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Enterprise Blockchain, Bitcoin Staking, and Web3 Get Investor Focus in the VC Roundup

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745 Listen to this article Despite a recent rise in global interest rates that might have dampened enthusiasm for crypto […]

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Despite a recent rise in global interest rates that might have dampened enthusiasm for crypto ventures, the world of blockchain and cryptocurrency continues to thrive, attracting investments aimed at fueling growth. According to data, June saw a 29.73% decrease in venture capital investments compared to the previous year, with $779.32 million secured in 62 deals. However, the overall trend for the year indicates an increase in venture capital deals. In this VC roundup, we highlight the latest projects gaining traction in the competitive crypto and blockchain landscape.

To increase its enterprise blockchain services, Orbital raises $6.4 million.

Orbital, an enterprise crypto platform, has secured $6.4 million (5 million euros) in funding through a round led by Golden Record Ventures, with participation from New Form Capital, GSRV, and Luminous Futures. The funds will facilitate the expansion of Orbital’s product development, particularly its blockchain payment infrastructure for traditional businesses. Orbital enables conventional enterprises to accept cryptocurrency payments from customers and convert them into fiat currencies like the U.S. dollar, euro, and British pound. The platform claims to process $250 million in transactions each month for its clients.

DeFi Protocol raises 3.3 million in a seed round of funding

In August, the decentralized finance (DeFi) protocol unshETH closed a $3.3 million seed round backed by Soma Capital, ICONIQ Capital, and other investors, including Fan Zhang, co-founder of Sequoia Capital China. ETH focuses on Ethereum staking solutions and encourages competition among Ether liquid staking protocols to enhance validator decentralization. Its omnichain token supports transfers across various blockchains, including Ethereum, BNB Chain, and Arbitrum. The funds will support the development of liquid staking-related features.

Read Also:  Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024

ZTX, a Web3 creator, secures $13 million in funding

ZTX, a web3 virtual world platform, recently concluded a $13 million seed round led by Jump Crypto, with participation from Collab+Currency and MZ Web3 Fund, among others. Developed in collaboration with ZEPETO, one of the world’s largest metaverse platforms, ZTX launched in 2022 and recently introduced its first playtest—an invite-only beta test of its forthcoming 3D open-world platform. The newly raised funds will be used to develop Web3 infrastructure for creators in immersive 3D environments.

Stroom Network Raises $3.5 Million with the Goal of Simplifying Bitcoin Staking

Stroom Network, a Bitcoin liquid staking protocol, has successfully raised $3.5 million in a seed round led by Greenfield, a Berlin-based crypto investment fund, with additional participation from Ankr’s venture arm, Mission Street. Operating on Bitcoin‘s Lightning Network (LN), Stroom enables users to efficiently utilize their Bitcoin capital on both LN and the Ethereum network simultaneously. The funding will support expanding operational capacity and launching the protocol’s liquid staking token on the Ethereum mainnet. LN, considered Bitcoin’s most promising layer-2 network, currently boasts a capacity of 4,743.97 BTC.

Fxhash, a Web3 Art Platform, Completes a $5M Fundraising Round

Fxhash, a digital art platform, has secured $5 million in seed investments led by Web3 venture firm 1kx, with participation from Fabric Ventures, Bright Opportunities DAO, Tezos Foundation, and Union Square Ventures. The platform empowers artists to create, list, and collect generative art—digital art generated using computer code. Since its inception in 2021, Fxhash claims to have minted over 2 million unique pieces of generative art. Some blockchain experts believe that artificial intelligence-generated art represents the next major trend in the nonfungible tokens (NFTs) sector.

Read Also:  Bitcoin Price Stabilizes After Declines, Faces Recovery Obstacles

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