Institutional Roundup: Circle raises $440m, Ledger raises $380m, a16z backs Solana Labs

The cryptocurrency industry is attracting an increasing number of institutional players. This is evident in both new investments in infrastructure and the growing attention that companies are giving to Bitcoin as an asset class. The most important events of the past weeks are in ForkLog’s round-up.

The crypto-friendly neobank attracts $500m from Warren Buffett’s Berkshire Hathaway

Warren Buffett’s Berkshire Hathaway invested $500 million in Brazilian Nubank. The funding was a continuation of the Series G round, in which the neobank was valued at $30 billion.

The funds will be used for international expansion and to grow the staff.

Circle attracted $440 million from FTX, DCG, Fidelity and other investors

The cryptocurrency company Circle closed a round worth $440 million. Investments were provided by FTX, Digital Currency Group, Fidelity Management, Valor Capital Group and other venture firms.

The funds will be used to accelerate growth and expand the team.

Ledger raised $380 million at a valuation of $1.5 billion

The hardware wallet maker Ledger raised $380 million as part of a Series C round. The company was valued at more than $1.5 billion.

The round was led by 10T Holdings with participation from Cathay Innovation, Draper Esprit, Wicklow Capital, Uphold Ventures, Felix Capital and other investors.

The funds will be used to expand the product line, integrate transactional services into the Ledger Live app, including those oriented to decentralized finance, and to develop its own operating system.

Ledger also plans further international expansion. According to chief executive Pascal Gauthier, the firm will invest in “internationalisation and localisation” with a focus on adapting services for non-English-speaking countries.

Solana Labs raised $314 million from a16z and Polychain Capital

Solana Labs, developer of the Solana blockchain, raised $314 million in a private token sale. The exact amount invested was $314,159,265 — pi multiplied by 100 million.

The round was led by venture firms Andreessen Horowitz (a16z) and Polychain Capital with participation from Alameda Research, CMS Holdings, CoinShares, Jump Trading, Multicoin Capital, Sino Global Capital and others.

The funds will be used to create a venture arm for investments in its own ecosystem and to launch a studio to develop projects on Solana.

DeFi project EmiSwap raises $104 million

The community-governed decentralised exchange EmiSwap raised $104 million from an undisclosed number of investors. The maximum investment from any single investor was $25,000.

Crypto-lending platform Ledn raises $30 million from Alan Howard and others

Canadian crypto-lending platform Ledn raised $30 million in a Series A round. It was led by venture capital Kingsway Capital.

The startup was also backed by billionaire Alan Howard, Reddit co-founder Alexis Ohanian, entrepreneur John Pfeffer, Hashed, Coinbase Ventures, ParaFi Capital and others.

As part of the deal, Kingsway Capital founder Manuel Stoetz joined Ledn’s board.

The funds will be used for international expansion, developing the technology platform and products, and hiring staff.

Developer of China’s state-backed BSN raises $30 million

The startup Red Date Technology closed a Series A round worth $30 million behind China’s national Infrastructure Blockchain Platform (BSN).

It was led by Prosperity7 Ventures, a diversified venture fund of oil giant Saudi Aramco and Hong Kong-based Kenetic. Others included Swiss bank Pictet and Bangkok Bank.

Copper custodian raises $25 million from Alan Howard

Brevan Howard Asset Management co-founder Alan Howard invested $25 million in London-based custodian Copper. The funding followed a Series B in which Copper raised $50 million.

The funds will be used to develop new products and to expand globally.

Solidus Labs raises $20 million from FTX, NYDIG and others

The crypto-market-manipulation monitoring startup Solidus Labs closed a Series A round worth $20 million.

The round was led by Evolution Partners with participation from FTX, NYDIG, Fidelity Investments, Hanaco Ventures and former chairman of the U.S. Securities and Exchange Commission Christopher Giancarlo.

The funds will be used to open an office in East Asia and expand the team to 60-70 people by the end of 2021.

Flare Network project attracts $11.3 million

The smart-contracts platform Flare Network raised $11.3 million in a round led by Hong Kong-based Kenetic Capital.

Participants also included Digital Currency Group, Coinfund, LD Capital, cFund, Wave Financial, Borderless Capital, Backend Capital, Litecoin creator Charlie Lee and Terra co-founder Do Kwan.

Indonesian bitcoin exchange raises $6 million from Coinbase, Pantera Capital and others

Indonesia-based cryptocurrency exchange Pintu raised $6 million in a Series A round.

Investors included Pantera Capital, Coinbase Ventures, Intudo Ventures, Blockchain.com Ventures, Castle Island Ventures, Alameda Ventures and others.

The funds will be used for marketing, hiring, development of new tools and features.

DeFi project Unbound raises $5.8 million from Pantera Capital and Arrington XRP Capital

The asset-management firms Pantera Capital and Arrington XRP Capital led the financing round for Unbound Finance, totaling $5.8 million.

Venture firms including CMS Holdings, Hashed, LedgerPrime, LD Capital, TRGC, ArkStream Capital and ZeePrime Capital participated.

The funds will be used to develop the protocol, including expanding the team, conducting audits, ensuring liquidity and developing new products.

Also on ForkLog:

• 1confirmation launched a $125 million fund for investments in crypto startups and NFTs.
• Mike Novogratz’s firm is investing $100 million in cryptocurrency-related venture funds.
• Singaporean Spartan Group launched a $110 million fund for DeFi investments.
• Cowen launched a $46 million fund for investments in the crypto industry.

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