twins.' A spokesperson for Selini Capital stated that the company invested in Freysa's token financing round, involving its native FAI token, but declined to comment on the $30 million figure or share further details. A spokesperson for Coinbase Ventures stated that the company invested in Eternis as part of the project's $30 million financing. The Freysa team revealed in its Telegram group this month that it has received over $30 million in funding support.
Eternis AI was co-founded in 2024 by Srikar Varadaraj (who previously founded credit scoring project Spectral), Pratyush Ranjan Tiwari (former member of Celo), Ken Li (former investment director at Binance Labs), and Augustinas Malinauskas (former CTO of Views). The team claims its members include experts in cryptography, theoretical physics PhDs, and serial entrepreneurs.
Donut Labs secures $7 million financing to launch the first AI-driven 'agent-style' crypto browser.
New York-based Donut Labs announces completion of $7 million Pre-Seed round financing, led by Sequoia, Bitkraft, and HackVC, with participation from ecosystem leaders like Solana. Donut aims to create the world's first 'agent-style' crypto browser, where built-in AI agents can recognize web intent and automatically execute on-chain transactions such as token swaps, mining, and asset optimization. The browser integrates wallet, DEX, and decentralized network access features, with plans to evolve into a crypto financial manager for users in the future.
Rumi secures $4.7 million Pre-Seed financing, jointly led by a16z crypto CSX and EV3.
AI media company Rumi announces completion of $4.7 million Pre-Seed round financing, jointly led by a16z crypto CSX and EV3. Rumi aims to transform passive media content into interactive experiences, allowing users to contribute computing power and data to earn rewards through a 'watch-to-earn' mechanism, and interact with AI in real-time. Its decentralized infrastructure supports intelligent parsing of media content and has established partnerships with TVision, Story Protocol, and others, aiming to create the world's first user-driven intelligent media ecosystem.
Solana ecosystem AI platform Assisterr completes $2.8 million financing, with participation from Google for Startups, Outlier Ventures, and others.
Solana-based AI platform Assisterr announces completion of $2.8 million financing, with a company valuation of $75 million. This round of financing was participated in by Google for Startups, Outlier Ventures, Web3.com, Echo.xyz, Moonhill Capital, and other institutions. Assisterr aims to help users create, deploy, and monetize personalized AI agents through no-code tools, focusing on small language models (SLMs) to reduce costs and enhance customization capabilities.
Infrastructure & Tools
Spetz Inc raises $7.35 million in its first private placement to purchase Sonic tokens, among others.
Blockchain infrastructure company Spetz Inc (CSE: SPTZ) announces completion of its first private placement, issuing 14,702,617 units at a price of CAD 0.50 per share, raising CAD 7,351,308.50. Each unit consists of one common share and 0.5 warrants, allowing warrant holders to subscribe for additional shares at CAD 0.75 each within 24 months. CEO Mitchell Demeter stated the financing will be used for purchasing Sonic tokens, deploying validation node infrastructure, and implementing DeFi strategies. Participating institutions include Canaccord Genuity Financial, among others. According to announcements on March 24 and May 12, this private placement can reissue up to 5,297,383 units, with a final cutoff date of June 23, 2025.
Cooking.City completes $7 million financing, aiming to reshape the Solana ecosystem token issuance mechanism.
Solana ecosystem token issuance platform Cooking.City announces completion of $7 million financing, with investors including Jump, CMT Digital, Mirana, Bitscale Capital, and EVG. The platform pioneers a 'confidence pool' mechanism and a social incentive rebate system, aiming to create a new paradigm of transparent, sustainable, and community-driven issuance, promoting fair launches of on-chain projects and returning to the core spirit of Web3.
Blockchain security protocol Naoris Protocol completes $3 million strategic round financing.
