Over the week, The Open Network and Drift Protocol management have improved their fundraising results, beating the performance of all other crypto firms economically in capital accumulated. 
According to Galaxy’s latest <a href="https://www.galaxy.com/insights/research/crypto-and-blockchain-venture-capital-q2-2024/" rel="nofollow noopener" target="_blank">research</a>, it will also be able to stand strong and grow relatively in the fundraising field. On July 1, the report stated that the fundraising environment for founders is still relatively saturated and active. 
<h2 id="b-crypto-investments-climb-28-to-3-2-billion-b">Crypto Investments Climb 28% to $3.2 Billion&nbsp;</h2> 
Who successfully negotiated 603 deals in the first quarter and 577 in the second three months, reports a dip in the number of deals. However, crypto investment figures show a different story.&nbsp; 
Investment jumped to $3.2 billion in the second quarter from $2.5 billion the quarter before. Less deals notwithstanding, the investment environment is still quite active. The amount invested in the crypto industry increased by 28% from the first to the second quarter. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-45918 size-large" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/09/DALL·E-2024-09-23-01.52.31-A-futuristic-city-skyline-at-dawn-with-various-blockchain-and-cryptocurrency-company-logos-illuminated-on-skyscrapers-reflecting-the-booming-investme-1024x585.jpeg" alt="Crypto" width="1024" height="585" title="Crypto Market Expansion: $55M Injected In The Open Network and Drift Protocol 27"> 
By the quarter under review, US-based crypto firms had the most transaction opportunities, as more than 40% of the total transactions were consolidated in this geography. The second was the UK, with 10% of deals, and Singapore companies obtained 8.7% of the total transactions for the quarter. 
As of this week about venture capital investment, availed the week 37th report of 2022, which ranges from 15th September to 21st September 2022, leveraging on the Crypto Fundraising Report. It focuses on the platforms that have been active in the fundraising trend in the market and closed one or more funding rounds that surpassed one million dollars. 
<h2 id="b-the-open-network-b">The Open Network</h2> 
This week, the <a href="https://thebitjournal.com/usdt-issuance-on-ton-blockchain-exceed-1-billion/" target="_blank" rel="noopener">Open Network (TON)</a>, a layer-1 blockchain platform, raised $30 million through an initial coin offering. Launched in 2018, TON has raised more than $54 million in capital.&nbsp; 
The recent fundraising saw practical investments from both Bitget and Foresight Ventures, which enhanced the financial status of the blockchain technology and aided in its further development and growth. 
<h2 id="b-drift-protocol-b">Drift Protocol</h2> 
Drift Protocol is a decentralized crypto exchange (an exchange that has no central organization and is completely autonomous) concentrated on spot trades, swaps, and perpetual futures on the Solana blockchain.&nbsp; 
Not long ago, investment was received in the series B round completed—$25 million was raised, led by Multicoin Capital. Hitherto, it could be noted that Drift Protocol raised about $52.3 million towards strong investments, and therefore, continuous growth and progress in decentralized finance are the DeFi sphere. 
<h2 id="b-helius-b">Helius</h2> 
RPC Nodes, APIs, webhooks, and developer tooling provider Helius have also recently netted funding worth $21.75 million. In this investment round, there were many cover contributions from head investors, such as HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One, and Spearhead. Helius has so far raised $34.35 million, which&nbsp;attests to investors’ enormous faith in the technology and products this company offers targeted at developers. 
<h2 id="b-hemi-labs-b">Hemi Labs</h2> 
Hemi Labs is a layer-2 protocol that aims to solve the problem of cross-chain security of Bitcoin and Ethereum, recently raising 15 million. The prominent participants in the funding round were Binance Labs, Breyer Capital, Big Brain Holdings, Crypto.com, etc. This investment clearly shows the support from the market to the vision of Hemi Labs in revolutionizing connectivity and security enhancement to the chain of block and its businesses. 
<h2 id="b-pipe-and-yellow-network-b">Pipe and Yellow Network</h2> 
Pipe Network, which provides web infrastructure that can be invested in for gains, recently completed its funding round. Multicoin Capital invested $10 million in Pipe Network. This investment further demonstrates interest in the internet’s developments made possible by blockchain technology. 
At the same time, Yellow, a company dedicated to blockchain products and infrastructure, raised $10 million in a fundraising round. This round included numerous global investment firms, including Consensys, GSR, and Gate.io Labs, which signifies positive sentiments from investors on Yellow’s strategies to grow the business to cover blockchain infrastructure. 
Some of these startups have raised less than $10 million but have gained notable traction within the funding rounds in favor of initiating growth and development within the blockchain and crypto industries. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-45919 size-large" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/09/DALL·E-2024-09-23-01.52.38-An-elegant-office-with-a-glass-wall-overviewing-a-cityscape-where-a-person-is-analyzing-financial-charts-on-multiple-monitors-related-to-Drift-Protoc-1024x585.jpeg" alt="Crypto" width="1024" height="585" title="Crypto Market Expansion: $55M Injected In The Open Network and Drift Protocol 28"> 
TrueX, a stablecoin-based exchange operating under a non-custodial model, has been officially launched after raising $9 million from investors. The funding round attracted participation from RRE Ventures, Paxos, Accomplice, Hack VC, and Solana Foundation, indicating that the company has a large support base for its revolutionary exchange model. 
<h2 id="b-conclusion-b">Conclusion</h2> 
Overall, some investors, particularly those dealing with The Open Network and Drift Protocol, remained steady with the usual funding season unfolding in most progressive markets. As we go ahead, the willingness to step into the new open for investments in blockchain technologies is likely to stay high, which means good prospects for this market. 
&nbsp;

Crypto Market Expansion: $55M Injected In The Open Network and Drift Protocol

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The Bit Journal

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