Institutional roundup: Deutsche Bank invests in Axoni; Coinbase backs Terra stablecoin

The cryptocurrency industry is attracting an ever-growing number of institutional players. This is reflected both in new investments in infrastructure and in the increasing scrutiny companies are applying to Bitcoin as an asset class. The most noteworthy events of the past weeks are in ForkLog’s overview.

iSTOX platform for digital securities raises $50 million

Singapore-based platform for digital securities iSTOX, following its Series A round, raised $50 million.

The round attracted participation from the venture arm of the Japanese Investment Corporation (JIC), the Development Bank of Japan (DBJ), Juroku Bank, Mobile Internet Capital, Tokai Tokyo Financial Holdings and Korea’s Hanwha Asset Management.

iSTOX enables the issuance of a range of securities, making assets accessible to smaller investors through blockchain technology and smart contracts.

The funds will be used to expand the company’s geographic footprint, including expansion into China. The firm also plans to develop new investment propositions, enabling investments in small stakes [simple_tooltip content=’акции крупнейших по капитализации предприятий’]«blue chips»[/simple_tooltip].

Maps.me raises $50 million to build a DeFi ecosystem

Maps.me, the offline navigation app, raised $50 million to build a DeFi ecosystem.

The seed round was led by Alameda Research, with Genesis Trading and CMS Holdings also participating.

The funds will be used to create an in-app multi-currency wallet with yield-farming features and cashback capabilities.

The startup has developed a mapping app used by 140 million people worldwide.

Axoni raises $31 million from Deutsche Bank, Intel Capital and other investors

Axoni, a blockchain startup focused on the enterprise sector, raised $31 million in equity financing.

The round included Deutsche Bank, Intel Capital’s venture arm, Swiss holding UBS, as well as Citi, Goldman Sachs, HSBC, JPMorgan, Nyca Partners and Wells Fargo.

Axoni builds software for banks and other financial institutions seeking to apply blockchain technology. The aim is to streamline post-trade and accounting systems for global capital markets.

The funds will be used to expand the company’s networks across all asset classes and regions.

Galaxy Digital and Coinbase invest $25 million in Terra stablecoin ecosystem

Terraform Labs, the company behind the stablecoin Terra, raised $25 million.

The round included Galaxy Digital, Coinbase Ventures, Pantera Capital and other investors.

«The investments will be used to build protocols. Mirror — for synthetic stocks and Anchor — for savings, as well as other DeFi applications. The latter will form additional elements of the Terra algorithmic stablecoin ecosystem», — Do Kwon, co-founder of the company.

The startup also plans to expand interoperability with other blockchains.

Pantera Capital and Lightspeed lead Wintermute round of $20 million

Wintermute, the trading firm, raised $20 million as part of a Series B round led by Lightspeed with participation from Pantera Capital, Fidelity Avon Ventures, Sino Global Capital and others.

The funds will be used to expand operations into new areas and attract larger counterparties.

Wintermute is testing an institutional RFQ platform, which it plans to launch in the first quarter of the year.

With the launch of its own platform, the company plans to broaden its physical presence in Asia and open an international office in Singapore in Q1 2021.

0x raises $15 million

0x Labs, which builds infrastructure for decentralized exchanges (DEX), raised $15 million in a Series A round.

The round was led by Pantera Capital. Participating also were Jump Capital, Coinbase Ventures, Blockchain.com Ventures, Nima Capital, IOSG, DeFi Alliance and other market players, including operators, market-makers and developers in the DeFi space.

The funds will be used to develop the liquidity-aggregating platform for Ethereum-based exchange Matcha, launched last summer.

DeFi options platform Opyn raises $6.7 million

Opyn, a decentralized options platform, raised $6.7 million in a Series A round.

The round was led by Paradigm. Also participating were Synthetix co-founder Kane Warwick and DeFi project Aave head Stani Kulechov.

«The funds will be directed toward further development and security of the Gamma protocol, as well as expanding the Opyn team. We will focus on key research and hiring new developers», said Opyn CEO and co-founder Zubin Koticha.

Rain Financial raises $6 million from MEVP Capital, Coinbase and others

The Bahrain-based crypto exchange Rain Financial raised $6 million.

The Series A round was led by MEVP Capital. The Middle East trading platform was also backed by Coinbase, Vision Ventures, CMT Digital, Abdul Latif Jameel Fintech Ventures and DIFC.

The crypto exchange was founded in 2017. After two years in regulatory sandbox, Rain obtained a license from the Central Bank of Bahrain, becoming the region’s first regulated trading platform for crypto assets.

Coinbase and Polychain Capital back the launch of Saddle Finance, a non-custodial exchange

The decentralized exchange Saddle Finance, operating on an automated market maker (AMM) model, raised $4.3 million in seed investments.

Investors included Framework Ventures, Polychain Capital, Electric Capital, Coinbase Ventures, Nascent, Dragonfly Capital, Alameda Research and Divergence Ventures.

The Saddle Finance startup spun out of Thesis, a project backed by leading Silicon Valley venture firm Andreessen Horowitz (a16z). It is known for Fold, tBTC and Keep.

The new DEX will initially focus on the automated exchange of so-called “Bitcoin on Ethereum” assets — renBTC, WBTC, sBTC and tBTC. Later, developers plan to add trading of other Ethereum tokens and stablecoins.

At Saddle, the aim is to reduce the so-called slippage typical of AMMs.

Casa raises $4 million in seed round

Casa, which helps crypto investors manage private keys, raised $4 million.

The seed round was led by Avon Ventures, affiliated with Fidelity Investments.

Other participants included Tioga Capital, Cadenza Ventures, Coinbase Ventures and Champion Hill Ventures. The funds will be used to develop the product and hire staff.

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