Crypto Funding: $169 Million For Custody, Infrastructure, DAO … – Blockworks
The cryptocurrency market has been experiencing significant growth in recent years, with more investors pouring in every day. This growth has led to a surge in demand for infrastructure, and investors are taking notice. According to Blockworks, the last month has seen a total of $169 million raised by various blockchain companies to fund custody, infrastructure, and DAO projects.
Custody is becoming increasingly important in the world of cryptocurrency investing. As more institutional investors and high-net-worth individuals invest in digital assets, the demand for secure and reliable storage solutions is on the rise. BlockFi, a digital asset lending and borrowing platform, raised $50 million in a recent funding round to support its custody solutions. The investment will allow the company to continue to develop its custody offerings and expand its team.
The growth of the crypto market is also driving the need for more robust infrastructure. Blockchain-based companies are constantly looking for ways to improve network performance, scalability, and security. Avalanche, an open-source platform for launching decentralized applications, raised $230 million in a funding round led by Polychain Capital and Three Arrows Capital. The funds will be used to support the development of the Avalanche Network, which is designed to be a high-performance, scalable, and secure platform for decentralized applications.
Decentralized Autonomous Organizations (DAO)
Decentralized Autonomous Organizations (DAOs) are a new way of organizing businesses and projects that are governed by the community of stakeholders. These organizations are becoming increasingly popular as they allow for a greater degree of transparency, participation, and collaboration. DAO Maker, a platform for creating DAOs, raised $3 million in a funding round led by Coinfund. The investment will be used to develop the platform’s technology and to support the creation of new DAOs.
The cryptocurrency market is growing at an unprecedented rate, and investors are taking notice. With more money flowing into the industry, companies are taking advantage of the opportunity to fund their projects and build a robust infrastructure to support continued growth. From custody solutions to infrastructure and DAOs, there is no shortage of exciting developments taking place in the world of blockchain. As the industry evolves, it will be fascinating to see what new opportunities will arise and which blockchain-based companies will be leading the way.
Cryptocurrency funding has reached new heights in 2021 with $169 million invested in custody, infrastructure and decentralized autonomous organizations (DAOs).
Custody is a vital part of the cryptocurrency ecosystem as it helps protect digital assets from theft and loss. Anchorage, a crypto custody service provider, raised $80 million in a Series C funding round led by GIC, Singapore’s sovereign wealth fund, and Andreessen Horowitz. The funding will be used to expand Anchorage’s services, including support for institutional loans and staking.
Crypto infrastructure is another critical element of the crypto industry, with companies like BitGo and Chainalysis providing solutions for the market. BitGo raised $70 million in a funding round led by Paradigm with participation from Redpoint Ventures and Valor Equity Partners. The funding will help BitGo expand its services further while continuing its focus on institutional solutions.
DAOs are decentralized organizations that use blockchain technology to operate autonomously without a central authority. They can be used for a variety of purposes, such as voting, funding, and decision-making. dYdX, a decentralized exchange platform, raised $65 million in a Series C funding round led by Paradigm. The funding will be used to expand dYdX’s services and grow its team to make it more accessible to the mainstream market.
The investment in these three areas shows the growing maturity of the crypto industry. Custody providers are becoming more important as institutional investors and corporations begin to invest in digital assets. Infrastructure providers are essential for the smooth operation of the market, while DAOs are providing new ways to organize and create value within the blockchain ecosystem.
Investors are confident in the future of crypto and are willing to bet big on these three areas. The current funding rounds are not just about boosting the companies’ balance sheets; they are also about preparing for future growth and innovation.
As the crypto industry continues to evolve, we can expect to see more investment in custody, infrastructure, and DAOs. These areas will play a vital role in shaping the future of the crypto ecosystem. Investors are excited to be a part of this growth and are likely to continue placing bets on the companies working to improve these parts of the market.
Overall, the $169 million raised in these funding rounds highlights the progress of the crypto industry and the potential for future growth. As more institutional investors and corporations enter the market, we can expect to see more investment in these three areas, leading to a more robust and mature crypto ecosystem.