Funding Roundup: $1.34B Invested in Crypto Companies and Funds This Week – Blockworks

Crypto’s fastest growing newsletter, now free – try it
events
Permissionless is the cultural event of the year. With more than 5,000 people attending, it will be the largest DeFi conference in history. Today DeFi is a $100 billion economy. Tomorrow it will touch every aspect of our lives. The builders […]
The largest buzz came from Electric Capital with its $1 billion raise for two new funds focused on crypto ventures and tokens
March started off strong as crypto companies and funds alike brought in another substantial week of capital, nearing a total of $1.34 billion. The total money invested this week came from over 20 deals and funds, PitchBook data showed.
The week’s biggest raise came from Electric Capital. The firm raised $1 billion to launch two funds: a $400 million venture fund and a $600 million token fund. The capital raise brings the firm into the big leagues alongside major funds such as Andreessen Horowitz (a16z), Paradigm and 10T Holdings.
On Thursday, the prominent venture capital firm, a16z, invested $70 million into DeFi staking platform Lido. The decentralized platform offers Ethereum staking and other proof-of-stake assets to users through a decentralized autonomous organization (DAO) governance structure.
The fresh funds from a16z will be used to build out its staking solution and prepare for upgrades surrounding the Ethereum transition from proof-of-work to proof-of-stake, Jacob Blish, Lido’s head of business development and partnerships, said to Blockworks.
“The roadmap for 2022 is prioritizing the Ethereum network upgrade, researching and building out layer-2 solutions, and expanding to a number of new protocols,” Blish said.
Since 2022 started, Lido has launched liquid staking for Kusama and Polygon and plans to add Polkadot, Avalanche and Cosmos in the second half of the year, Blish noted.
In other news, a seed-stage venture capital firm, Arcanum Capital, launched its first fund of $12 million, Wednesday, to focus on blockchain technology companies in emerging markets — mainly in India. 
“We launched the fund because we wanted a vehicle to raise significant institutional capital into, to then deploy into India and make a big impact,” James McDowall, founding partner at Arcanum Capital, said to Blockworks.
The company’s fund includes prominent investors like Polygon Co-founder Sandeep Nailwal, venture capitalist Tim Draper, and Bybit’s venture capital arm, Mirana Ventures, among others. To date, Arcanum has invested about $4 million in over 20 startups.
“We are seeing blockchain technology disrupt almost every industry,” McDowall said.
“DeFi alone has trillions of dollars of market share to go at. Add in [non-fungible tokens], gaming, and decentralized applications, and it is clear that blockchain is a gargantuan technology trend in its relative infancy.”
Other notable capital raises this week include: 
Check back next week for more funding news.
Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.
DATE
Tuesday – Thursday, May 17 – 19, 2022
LOCATION
Palm Beach, Florida
The influential developer of projects such as Fantom and Yearn Finance is leaving DeFi for good, according to former Fantom Foundation colleague Anton Nell
BTC, ETH and equity markets saw a sharp sell-off after Russia bombed Europe’s largest power plant
The US-based drugstore chain joins large retailers Nike and Walmart in filing for metaverse-related trademarks
Crypto exchanges say they will comply with sanctions but refuse to impose a unilateral ban on Russian accounts
Compass Mining beefed up its C-suite with hires focused on expansion

source

Crypto’s fastest growing newsletter, now free – try it
events
Permissionless is the cultural event of the year. With more than 5,000 people attending, it will be the largest DeFi conference in history. Today DeFi is a $100 billion economy. Tomorrow it will touch every aspect of our lives. The builders […]
The largest buzz came from Electric Capital with its $1 billion raise for two new funds focused on crypto ventures and tokens
March started off strong as crypto companies and funds alike brought in another substantial week of capital, nearing a total of $1.34 billion. The total money invested this week came from over 20 deals and funds, PitchBook data showed.
The week’s biggest raise came from Electric Capital. The firm raised $1 billion to launch two funds: a $400 million venture fund and a $600 million token fund. The capital raise brings the firm into the big leagues alongside major funds such as Andreessen Horowitz (a16z), Paradigm and 10T Holdings.
On Thursday, the prominent venture capital firm, a16z, invested $70 million into DeFi staking platform Lido. The decentralized platform offers Ethereum staking and other proof-of-stake assets to users through a decentralized autonomous organization (DAO) governance structure.
The fresh funds from a16z will be used to build out its staking solution and prepare for upgrades surrounding the Ethereum transition from proof-of-work to proof-of-stake, Jacob Blish, Lido’s head of business development and partnerships, said to Blockworks.
“The roadmap for 2022 is prioritizing the Ethereum network upgrade, researching and building out layer-2 solutions, and expanding to a number of new protocols,” Blish said.
Since 2022 started, Lido has launched liquid staking for Kusama and Polygon and plans to add Polkadot, Avalanche and Cosmos in the second half of the year, Blish noted.
In other news, a seed-stage venture capital firm, Arcanum Capital, launched its first fund of $12 million, Wednesday, to focus on blockchain technology companies in emerging markets — mainly in India. 
“We launched the fund because we wanted a vehicle to raise significant institutional capital into, to then deploy into India and make a big impact,” James McDowall, founding partner at Arcanum Capital, said to Blockworks.
The company’s fund includes prominent investors like Polygon Co-founder Sandeep Nailwal, venture capitalist Tim Draper, and Bybit’s venture capital arm, Mirana Ventures, among others. To date, Arcanum has invested about $4 million in over 20 startups.
“We are seeing blockchain technology disrupt almost every industry,” McDowall said.
“DeFi alone has trillions of dollars of market share to go at. Add in [non-fungible tokens], gaming, and decentralized applications, and it is clear that blockchain is a gargantuan technology trend in its relative infancy.”
Other notable capital raises this week include: 
Check back next week for more funding news.
Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.
DATE
Tuesday – Thursday, May 17 – 19, 2022
LOCATION
Palm Beach, Florida
The influential developer of projects such as Fantom and Yearn Finance is leaving DeFi for good, according to former Fantom Foundation colleague Anton Nell
BTC, ETH and equity markets saw a sharp sell-off after Russia bombed Europe’s largest power plant
The US-based drugstore chain joins large retailers Nike and Walmart in filing for metaverse-related trademarks
Crypto exchanges say they will comply with sanctions but refuse to impose a unilateral ban on Russian accounts
Compass Mining beefed up its C-suite with hires focused on expansion

source

More from author

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related posts

Latest posts

Crypto community slams ‘disastrous’ new amendment to Biden’s big infrastructure bill – TechCrunch

Biden’s major bipartisan infrastructure plan struck a rare chord of cooperation between Republicans and Democrats, but changes it proposes to cryptocurrency regulation are tripping...

Bitcoin (BTC) Price Analysis for June 20 – U.Today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion...

Want to stay up to date with the latest news?

We would love to hear from you! Please fill in your details and we will stay in touch. It's that simple!