Ever wonder what’s going on in the world of cryptocurrency venture capitalism? Despite the recent 29.73% decrease in venture investments at the end of June- with $779.32 million secured in 62 deals compared to a healthier hundred in June 2022- some innovative ventures are drawing the attention of capitalists. Intent on riding the blockchain wave, keen investors are backing projects which are seeking to expand, develop and innovate in this competitive crypto domain.
Take Orbital for instance, an enterprise crypto platform. Orbital recently bagged $6.4 million in funding from venture firm Golden Record Ventures among others to bolster product development- focusing on blockchain payment infrastructure for orthodox businesses. The platform positions itself as a facilitator for traditional entities to accept crypto payments from customers, converting them into regular fiat currencies like the U.S. dollar or euro. Currently, the company is claiming to process a hefty $250 million in transactions for its clients every month.
Next, we have the unshETH project, a decentralized finance protocol catering to Ethereum staking solutions which just closed a $3.3 million seed round in August. The funds, backed by well-known names like Soma Capital and ICONIQ Capital, will be put to use for advancing the development of liquid staking-related features. The unshETH protocol aims to foster competition among Ether liquid staking protocols to promote the decentralization of validators.
Meanwhile, in the three-dimensional virtual world, ZTX – a collaboration between Jump Crypto and ZEPETO, managed to clinch $13 million in funding. The newly raised funds will be devoted to the development of Web3 infrastructure for 3D creators.
On the other hand, the Bitcoin liquid staking protocol, Stroom Network raised $3.5 million. This will be used to enhance operational capacity and launch the protocol’s liquid staking token on the Ethereum mainnet.
Lastly, the Fxhash platform that allows artists to create and collect generative art obtained $5 million in seed investments. This emerging trend in nonfungible tokens sector has generated over 2 million unique pieces of such art.
Outlook? Well, despite the curveballs, it’s not overly pessimistic as the dynamic blockchain scene thrives. Blockchain’s potential yet remains, with a world full of investors ready to back projects that aim to innovate and expand this technology further.
Source: Cointelegraph
