The cryptocurrency industry continues to attract an increasing number of institutional players. This is evidenced by new investments in infrastructure and the growing attention companies are paying to bitcoin as an asset class. ForkLog reviews the most significant events of recent weeks.
Prediction Platform Polymarket Raises $70 Million
The prediction platform Polymarket has closed two funding rounds totaling $70 million, according to Bloomberg.
In the Series A funding round, the platform received $25 million, led by General Catalyst.
An additional $45 million in the Series B funding round was provided by venture firms DragonFly Capital, ParaFi Capital, 1confirmation, as well as billionaire Peter Thiel’s Founders Fund and Ethereum co-founder Vitalik Buterin.
Polymarket allows users to make predictions on various events using cryptocurrencies. According to the platform’s data, users have wagered over $128 million on the upcoming U.S. presidential elections. Donald Trump leads with 52% against Joe Biden’s 42%.
Humanity Protocol Raises $30 Million at $1 Billion Valuation
The blockchain startup Humanity Protocol has closed a $30 million funding round at a $1 billion valuation, led by Kingsway Capital with participation from Animoca Brands, Blockchain.com, and Shima Capital.
?Big news alert! ?Our founder Terence just took the spotlight in Bloomberg @business, unveiling our latest round of funding! ?
We’ve become crypto’s new digital identity unicorn! ?
Check out the full story on our $30M raise at a $1B valuation: https://t.co/soy6PqZoFB…
— Humanity Protocol ?️ (@Humanityprot) May 15, 2024
The funds will be used to expand the team. Humanity Protocol currently employs 20 people.
The project is developing a blockchain based on the Proof-of-Humanity concept, enabling transaction verification without revealing users’ personal data, while maintaining a high level of security.
According to the startup’s founder, Terence Kwok, the testnet launch is planned for the second quarter of 2024. There are already 500,000 users on the waiting list.
The startup intends to release a palm scanning application and infrared cameras for vein recognition.
Trading Firm Arbelos Markets Raises $28 Million
The crypto trading company Arbelos Markets has closed a $28 million funding round led by Dragonfly Capital, reports CoinDesk.
Funding was also provided by Room40 Ventures, Selini Capital, Breed VC, FalconX, Circle Ventures, Paxos, P2 Ventures, Deribit, Chorus One, StarkWare, Immutable, and private investors.
Arbelos Markets co-founder Joshua Lim stated that the company provides liquidity and hedging for experienced investors using crypto derivatives.
He noted that a lack of transparency was a key reason for the recent crisis in the crypto industry. Arbelos Markets aims to build trust in the sector by offering access to a “transparent mechanism” that allows clients to verify the firm’s risk profile and its counterparties.
The funds will be used to expand the team, enter new markets, and offer more structured products.
Startup Lava Foundation Raises $11 Million
The non-profit organization Lava Foundation, behind the development of the modular blockchain Lava Network, has closed an $11 million funding round.
The floor is Lava ?
Lava Foundation has raised $11m to fund ecosystem growth and protocol development.
We’re excited to move closer to mainnet and support more blockchains with critical RPC infrastructure. pic.twitter.com/J1TEjiW9rX
— Lava Network ? (@lavanetxyz) May 7, 2024
Investments were provided by Animoca Brands, Gate.io Ventures, CoinGecko Ventures, and others. The funds will be used for ecosystem development and protocol advancement.
Lava Foundation head Amir Aaronson told The Block that the project received funds under a SAFT agreement. He declined to disclose the startup’s valuation.
Developers plan to launch the mainnet in the first half of 2024. Around the same time, the LAVA token will be introduced, Aaronson added.
Web3 Platform Galaxis Raises $10 Million
The Singapore-based Web3 platform Galaxis has closed a $10 million funding round, reports CoinDesk.
Investments were provided by Rarestone Capital, Taisu Ventures, Chainlink, Ethereum Name Services, and others.
Galaxis assists celebrities and brands in launching their own NFT collections. Among the platform’s clients are DJ Steve Aoki, actor Val Kilmer, and professional basketball player LaMelo Ball.
According to a press release, over the past couple of years, Galaxis has sold more than 225,000 NFTs, earning over 32,000 ETH (nearly $100 million at the time of writing) from secondary sales.
Co-founder and CEO of the platform, Andras Kristof, stated that the next step in the startup’s development is its own token, GALAXIS, which will complement the ecosystem. The launch is planned for May 2024.
Gaming Startup Param Labs Raises $7 Million from Animoca Brands
The gaming platform Param Labs has raised $7 million from blockchain game operator Animoca Brands, venture firms Delphi Ventures, Mechanism Capital, Merit Circle, and other investors, reports The Block.
Param Labs is developing a gaming ecosystem with a governance token, PARAM, which has yet to be launched. The company’s first game will be a multiplayer shooter, Kiraverse.
Based in the UAE, the startup boasts a large online community. According to a press release, the platform has over 2.5 million followers across all profiles on X and about 500,000 users on Discord.
Also on ForkLog:
- Pantera Capital called the investment amount in TON “record-breaking.”
- Media reported on Lido founders’ support for competitor EigenLayer.