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<p class="is-style-lead">The week of June 2 to June 8 saw an influx of funds into the blockchain space, with 21 startups raising a total of $399.7 million from venture capital firms and angel investors.</p> 
<p>Data from <a href="https://crypto-fundraising.info/blog/dates-02-08-jun-2024/" target="_blank" rel="">Crypto Fundraising</a> shows that five startups raised more than $108 million between them from series A rounds, with another seven startups raking in a combined $52.6 million from unknown rounds.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfQM92-RpfLAr4-eY1CiOrbxKoBOFAAXmx_ofbDDI67jr-IjZ5HBTWrjzbXO44OhZ7OKC5NFbTE40K-FzX5y7eNhyPXxoJaL_d_3JH9GSqdlNPZeXjV_ve9Niq3w7m7Zzgs1DS7O4MDtoqGsJ_3tlYBw4iA?key=k5izyvAvvyDefPpaiW3Qkg" alt="VC roundup: Avail leads with $43m, M^0 secures $35m, The Sandbox raises $20m - 20">
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  Crypto fundraising summary June 2–8 | Source: Crypto Fundraising
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<p>Additionally, three startups made $19 million from seed rounds, and one startup raised $10 million in a private round. Here’s a breakdown of the most notable <a href="https://crypto.news/tag/funding/" target="_blank" rel="">funding</a> rounds:</p> 
<h3 class="wp-block-heading" id="strong-avail-raises-43-million-in-series-a-funding-strong"><strong>Avail raises $43 million in series A funding</strong></h3> 
<p>Avail, known for its data availability network, secured $43 million in a series A round led by the Founders Fund, Dragonfly, and Cyber Fund. Other contributors in the round included SevenX, Figment, Nomad Capital, LocalGlobe, Altos Ventures, and Chapter One.</p> 
<p>The latest funding round follows Avail’s $5 million pre-seed and $27 million seed rounds in March 2023, after it spun out of Polygon.&nbsp;</p> 
<p>Avail reportedly plans to use the funds to develop its unification layer and fusion security layer, which are aimed at enhancing modular blockchain scaling and security.</p> 
<h3 class="wp-block-heading" id="strong-m-0-secures-35-million-in-series-a-round-strong"><strong>M^0 secures $35 million in series A round</strong></h3> 
<p>Another big series A winner was the decentralized stablecoin minting protocol M^0.</p> 
<p>The startup, which pronounces its name “M Zero,” raised $35 million in a round led by Bain Capital Crypto, a subsidiary of private equity firm Bain Capital. </p> 
<p>The fundraising also included contributions from Galaxy Ventures, Wintermute Ventures, GSR, Caladan, and SCB 10X.&nbsp;</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">1/📢 We are thrilled to announce the <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Ethereum</a> Mainnet launch of M^0 as well as the closing of a $35M Series A round led by <a href="https://twitter.com/BainCapCrypto?ref_src=twsrc%5Etfw" target="_blank" rel="">@BainCapCrypto</a>, with support from new investors <a href="https://twitter.com/galaxyhq?ref_src=twsrc%5Etfw" target="_blank" rel="">@galaxyhq</a>, <a href="https://twitter.com/wintermute_t?ref_src=twsrc%5Etfw" target="_blank" rel="">@wintermute_t</a>, <a href="https://twitter.com/GSR_io?ref_src=twsrc%5Etfw" target="_blank" rel="">@GSR_io</a>, <a href="https://twitter.com/caladanxyz?ref_src=twsrc%5Etfw" target="_blank" rel="">@caladanxyz</a> and <a href="https://twitter.com/SCB10X_OFFICIAL?ref_src=twsrc%5Etfw" target="_blank" rel="">@SCB10X_OFFICIAL</a>. <a href="https://t.co/pJ6c0YtnkG" target="_blank" rel="">pic.twitter.com/pJ6c0YtnkG</a></p>— M^0 (@m0foundation) <a href="https://twitter.com/m0foundation/status/1798346970840596666?ref_src=twsrc%5Etfw" target="_blank" rel="">June 5, 2024</a>
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<p>The funding, structured as equity plus tokens, will support M^0’s continued development of its stablecoin ecosystem. So far, M^0’s total funding amounts to $57.5 million.</p> 
<p>The company raised $22.5 million in seed money from Pantera Capital in April 2023.</p> 
<h3 class="wp-block-heading" id="strong-the-sandbox-raises-20-million-strong"><strong>The Sandbox raises $20 million</strong></h3> 
<p>Metaverse and web3 gaming company The Sandbox secured $20 million from Kingsway Capital and Animoca Brands, boosting its valuation to $1 billion.</p> 
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   <p lang="en" dir="ltr">Our subsidiary <a href="https://twitter.com/TheSandboxGame?ref_src=twsrc%5Etfw" target="_blank" rel="">@TheSandboxGame</a>, a leading user-generated content (UGC) <a href="https://twitter.com/hashtag/metaverse?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#metaverse</a> platform, has announced that it has raised US$20 million of convertible promissory notes with a US$1 billion valuation cap. <a href="https://t.co/G0tljR5zb8" target="_blank" rel="">https://t.co/G0tljR5zb8</a></p>— Animoca Brands (@animocabrands) <a href="https://twitter.com/animocabrands/status/1798958066873856336?ref_src=twsrc%5Etfw" target="_blank" rel="">June 7, 2024</a>
