Ithaca and Delta are the top two firms with the highest fundraising for the week, data shows.
Held against last week’s modest fundraising, crypto VC funding has seen an uptick in the number and volume of funds raised this week.
This resembles the overall trend in early 2024, where VC crypto funding has been surging and sustained throughout the year. Data from Crypto Koryo shows that the total investment and the number of investments have surged in comparison to the last quarter of 2023. Crypto.news compiled the data from Oct. 6 to Oct. 12 from Crypto Fundraising. Here’s this week’s top crypto VC funding data.
Ithaca, $20 million Ithaca is a project focused on expanding decentralized technology by the creation of an open-source developer tool stack. The firm raised $20 million from Paradigm recently.
Delta, $11 million Delta is a permissionless network that allows for efficient interoperability between member domains. The company raised $11 million from investors like Variant, DBA and Figment Capital.
Humanode, $10 million Humanode is a crypto-biometric network that has introduced Sybil resistance and governance models. The network has raised over $22.76 million so far. The latest $10 million raised was from investors like Republic Crypto and Big Brain Holdings.
The Open Network, $10 million The Open Network (TON) is a layer 1 blockchain created by Telegram. TON has raised $58 million since its inception. The firm raised $10 million, with Gate Venture leading the investment.
PiP World, $10 million PiP World is a gamified platform that was created to promote financial trading and learning. The firm recently raised $10 million in a seed round led by Exinity.
The Crypto Market Crushes Traditional Assets With Explosive Growth!
In September 2024, the crypto market experienced an impressive growth of 8%, surpassing many traditional assets. This significant increase was largely attributed to favorable macroeconomic conditions, which we will discuss further in this article
The crypto market records an 8% growth in September!
Despite an overall slow third quarter, the crypto market outperformed traditional assets like gold by 8%, demonstrating its resilience and long-term growth potential. In September, the Bitcoin price fluctuated, but investors showed renewed confidence in digital assets. The decentralized finance (DeFi) sector particularly benefited from this dynamic, with a 9.6% increase in Total Value Locked (TVL) in DeFi protocols. This growth reflects a renewed interest in decentralized applications and innovative financial services offered by crypto.
The key factors behind this dominance
Global economic decisions played a crucial role in this recovery. The reduction of interest rates by the US Federal Reserve boosted investor confidence, while stimulus measures in China bolstered demand for cryptocurrencies. These factors contributed to an increase in the total market capitalization of crypto, reaching unprecedented levels. Additionally, institutional investors continued to show increasing interest in digital assets. Nearly 50% of traditional hedge funds are now exposed to cryptocurrencies, taking advantage of growing regulatory clarity. This trend underscores the growing acceptance of cryptos as a legitimate and promising asset class. Finally, the 8% growth of the crypto market in September 2024 reflects the robustness and resilience of this sector in the face of economic challenges. Stimulus measures and monetary policy adjustments like the FED rate cuts, played a key role in this recovery, offering optimistic prospects for the future of cryptocurrencies.
Ripple Partners With Mercado Bitcoin to Expand Cross-Border Payments in Brazil.
Ripple has announced the opening of its high-speed payment solution, Ripple Payments, in Brazil. The company announced Thursday that the first enterprise which will make use of this blockchain payment technology is Mercado Bitcoin, one of the major Brazilian cryptocurrency exchanges, but says more businesses will have access later on.
Until recently named RippleNet, Ripple Payments is a breakthrough in cross-border transactions that offer a far more efficient and cost-effective way for businesses and financial institutions to conduct international money transfers.
It utilizes Ripple's blockchain infrastructure for this solution in addition to the XRP Ledger for liquidity and settlement, though it does not require users to hold or use cryptocurrency directly.
Jordan Abud, who heads banking at Mercado Bitcoin, explained, "The idea is to provide a simplified transfer through the expertise of Ripple, our international partner specializing in cross-border payments,” meaning they will thereby be assured of immediate liquidities on various currencies on the chain. “This partnership enables Mercado Bitcoin to take another step towards internationalizing its services,” he added.
This is not Ripple's first move into Latin America. Since it opened its Brazilian office in 2019, the company has already established a presence in the region, including a deal with Colombia's central bank to explore central bank digital currency technology.
The development comes after Ripple's partial victory against the U.S. Securities and Exchange Commission last year in a decision widely hailed by the digital asset industry.
Michael Saylor explains MicroStrategy's more aggressive option to simply buying Bitcoin
Roundtable Publisher and CEO, James Heckman, and Mario Nawfal, sought clarity from MSTR Executive Chair, Michael Saylor, on the company's aggressive Bitcoin approach. Heckman admitted, "I was certainly confused a year ago," and asked Saylor to explain why investing in MicroStrategy might make sense over buying Bitcoin directly.
"MicroStrategy is the largest public company holder of Bitcoin," Saylor began. "Nearly all of our market cap is levered to Bitcoin itself." He emphasized that while Bitcoin has a volatility ("vol") of about 50, MicroStrategy has "levered that up by 20 to 30%," resulting in higher volatility and potentially higher returns.
This strategy has attracted a diverse group of investors. "We've attracted options traders that want to trade the vol," Saylor said. "We have issued debt; we're the primary issuer of Bitcoin-backed bonds." He noted that for those looking to buy bonds against Bitcoin, "we're the only ones selling them in size."
Highlighting the company's performance, Saylor stated, "MicroStrategy outperformed all 500 of the S&P 500 companies over the last four years, including Nvidia. We're up a thousand percent." He attributed this success to their focused strategy: "We stay in our lane, and our lane is we are long levered Bitcoin, and we think that's enough."
After, Nawfal asked about adding Ethereum to the portfolio, Saylor doubled down on his point, underscoring the importance of commitment and clarity. "They want to know what we're going to do and that we're committed to doing it," he said. "That's the respectful way to manage the public markets."
By maintaining a singular focus on Bitcoin, MicroStrategy aims to provide investors with a clear and reliable investment option in the cryptocurrency space. #MicroStrategу #WeAreAllSatoshi #BTC500K $BTC $ETH $EIGEN