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Last week, over $115 million was secured by various crypto startups.
The most significant funding round of the week was achieved by blockchain game studio Proof of Play, which raised $33 million in a round led by Andreessen Horowitz.
The company intends to utilize the capital to enhance the development of its exclusive, on-chain pirate role-playing game, Pirate Nation. Its goal is to establish a decentralized “Forever Game” that operates independently of creator involvement or external servers.
Crypto VC Remains Robust
Bastion, a firm specializing in enterprise-focused crypto custody, wallet management, and digital asset trading, raised $25 million. This Web3 startup was founded by two former leaders from a16z’s crypto division.
The objective is to assist companies in incorporating Web3 infrastructure into their current enterprise systems.
Jiritsu secured $10.2 million to advance its mission of transforming blockchain solutions with its innovative Unlimited Verifiable Compute (UVC) technology. It also introduced its flagship offering, an innovative asset tokenization platform named Tomei RWA.
Fuse Finance raised $14 million last week to provide financial institutions with the capability to offer regulated digital asset products to their clients.
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Briya obtained $11.5 million for a blockchain-based healthcare data exchange platform. Additionally, CoinScan raised $6.3 million for a crypto data and analytics platform.
Other significant funding rounds in the past week included Orb, Essential, BeWater, Freatic, GRVT, and Bubblemaps.
The total amount raised in September thus far is $277 million, as reported by DeFiLlama. However, it is important to note that the overall trend in crypto venture funding has been declining since late 2021, following the peak of the last bull market.
Crypto Market Perspective
Venture firms continue to seek profitable investments within the crypto space, yet this optimism is not mirrored in the markets.
The total market capitalization decreased by approximately $10 billion over the weekend, dropping to $1.04 trillion by Monday morning in Asia.
Bitcoin experienced a 2% decline, reaching a 12-day low of $26,000, while Ethereum fell by 1% to $1,580 earlier today.
Furthermore, sentiment on crypto social media has turned increasingly pessimistic, with numerous forecasts predicting a significant market downturn in October.
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