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<p>According to The Sandbox, the funding will enhance its creator economy, expand its decentralized mobile metaverse platform, and improve social features, avatar skills, and 3D editing tools on the platform.</p> 
<p> You might also like: <a href="https://crypto.news/crypto-market-plunges-96b-following-strong-jobs-report/" rel=""> Crypto market plunges $96b following strong US jobs report </a> </p> 
<h3 class="wp-block-heading" id="strong-tether-invests-18-75-million-in-xrex-group-strong"><strong>Tether invests $18.75 million in XREX Group</strong></h3> 
<p>Not to be left out of the VC funding race, stablecoin issuer <a href="https://crypto.news/tag/tether/" target="_blank" rel="">Tether</a> announced a $18.75 million investment in XREX Group, a regulated blockchain financial institution.&nbsp;</p> 
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   <p lang="en" dir="ltr">We are proud to share that <a href="https://twitter.com/Tether_to?ref_src=twsrc%5Etfw" target="_blank" rel="">@Tether_to</a> has announced a strategic investment of $18.75M in XREX Group. This collaboration aims to drive innovation in the digital asset industry, facilitate USDT-based cross-border payments in emerging markets, and innovate regulatory technology. /1 <a href="https://t.co/c9TtEOYzy4" target="_blank" rel="">pic.twitter.com/c9TtEOYzy4</a></p>— XREX Inc. (@xrexinc) <a href="https://twitter.com/xrexinc/status/1798272638701478142?ref_src=twsrc%5Etfw" target="_blank" rel="">June 5, 2024</a>
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<p>According to a <a href="https://www.prnewswire.com/news-releases/tether-invests-18-75m-in-xrex-group-to-drive-financial-inclusion-in-emerging-markets-302163384.html" target="_blank" rel="">press release</a> provided by XREX, this move aims to facilitate USDT-based cross-border payments in emerging markets. </p> 
<p>It will also launch XAU1, a stablecoin pegged to Tether Gold (XAUt). Tether CEO Paolo Ardoino described the partnership as enhancing financial inclusion in emerging markets.</p> 
<h3 class="wp-block-heading" id="strong-glacier-labs-mint-blockchain-secure-a-combined-13-million-strong"><strong>Glacier Labs, Mint Blockchain secure a combined $13 million</strong></h3> 
<p>Glacier Labs, a layer-2 rollup network, and Mint Blockchain, an Ethereum L2 network for the NFT industry, collectively raised $13 million. Glacier Labs secured $8 million in seed funding from Foresight X, UOB Venture Management, Laser Digital, KuCoin Ventures, and others.&nbsp;</p> 
<p>Mint Blockchain, on the other hand, raised $5 million from Jsquare, SNZ Capital, Antalpha Ventures, and more.&nbsp;</p> 
<p>The funds will support Glacier Network’s <a href="https://crypto.news/glossary/decentralized-applications-dapps/" target="_blank" rel="">decentralized application</a> (dapp) infrastructure and Mint’s network expansion, which already supports over 80 applications and has 400,000 active users.</p> 
<h3 class="wp-block-heading" id="strong-everclear-raises-5-million-from-pantera-capital-strong"><strong>Everclear raises $5 million from Pantera Capital</strong></h3> 
<p>Another beneficiary of the week’s VC action was Everclear.</p> 
<p>The San Francisco-based company, previously known as Connext, <a href="https://www.globenewswire.com/news-release/2024/06/03/2892402/0/en/Connext-Rebrands-to-Everclear-and-Launches-the-First-Clearing-Layer-Protocol-to-Fix-Liquidity-Fragmentation.html" target="_blank" rel="">raised</a> $5 million through an over-the-counter (OTC) deal with Pantera Capital.</p> 
<p>According to the company, the funds will develop Everclear’s “clearing layer,” aimed at solving liquidity fragmentation for modular blockchains.</p> 
<h3 class="wp-block-heading" id="strong-stashh-labs-halo-wallet-raise-6-3-million-strong"><strong>Stashh Labs, Halo Wallet raise $6.3 million </strong></h3> 
<p>Closing up our roundup of crypto fundraising activities for the first week of June are Stashh Labs and Halo Wallet, which collectively raised $6.3 million.&nbsp;</p> 
<p>Stashh Labs secured over $3.3 million from investors like Animoca, 6th Man Ventures, Shima Capital, and Hashkey Capital to support the launch of Stashh 2.0.&nbsp;</p> 
<p>On its part, Halo Wallet raised $3 million from Cyberport, HashKey Capital, IDG Capital, and KuCoin Ventures to accelerate its social monetization mission.&nbsp;</p> 
<p>Both companies aim to improve their platforms with new features and expanded support for multiple blockchain ecosystems.</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-core-scientific-declines-1-billion-buyout/" rel=""> Bitcoin miner Core Scientific declines $1b buyout offer </a> </p>

VC roundup: Avail leads with $43m, M^0 secures $35m, The Sandbox raises $20m

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