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Ava Protocol

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<p data-ct-non-breakable="true">Venture capitalists are increasingly raising capital to pour into blockchain-based startups. Over the past two weeks, Paradigm <a href="https://cointelegraph.com/news/paradigm-raises-850-million-third-crypto-fund">closed a third fund to invest</a> $850 million in early-stage crypto projects, while Pantera Capital is <a href="https://cointelegraph.com/news/pantera-capital-seeks-one-billion-raise-for-new-crypto-fund">seeking more than $1 billion</a> for a new fund that will offer exposure to a “full spectrum” of blockchain assets by 2025.</p>
<p>Also worth noting is that another $1 billion for startups might come from Tether’s coffers. Over the next 12 months, the company <a href="https://cointelegraph.com/news/tether-1b-investment-tech-ai-biotech-2024">plans to invest</a> in areas like emerging markets, artificial intelligence and biotech. Tether’s VC arm has already spent about $2 billion in the past two years on technologies such as AI and alternative financial infrastructure.</p>
<p>As for startups, June’s highlights so far include Avail’s <a href="https://cointelegraph.com/news/avail-43-m-funding-web3-unification">$43 million funding</a> to address data availability issues across blockchains and <a href="/news/solana-gaming-studio-mirror-world-raises-12-million">Mirror World Labs’ $12 million</a> in Series A funding promised to accelerate its Sonic protocol.</p>
<p>This edition of Cointelegraph’s VC Roundup features another batch of startups that raised capital in the first weeks of June.</p>
<h3 id="plural-energy-secures-2-33-million-for-onchain-renewable-energy">Plural Energy secures $2.33 million for onchain renewable energy</h3>
<p data-ct-non-breakable="true">Plural Energy has raised $2.33 million in pre-seed funding to support its onchain clean energy investment platform. The funding round was led by Necessary Ventures and Compound, with additional participation from Volt Capital and Maven11. </p>
<p>Plural plans to launch its first tokenized investment asset, a portfolio of solar projects developed by Solaris Energy, in the coming months. The platform will allow users to invest in United States-based solar farms and receive dividends powered by blockchain technology. Plural is said to focus on assets for projects under $100 million, which are “often overlooked by infrastructure investors despite their vital role in transitioning the power grid.” According to the company, more than $4 trillion needs to be invested into clean energy by 2030 to reach global climate goals. </p>
<h3 id="connext-rebrands-to-everclear-secures-5-million-from-pantera-capital">Connext rebrands to Everclear, secures $5 million from Pantera Capital</h3>
<p data-ct-non-breakable="true">Connext has rebranded to Everclear and secured $5 million from Pantera Capital in a private transaction. The funds will be used to diversify its decentralized autonomous organization (DAO) and support the development of its Clearing Layers, which are public networks that let market participants coordinate the netting and settlement of capital flows between chains. Everclear is already live on testnet, with the mainnet scheduled for the third quarter of 2024. </p>
<p>The company created a secure modular interoperability protocol powered by intents that recently surpassed $1 billion in total value locked and over $500 million in monthly bridge volume.</p>
<h3 id="ava-protocol-raises-10-million-for-web3-automation">Ava Protocol raises $10 million for Web3 automation</h3>
<p data-ct-non-breakable="true">Ava Protocol, previously known as OAK Network, has completed a total of $10 million in seed funding to develop its Web3 infrastructure for intent-based private autonomous transactions. The funding includes an initial $5.5 million round and a subsequent $4.5 million seed round. According to the protocol, it facilitates cross-chain smart contract automation, where contracts are activated based on predefined conditions like time and price. </p>
<p>The funds will aid in refining its testnet, expanding capacity and further developing its intent-centric, event-driven Eigenlayer AVS. The funding round included Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange and Shima Capital, with earlier contributions from figures like Sandeep Nailwal and firms such as Greylock, Foundation Capital, and GSR. Ava Protocol’s testnet is being used by over 10,000 unique wallets, executing over 1,000 automated transactions daily, the company reports.</p>
<h3 id="okx-ventures-makes-strategic-investment-in-security-firm-goplus">OKX Ventures makes strategic investment in security firm GoPlus</h3>
<p data-ct-non-breakable="true">OKX Ventures, the investment arm of crypto exchange OKX, has disclosed an investment in the blockchain security firm GoPlus. The company provides automated security services — including smart contract auditing, threat detection and anti-phishing tools — for the decentralized finance (DeFi) space.</p>
<p> The amount of the investment has not been disclosed, but the capital is expected to accelerate GoPlus’ technology development, expand its team, and extend its services to more blockchain networks and decentralized applications. </p>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/8a2072d8-da04-452f-8295-68a9ff0ea239.png">
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  <em>Source: OKX Ventures</em>
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</figure>
<h3 data-ct-non-breakable="true" id="radian-arc-secures-9-million-in-series-b-funding-led-by-bitkraft-ventures">Radian Arc secures $9 million in Series B funding led by Bitkraft Ventures</h3>
<p data-ct-non-breakable="true">Radian Arc, an infrastructure-as-a-service (IaaS) provider specializing in cloud gaming and AI, announced the closure of its Series B funding round, securing $9 million. The round was led by&nbsp; Bitkraft&nbsp;Ventures, with contributions from AMD Ventures, Boston, and Saffelberg. The investment will support Radian Arc’s expansion, enhance its IaaS platform and further develop its cloud-based solutions. The company aims to partner with telecommunications companies to deliver gaming experiences and AI applications.</p>
<h3 id="ouinex-raises-over-5m-in-token-sales">Ouinex raises over $5M in token sales</h3>
<p data-ct-non-breakable="true">Crypto and derivatives trading platform Ouinex recently concluded its Private 2 token sales round, raising $1 million from its private community. According to an announcement, the round was part of a series of private funding efforts that have collectively brought the company’s total funding to $5.2 million. The latest round sold out within hours of its launch, said Ouinex, adding that its community currently has 50,000 members. The funds will be used to upgrade the platform’s features and secure regulatory licenses.</p>
<h3 id="blueberry-protocol-raises-2-5m-series-a-led-by-white-star-capital">Blueberry Protocol raises $2.5M Series A led by White Star Capital</h3>
<p data-ct-non-breakable="true">Decentralized prime brokerage terminal Blueberry Protocol has raised $2.5 million in strategic funding led by WSC and Varys Capital. Blueberry offers decentralized access to leverage for DeFi on Ethereum, incorporating risk management tools within its framework. According to the protocol, this approach seeks to increase accessibility, enhance capital efficiency and potentially improve profitability for DeFi users. Other participants in this investment round include SNZ Capital, White Star Capital, Alchemix DAO, Aquanow, members of Dewhales, members of DCD, GateCap Ventures, Nayt Trading and MonkeVentures. </p>

VC Roundup: Investors double down on funding for crypto, blockchain startups

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