Blockchain security protocol Naoris Protocol completes $3 million strategic round financing, led by Mason Labs, with participation from Frekaz Group, Level One Robotics, and Tradecraft Capital. The funds will be used to develop blockchain security infrastructure against quantum computing threats. Naoris Protocol's core products include: plug-and-play network security mesh architecture, compatible with all EVM chains, Layer 1 blockchain using post-quantum cryptography, and PoS consensus mechanism compliant with international security standards such as NIST.
Bitcoin smart multi-signature wallet service provider Asigna completes $3 million financing.
Bitcoin smart multi-signature wallet service provider Asigna announces completion of $3 million financing, led by Hivemind Capital and Tykhe Block Ventures, with participation from Sats Ventures, Trust Machines, and several angel investors. Also releasing the v2 version upgrade, which adds embedded application support and developer SDK toolkit. This non-custodial multi-signature solution currently manages over $1.1 billion in assets, supporting Bitcoin main chain and Layer 2 protocols such as Stacks, and can interface with Ordinals, Runes, and other meta protocols. The new version allows users to directly interact with DApps through a multi-signature environment, and introduces sub-account management, privacy mode, and other enterprise-level features. Co-founder Vlad emphasized that it is built entirely on the Bitcoin native layer, with no smart contract risk.
BlockSpaces completes $2 million financing to launch a native Bitcoin risk management platform, ARCC.
According to BlockSpaces' announcement, the company completed a $2 million strategic financing led by Axiom, which will be used to launch a native Bitcoin collateral and risk management platform, ARCC. The platform is built using HTLC technology to create a trust-minimized execution environment, allowing institutions to manage BTC collateral contracts, forward trades, and BitBonds natively, without sidechains or custodial bridges. BlockSpaces states that ARCC will usher in a new era of Bitcoin smart contract finance and promote modernization of institutional capital market infrastructure.
Smart crypto trading tool Alph.AI completes $2 million financing, led by Bitrue.
Smart crypto trading tool Alph.AI announces completion of $2 million financing, led by Bitrue. The new funds are intended to drive the platform's AI smart construction to help users discover high-potential tokens early.
Mirage completes $1.6 million financing, with the mainnet expected to launch next week.
According to official news from Mirage Protocol, the project has completed $1.6 million financing, aiming to build a modular financial protocol based on the Move language, with core products including yield-bearing stablecoin mUSD and a low-cost, high-liquidity perpetual contract platform. Investors include Robot Ventures, Selini Capital, Native Crypto, Echo, Ambush Capital, and angel investors such as Aptos co-founder Mo Shaikh and Nightly founder NB. The protocol is built on the Aptos and Movement ecosystems, with the mainnet expected to launch next week.
Other
Crypto reserves:
Trump Media Group completes $2.44 billion financing, becoming a major holder of Bitcoin among publicly traded companies.
The Trump Media Group announced today that it has completed its previously announced private placement with approximately 50 institutional investors. This issuance includes: 1) selling 55,857,181 shares of the company's common stock at a price of $25.72 per share, raising gross funds of approximately $1.44 billion; 2) issuing convertible senior secured notes with a principal amount of $1 billion, maturing in 2028, with a conversion price of $34.72 per share. The two combined raise approximately $2.44 billion. Trump Media will use approximately $2.32 billion of the net proceeds to establish Bitcoin reserves and for other general corporate purposes and working capital. As one of the largest Bitcoin reserve trades among publicly listed companies, the net proceeds and corporate strategy from this issuance will make Trump Media Group one of the companies holding the most Bitcoin among U.S. publicly traded companies. After this issuance, Bitcoin will be included in Trump Media Group's balance sheet, alongside approximately $759 million in cash, cash equivalents, and short-term investments as of the end of the first quarter of 2025.
(This financing is not included in this financing weekly report statistics)
VivoPower completes $121 million financing led by a Saudi prince, shifting focus to an XRP-based crypto reserve strategy
Nasdaq-listed energy company VivoPower International (VVPR) announces completion of $121 million private financing, transitioning to a crypto asset reserve strategy centered around XRP. Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud led the $100 million investment, and former SBI Ripple Asia executive Adam Traidman will serve as chairman of the advisory committee. According to SEC filings, the company plans to issue 20 million common shares at $6.05 per share.
