Solana

Fish

LayerZero

STON

USDC

<p class="is-style-lead">This past week has been buzzing with significant venture capital activity in the crypto space, highlighting several startups making major strides. Here’s a roundup of the top funding news.</p>
<h3 class="wp-block-heading" id="f-lix-pago-aims-to-simplify-remittances">Félix Pago aims to simplify remittances</h3>
<p>According to <a href="https://techcrunch.com/2024/05/28/felix-pago-raises-15-5-million-to-help-latino-workers-send-money-home-via-whatsapp/?guccounter=1" target="_blank" rel="noopener noreferrer nofollow">TechCrunch</a>, Latin American remittance startup Félix Pago raised $15.5 million in a Series A round, led by Castle Island Ventures.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Félix Pago raises $15.5 million to help Latino workers send money home via WhatsApp <a href="https://t.co/ZeIEHcMsEV" target="_blank" rel="noopener noreferrer nofollow">https://t.co/ZeIEHcMsEV</a></p>— TechCrunch (@TechCrunch) <a href="https://twitter.com/TechCrunch/status/1795449068761567274?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 28, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The company, which helps workers send money across borders using WhatsApp, plans to expand its presence in Latin America, and the U.S.</p>
<p>CEO Manuel Godoy emphasized the convenience of using WhatsApp as an interface, allowing users to send and receive money through a chatbot.&nbsp;</p>
<p>On the receiving end, users can collect money instantly as a bank deposit or pick it up in cash at locations in Mexico, Guatemala, and Honduras. The use of Circle’s <a href="https://crypto.news/tag/usdc/" target="_blank" rel="noopener noreferrer nofollow">USDC</a> stablecoin helps Félix Pago save on foreign exchange costs, making transactions cheaper and faster compared to traditional methods like SWIFT.</p>
<h3 class="wp-block-heading" id="jordan-fish-aka-cobie-backs-fortunafi">Jordan Fish (aka Cobie) backs Fortunafi</h3>
<p>Real-world asset (RWA) tokenization platform Fortunafi secured $9.51 million in funding from Shima Capital and Manifold.</p>
<p>Investors included prominent names like Jordan Fish (aka Cobie) — host of the “Up Only” podcast — and Ari Litan of LayerZero Labs.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Today we're PUMPED to announce the completion of our Strategic Funding Round! 🚀<br><br>With total funding at ~$10M, we're embarking on our next journey of expanding our <a href="https://twitter.com/hashtag/RWA?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#RWA</a> product offering &amp; launching our upcoming <a href="https://twitter.com/hashtag/stablecoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#stablecoin</a> protocol. 🔥<br><br>Why we're excited 🧵 <a href="https://t.co/Thd71AhJnp" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Thd71AhJnp</a></p>— Fortunafi (@_Fortunafi) <a href="https://twitter.com/_Fortunafi/status/1796222831958909211?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 30, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The funding will be used to develop Fortunafi’s platform further and expand its reach in the crypto market.</p>
<p>Separately, Fortunafi also introduced its new stablecoin protocol called Reservoir.&nbsp;</p>
<p>The round, structured as equity with token warrants, brought the company’s valuation to $48.165 million.&nbsp;</p>
<h3 class="wp-block-heading" id="switchboard-nets-7-5-million-strong-strong">SwitchBoard nets $7.5 million<strong> </strong></h3>
<p>SwitchBoard, an on-chain oracle startup, also benefited from this week’s VC activity, raising $7.5 million in a Series A round co-led by Tribe Capital and RockawayX.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">📢 Switchboard Closes $7.5M Series A Round<br><br>We’re thrilled to announce a strategic raise, co-led by <a href="https://twitter.com/tribecap?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@tribecap</a> and <a href="https://twitter.com/Rockaway_X?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Rockaway_X</a>, with support from <a href="https://twitter.com/SolanaFndn?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@SolanaFndn</a>, <a href="https://twitter.com/Aptos?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Aptos</a>, <a href="https://twitter.com/StarkWareLtd?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@StarkWareLtd</a>, and more.<br><br>This investment accelerates our mission to supply permissionless and secure oracle… <a href="https://t.co/YAqWDBJuzV" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/YAqWDBJuzV</a></p>— Switchboard 🔌 (@switchboardxyz) <a href="https://twitter.com/switchboardxyz/status/1795441142240063564?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 28, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Supported by the <a href="https://crypto.news/tag/solana/" target="_blank" rel="noopener noreferrer nofollow">Solana</a> Foundation, Aptos, and StarkWare, the company plans to use the funds to expand its oracle tools and use cases for web3 developers.&nbsp;</p>
<p>SwitchBoard’s permissionless oracle network connects decentralized applications with real-world data, offering a secure and cost-effective solution. The platform currently holds over $1.78 billion in total value, according to DeFiLlama.</p>
<p>You might also like: <a href="https://crypto.news/binance-founder-changpeng-zhao-begins-prison-sentence/" rel="noopener noreferrer nofollow"> Binance founder Changpeng Zhao begins his prison sentence in California </a></p>
<h3 class="wp-block-heading" id="scrypt-gains-5-million-doubles-client-base">SCRYPT gains $5 million, doubles client base</h3>
<p>Swiss crypto asset services provider SCRYPT clinched $5 million in funding, led by Brazil’s Braza Bank and supported by Funfair Ventures, Cabrit Capital, and Atlantic Labs.&nbsp;</p>
