VC Surge: Increased Funding for Crypto and Blockchain Startups

Venture capitalists are increasingly directing their funds towards blockchain-based startups. Over the past couple of weeks, Paradigm successfully closed its third fund aimed at investing $850 million in early-stage crypto projects. Pantera Capital is also in the midst of seeking over $1 billion for a new fund that promises to offer exposure to a wide array of blockchain assets by 2025.

Another significant development comes from Tether, which is planning to channel another $1 billion towards startups over the next year. The company intends to invest in burgeoning areas such as emerging markets, artificial intelligence (AI), and biotech. In the past two years alone, Tether’s venture capital arm has already spent around $2 billion on technologies like AI and alternative financial infrastructure.

Several noteworthy startups have secured significant funding in June. For instance, Avail raised $43 million to address data availability across blockchains, while Mirror World Labs obtained $12 million in Series A funding for its Sonic protocol. ’s recent VC Roundup highlights additional startups that have managed to attract capital in the early part of June.

Plural Energy stands out among these companies, having secured $2.33 million in pre-seed funding led by Necessary Ventures and Compound. Volt Capital and Maven11 also participated in the round. Plural Energy plans to launch its first tokenized investment asset in the coming months, focusing on a portfolio of U.S.-based solar projects developed by Solaris Energy. This platform will enable users to invest in solar farms and receive dividends via blockchain technology.

Another notable instance is Connext, which has rebranded to Everclear and secured $5 million from Pantera Capital in a private transaction. The new funds aim to diversify its decentralized autonomous organization (DAO) and support the development of its Clearing Layers. These are public networks designed to facilitate the netting and settlement of capital flows between different blockchains. Everclear is already available on testnet, with a mainnet launch slated for the third quarter of 2024.

Ava Protocol, formerly known as OAK Network, has raised a total of $10 million in seed funding to develop its Web3 infrastructure focused on intent-based private autonomous transactions. The protocol allows for the automation of cross-chain smart contracts based on predefined conditions such as time and price. The funds will help expand its testnet, increase capacity, and further develop its intent-driven event-based ecosystem.

In another significant move, OKX Ventures, the investment arm of the crypto exchange OKX, has invested in blockchain security firm GoPlus. Although the investment amount remains undisclosed, the capital is expected to boost GoPlus’s technology development, build its team, and expand its services across more blockchain networks and decentralized applications (DApps). GoPlus offers automated security services including smart contract auditing, threat detection, and anti-phishing tools for the decentralized finance (DeFi) sector.

Radian Arc has also made headlines by securing $9 million in Series B funding led by BITKRAFT Ventures. The company specializes in Infrastructure as a Service (IaaS) for cloud gaming and artificial intelligence. The investment will aid in the company’s expansion, enhance its IaaS platform, and further develop its cloud-based solutions.

Crypto and derivatives trading platform Ouinex concluded its Private 2 token sales round, raising $1 million from its private community. This addition brings the company’s total funding to $5.2 million. The funds will be utilized to upgrade the platform’s features and secure necessary regulatory licenses.

Blueberry Protocol, a decentralized prime brokerage terminal, raised $2.5 million in Series A funding led by White Star Capital and Varys Capital. The protocol focuses on providing decentralized access to leverage for DeFi on Ethereum, incorporating risk management tools within its framework. This strategic funding aims to improve accessibility, enhance capital efficiency, and potentially boost profitability for users in the DeFi space.

These recent funding rounds illustrate a growing trend among venture capitalists to invest robustly in blockchain, AI, and DeFi startups, underscoring a significant shift towards innovative technologies and applications.