Matrix Chain

Merit Circle

Matrix

Edge

Polygon

<p class="is-style-lead">Venture capitalists are pumping more money into fewer deals.</p> 
<p>That’s according to the latest VC <a href="https://www.globaldata.com/media/business-fundamentals/us-maintains-robust-lead-over-peers-with-2-4-yoy-growth-in-vc-funding-during-january-july-2024-reveals-globaldata/" data-type="link" data-id="https://www.globaldata.com/media/business-fundamentals/us-maintains-robust-lead-over-peers-with-2-4-yoy-growth-in-vc-funding-during-january-july-2024-reveals-globaldata/" target="_blank" rel="">report</a> from London-based analytics firm, GlobalData. The trend is especially evident in the U.S. where total VC funding raised by startups improved by 2.4% year-over-year from January to July. However, there was a 41% decline in VC deal volume. </p> 
<p>Still, the U.S. “continues to lead the global VC landscape with a significant gap” over its peers (i.e., China, Europe) leading both in deal count and funding value, driven by a surge in deals exceeding $100 million.</p> 
<p>Venture rounds in the crypto sector rarely reach that level. This year’s exceptions include <a href="https://crypto.news/berachain-mint-one-million-nft/" data-type="link" data-id="https://crypto.news/berachain-mint-one-million-nft/">Berachain</a>, the bear-themed blockchain platform, which secured $100 million in funding, and Farcaster, a decentralized social protocol, <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/">raising</a> $150 million in a series A round.</p> 
<p>Still, crypto startups continue to attract plenty of investor love, and this past week was no different. According to crypto fundraising tracker, <a href="https://crypto-fundraising.info/deal-flow/?start_date=2024-08-25&amp;end_date=2024-08-31" data-type="link" data-id="https://crypto-fundraising.info/deal-flow/?start_date=2024-08-25&amp;end_date=2024-08-31" target="_blank" rel="">Crypto Fundraising</a>, over $141 million was raised between Aug. 25 and Aug. 31. </p> 
<p class="is-style-default">Below we look at a few standouts (not including the funding rounds with undisclosed amounts). </p> 
<h2 class="wp-block-heading" id="bridge-58-million">Bridge, $58 million</h2> 
<ul class="wp-block-list"> 
 <li>Bridge, a global stablecoin payment network, has raised $58 million in funding thus far, including $40 million in fresh capital. </li> 
 <li>Sequoia, Ribbit and Index are among its backers, according <a href="https://fortune.com/crypto/2024/08/29/bridge-stablecoins-sequoia-ribbit-index-haun-58-million/" data-type="link" data-id="https://fortune.com/crypto/2024/08/29/bridge-stablecoins-sequoia-ribbit-index-haun-58-million/" target="_blank" rel="">to</a> Fortune, which broke the story. </li> 
 <li>The startup, co-founded by former Square and Coinbase executives Zach Abrams and Sean Yu, now counts Coinbase among its customers — the other being SpaceX.</li> 
</ul> 
<h2 class="wp-block-heading" id="edge-matrix-chain-20-million">Edge Matrix Chain, $20 million</h2> 
<ul class="wp-block-list"> 
 <li>Edge Matrix Chain, which specializes in multi-chain artificial intelligence infrastructure, collected $20 million in a round led by Amber Group and Polygon Venture. </li> 
 <li>One Comma, Kapley Judge and Associated Corporations, Cyberrock Venture Fund, Candaq Fintech Group, Hameem Raees Chowdhury also joined the effort. </li> 
 <li>Edge Matrix hopes to put the funds toward a Layer 1 blockchain and, ultimately, introduce a new DeFi asset class backed by tokenized real-world GPU resources. </li> 
</ul> 
<h2 class="wp-block-heading" id="space-and-time-20-million">Space and Time, $20 million</h2> 
<ul class="wp-block-list"> 
 <li>Space and Time, or SxT, nabbed $20 million in a Series A round that included Cypher Capital, Framework Ventures, Lightspeed Faction, Arrington Capital and Hivemind Capital.</li> 