<p>The company has <a href="https://www.scrypt.swiss/news/scrypt-secures-5-million-in-strategic-funding-to-accelerate-growth" target="_blank" rel="noopener noreferrer nofollow">reportedly</a> doubled its client base and increased trading volume 18-fold year-on-year.</p>
<p>With this new capital, SCRYPT plans to expand into the LATAM market, leveraging Braza Bank’s expertise in FX and cross-border payments.</p>
<h3 class="wp-block-heading" id="ston-fi-secures-3-6-million-for-dex-growth">STON.fi secures $3.6 million for DEX growth</h3>
<p>Another European blockchain company that received financial backing in the last week was UK-based decentralized exchange STON.fi.</p>
<p>It locked in $3.6 million in funding from a round led by CoinFund. The round also saw participation from Delphi Ventures, Karatage, and TON Ventures.&nbsp;</p>
<p>STON.fi said it will use the funds to enhance operations and expand financial services to <a href="https://crypto.news/tag/telegram/" target="_blank" rel="noopener noreferrer nofollow">Telegram</a> users, allowing instant exchanges of Toncoin (<a href="https://crypto.news/price/toncoin/" target="_blank" rel="noopener noreferrer nofollow">TON</a>) and USD stablecoins for any native token.</p>
<h3 class="wp-block-heading" id="coinflow-plural-raise-2-3-million-each">Coinflow, Plural raise $2.3 million each</h3>
<p>Wrapping up the week’s VC action were Coinflow and Plural, which both raised $2.3 million from various backers.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">We are proud to announce that we've raised a $2.25M seed round to accelerate the introduction of instant payment settlement for businesses. <br><br>This round was led by <a href="https://twitter.com/CMT_Digital?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@CMT_Digital</a> with participation from <a href="https://twitter.com/recvcx?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@recvcx</a> <a href="https://twitter.com/jump_?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@jump_</a> <a href="https://twitter.com/DCGco?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@DCGco</a> <a href="https://twitter.com/DraperDragon?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@DraperDragon</a> <a href="https://twitter.com/blocktechvc?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@blocktechvc</a> and angels <a href="https://twitter.com/0xMert_?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@0xMert_</a>… <a href="https://t.co/f02EOLN9vs" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/f02EOLN9vs</a></p>— Coinflow Labs (@CoinflowLabs) <a href="https://twitter.com/CoinflowLabs/status/1795478668153602421?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 28, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Instant settlement payment provider Coinflow raised the money in a seed round led by CMT Digital. Other investors included DCG, Reciprocal Ventures, Jump Crypto, and Draper Dragon. The company said it will use the funds to expand its sales, engineering, and compliance teams.&nbsp;</p>
<p>Coinflow’s platform allows businesses to settle transactions instantly with <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noopener noreferrer nofollow">stablecoins</a>, supporting over 50 merchants and growing rapidly since its launch in early 2023.</p>
<p>On its part, Plural, which offers on-chain investment solutions for renewable energy developers, <a href="https://www.linkedin.com/posts/pluralenergy_exclusive-plural-raises-23m-to-connect-activity-7202003785248841729-YglI/" target="_blank" rel="noopener noreferrer nofollow">collected</a> $2.3 million in a round led by Neil Devani of Necessary Ventures and Michael Dempsey of Compound. Volt Capital and Maven 11 also participated.&nbsp;</p>
<p>The company also announced its first offering with Solaris Energy, aiming to provide innovative investment options in the renewable energy sector.</p>
<h3 class="wp-block-heading" id="browse-previous-vc-roundups-below">Browse previous VC Roundups below</h3>
<ul>
 <li><a href="https://crypto.news/vc-roundup-centrifuge-crypto-valley-exchange-nebra/" rel="noopener noreferrer nofollow">April 20</a></li>
 <li><a href="https://crypto.news/vc-roundup-securitize-agora-moso-hinkal-x10-funds/" rel="noopener noreferrer nofollow">May 4</a></li>
 <li><a href="https://crypto.news/vc-roundup-arbelos-zkm-volta-hemera-score-funds/" rel="noopener noreferrer nofollow">May 11</a></li>
 <li><a href="https://crypto.news/vc-roundup-humanity-protocol-hits-unicorn-status-arch-labs-others-secure-major-funding/" rel="noopener noreferrer nofollow">May 18</a></li>
 <li><a href="https://crypto.news/vc-roundup-blockchain-startups-raise-258m-in-a-week/" data-type="link" data-id="https://crypto.news/vc-roundup-blockchain-startups-raise-258m-in-a-week/" rel="noopener noreferrer nofollow">May 25</a></li>
</ul>
<p>Read more: <a href="https://crypto.news/crypto-fraud-cases-spike-yoy-hong-kong-data/" rel="noopener noreferrer nofollow"> Crypto fraud cases spike year-over-year: Hong Kong data </a></p>

VC roundup: Félix Pago’s $15.5m for WhatsApp remittances, Fortunafi’s $9.5m for asset tokenization, and more big wins

Table of Contents

crypto.news

Other articles published on Jun 1, 2024

Shiba Inu: Over 800,000 SHIB holders are at a loss – Are you one?

Crypto community divided as Biden vetoes repeal of SEC’s SAB 121

Crypto: Changpeng Zhao from Binance imprisoned for 4 months in Lompoc

XRP Reversal Could Be Closer Than You Think, Crucial Solana (SOL) Support Level Is Here, Ethereum...

Uniswap Foundation Postpones Vote on Incentives, Faces Backlash

JasmyCoin Hits New Heights with 131.5% Monthly Gain

Join our free newsletter for daily crypto updates!