(This financing is not included in this financing weekly report statistics)
Matador completes approximately CAD 1.42 million second round non-brokered private placement to support Bitcoin purchases.
Bitcoin technology company Matador Technologies Inc (TSXV: MATA) announces completion of a second round non-brokered private placement, issuing 2,588,955 units at a price of CAD 0.55 per share, raising CAD 1,423,925. Together with the first round completed on May 26, the company has issued a total of 5,452,773 units, raising a total of CAD 2,999,025. Each unit consists of one common share and 0.5 warrants, with each full warrant allowing for the subscription of additional shares at CAD 0.75 within 12 months. The raised funds will be used for three purposes: Bitcoin acquisitions, advancing gold business, and general corporate purposes.
Centralized Finance
European fintech platform Velocity, covering stablecoin business, completes $10 million pre-seed round financing.
European fintech infrastructure platform Velocity completes $10 million pre-seed round financing, setting a record for financing at this stage in Europe this year. This round was led by Activant Capital, with participation from Fuel Ventures and received strategic investments from executives at Stripe, Visa, and other companies.
The company was co-founded by former Worldpay executive Eric Queathem and Volt founder Tom Greenwood, focusing on three development areas: 1) integrating virtual IBAN and digital wallet into a unified account architecture; 2) supporting real-time forex smart routing for fiat and stablecoins; 3) automating cross-border settlement systems. Currently, the team consists of 11 members, with plans to expand to 30 by the end of the year, focusing on strengthening engineering and compliance operations. Velocity leverages traditional payment industry experience to build an enterprise-level fund management platform compatible with both traditional banks and blockchain systems. Its technology has achieved programmable payments, liquidity coordination, and other functions to address vendor payments, multi-currency liquidity pools, and other practical scenarios.
Stablecoin payment platform Beam completes $7 million financing, led by Castle Island Ventures.
Stablecoin payment service provider (PSP) Beam raises $7 million in a financing round led by Castle Island Ventures, with participation from Archetype, Bankless Ventures, Verda Ventures, and Arca Fund. Beam is a payment platform that connects traditional finance with blockchain technology, enabling users to send and receive funds cross-border using stablecoins and fiat currencies, providing real-time currency exchange, conversion from cryptocurrencies to fiat, and seamless integration with bank accounts and digital wallets. Beam is registered as a money services business in the U.S. and complies with SOC 2 Type II standards.
Venture Capital Fund
Blockchain Builders completes $28 million fund raising to support crypto startups.
Blockchain Builders, founded by Stanford graduates Gil Rosen, Kun Peng, and Steven Willinger, announces completion of $28 million fund raising, oversubscribed. The fund has injected over $16 million into 40 blockchain startups, focusing on the intersection of AI and blockchain and fintech applications.
Core investments include: investing $1 million each in modular AI company 0G and supercomputing project Nexus Labs (with additional follow-up), and participating in their competitive financing rounds. The fund plans to complete the remaining $12 million deployment by the end of 2025, with multiple invested projects preparing for token generation events (TGE). The second phase of the fund aims to expand its investment network to universities such as Carnegie Mellon and Princeton.
Crypto venture capital Metalayer Ventures launches a $25 million fund focused on stablecoins and tokenization.
Former Chainlink and Two Sigma executives established the crypto venture capital firm Metalayer Ventures and announced the launch of a $25 million fund, focusing on early projects in areas such as stablecoins, asset tokenization, and crypto infrastructure. Invested projects include AnchorZero, Spark Capital, Ethena, Theo, and seven other companies. Co-founder Winton also developed a platform called 'Moirai' for analyzing on-chain data to discover potential projects. The fund plans to ultimately provide early financing for up to 30 companies, with individual investments expected to range from $500,000 to $1 million.