 <li>The startup — offering index data for Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>), Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/">ETH</a>) and Polygon (<a href="https://crypto.news/price/polygon/">MATIC</a>) ecosystems — <a href="https://u.today/cypher-capital-supports-space-and-time-series-a-20-million-round" data-type="link" data-id="https://u.today/cypher-capital-supports-space-and-time-series-a-20-million-round" target="_blank" rel="">raised</a> $50 million in total. </li> 
 <li>Other backers include Microsoft’s M12 Ventures, DCG, F-Prime Capital, OKX Ventures, Circle Ventures and Alumni Ventures, <a href="https://fortune.com/crypto/2024/08/27/exclusive-microsoft-space-and-time-framework-lightspeed-arrington-ai-crypto/" data-type="link" data-id="https://fortune.com/crypto/2024/08/27/exclusive-microsoft-space-and-time-framework-lightspeed-arrington-ai-crypto/" target="_blank" rel="">Fortune</a> reported.</li> 
</ul> 
<h2 class="wp-block-heading" id="solayer-12-million">Solayer, $12 million</h2> 
<ul class="wp-block-list"> 
 <li>Solayer Labs clinched $12 million in seed funding. Polychain Capital led the round; Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Maelstrom also participated.</li> 
 <li>The startup is developing a Solana (<a href="https://crypto.news/price/solana/" data-type="link" data-id="https://crypto.news/price/solana/">SOL</a>) restaking protocol.</li> 
</ul> 
<h2 class="wp-block-heading" id="gameplay-galaxy-11-17-million">Gameplay Galaxy, $11.17 million</h2> 
<ul class="wp-block-list"> 
 <li>Gameplay Galaxy, a web3 video game studio, amassed $11.17 million as part of a seed extension round.</li> 
 <li>Blockchain Capital and Merit Circle co-led the round; Several anonymous investors also took part. </li> 
</ul> 
<h2 class="wp-block-heading" id="myco-io-10-million">Myco io, $10 million</h2> 
<ul class="wp-block-list"> 
 <li>UAE-based Web3 streaming platform, Myco, <a href="https://www.einpresswire.com/article/738558740/uae-web3-streaming-platform-myco-raises-10-million-for-its-series-a-funding" data-type="link" data-id="https://www.einpresswire.com/article/738558740/uae-web3-streaming-platform-myco-raises-10-million-for-its-series-a-funding" target="_blank" rel="">completed</a> the first closing of its Series A funding round, which included a $10-million sum. </li> 
 <li>Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter joined the campaign along with 88 accredited investors via Republic.com.</li> 
</ul> 
<h2 class="wp-block-heading" id="double-jump-tokyo-10-million">Double Jump Tokyo, $10 million</h2> 
<ul class="wp-block-list"> 
 <li>SBI Investment led a $10-million Series D funding round for Japanese web3 game maker Double Jump.Tokyo, a developer of blockchain games and infrastructures.</li> 
 <li>Sony Group, Taisu Ventures, Gate Ventures, TM Capital and Bing Ventures also participated. </li> 
</ul> 
<h2 class="wp-block-heading" id="additional-funding-rounds-10m">Additional funding rounds &lt; $10m</h2> 
<ul class="wp-block-list"> 
 <li>Quai Network, $5 million</li> 
 <li>OneBalance, $5 million</li> 
 <li>Chainbound, $4.6 million</li> 
 <li>SnakeLite, $4 million</li> 
 <li>Nectar AI, $3.9 million</li> 
 <li>Level Protocol, $3.6 million</li> 
 <li>Echelon Market, $3.5 million</li> 
 <li>Time Fun, $3 million</li> 
 <li>Verofax, $3 million</li> 
 <li>Kredete, $2.25 million</li> 
 <li><a href="https://crypto-fundraising.info/projects/kredete" target="_blank" rel=""></a>Legion, $2 million</li> 
 <li>Origami Finance, $1.5 million</li> 
</ul> 
<p>For last week’s edition of our “Crypto VC roundup,” <a href="https://crypto.news/crypto-vc-roundup-story-protocol-sorella-bsx-exchange/" data-type="link" data-id="https://crypto.news/crypto-vc-roundup-story-protocol-sorella-bsx-exchange/">click here</a>.</p> 
<p> Read more: <a href="https://crypto.news/vcs-come-and-go-but-launchpads-will-remain-a-fundamental-part-of-web3-opinion/"> VCs come and go, but launchpads will remain a fundamental part of web3 | Opinion </a> </p>

Crypto VC roundup: Bridge coffer totals $58m, Edge Matrix Chain raises $20m

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