The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new investments in infrastructure, and the increasing attention that companies are showing to bitcoin as an asset class. The most important events of recent weeks are in the Cryplogger review.
Crypto venture firm Credably Neutral raises $5.5 million
Credably Neutral, a new Web3-focused investment company, has received $5.5 million in funding.
The investment round was attended by Solana co-founder Anatoly Yakovenko and Polygon co-founder Sandeep Nailwal, as well as ConsenSys CEO Joseph Lubin.
Credably Neutral was created by Viktor Bunin, who leads the protocol team at Coinbase Cloud, and Lisa Cuesta Bunina, COO of Ethereum network privacy startup Aztec Protocol.
Based in Brooklyn, New York, the fund focuses on startups in the field of Web3 infrastructure and cryptocurrency software. The organization’s first capital investment is planned to be between $50,000 and $200,000.
Binance Values Assets Managed by Venture Capital at $9 Billion
The value of assets under management of the venture division of Binance is estimated at $9 billion as of the end of the first quarter of 2023. This was told by the business director of the cryptocurrency exchange Yibo Ling.
According to him, the US Commodity Futures Trading Commission’s lawsuit against the group of companies and its head Changpeng Zhao “does not affect” the work of Binance Labs.
He noted that since August 2022, the volume of assets under management of the division has grown by 20%. Funds have been invested in more than 200 projects – 50 of them are graduates of the internal incubator.
Ling said that the venture business of the exchange brings significant profits. According to him, the average theoretical profitability of the project is more than ten times higher than the invested funds.
“We buy and hold, that’s been the strategy for the last few years. With rare exceptions, we have not gone out of business,” he added.
Ling does not see the bearish phase as bad for the industry. According to him, during such periods, weak projects leave the market, and strong players get the opportunity to attract talented specialists.
GameFi platform Intella to launch $10M gaming accelerator
Web3 gaming platform Intella X and South Korean game publisher Neowiz have announced a $10 million joint grant program.
The initiative, in collaboration with Polygon Labs, is expanding to Web3 gaming projects on the blockchain of the same name. It is aimed at developing the Intella X ecosystem and financially supporting talented developers.
According to the press release, projects for the accelerator will be selected according to four criteria:
- potential impact;
- innovation;
- viability;
- environmental friendliness.
In the first quarter, venture investors invested $2.6 billion in crypto startups
According to the results of January-March 2023, the volume of venture capital investments in crypto-startups within 353 funding rounds amounted to $2.6 billion, the minimum since the fourth quarter of 2020, according to a PitchBook report.
In monetary terms, the value turned out to be 11% lower than the previous quarter, the number of transactions — by 12.2%.
The main metrics showed mixed dynamics. Thus, on an annual basis, the volume of fees for seed rounds increased by 33.3%, in the later stages – by 209.22%, in the early stages – decreased by 16.7%.
Analysts noted the continuing interest of venture investors in Ethereum-solutions of the second level.
Among the landmark deals, they highlighted the attraction of $125 million by Blockstream for the development of Bitcoin mining infrastructure, Scroll — $50 million to create a network based on ZK-Rollup.
The specialists also noted significant collections by custodial services – Ledger ($493 million) and Taurus ($65 million).
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new investments in infrastructure, and the increasing attention that companies are showing to bitcoin as an asset class. The most important events of recent weeks are in the Cryplogger review.
Crypto venture firm Credably Neutral raises $5.5 million
Credably Neutral, a new Web3-focused investment company, has received $5.5 million in funding.
The investment round was attended by Solana co-founder Anatoly Yakovenko and Polygon co-founder Sandeep Nailwal, as well as ConsenSys CEO Joseph Lubin.
Credably Neutral was created by Viktor Bunin, who leads the protocol team at Coinbase Cloud, and Lisa Cuesta Bunina, COO of Ethereum network privacy startup Aztec Protocol.
Based in Brooklyn, New York, the fund focuses on startups in the field of Web3 infrastructure and cryptocurrency software. The organization’s first capital investment is planned to be between $50,000 and $200,000.
Binance Values Assets Managed by Venture Capital at $9 Billion
The value of assets under management of the venture division of Binance is estimated at $9 billion as of the end of the first quarter of 2023. This was told by the business director of the cryptocurrency exchange Yibo Ling.
According to him, the US Commodity Futures Trading Commission’s lawsuit against the group of companies and its head Changpeng Zhao “does not affect” the work of Binance Labs.
He noted that since August 2022, the volume of assets under management of the division has grown by 20%. Funds have been invested in more than 200 projects – 50 of them are graduates of the internal incubator.
Ling said that the venture business of the exchange brings significant profits. According to him, the average theoretical profitability of the project is more than ten times higher than the invested funds.
“We buy and hold, that’s been the strategy for the last few years. With rare exceptions, we have not gone out of business,” he added.
Ling does not see the bearish phase as bad for the industry. According to him, during such periods, weak projects leave the market, and strong players get the opportunity to attract talented specialists.
GameFi platform Intella to launch $10M gaming accelerator
Web3 gaming platform Intella X and South Korean game publisher Neowiz have announced a $10 million joint grant program.
The initiative, in collaboration with Polygon Labs, is expanding to Web3 gaming projects on the blockchain of the same name. It is aimed at developing the Intella X ecosystem and financially supporting talented developers.
According to the press release, projects for the accelerator will be selected according to four criteria:
- potential impact;
- innovation;
- viability;
- environmental friendliness.
In the first quarter, venture investors invested $2.6 billion in crypto startups
According to the results of January-March 2023, the volume of venture capital investments in crypto-startups within 353 funding rounds amounted to $2.6 billion, the minimum since the fourth quarter of 2020, according to a PitchBook report.
In monetary terms, the value turned out to be 11% lower than the previous quarter, the number of transactions — by 12.2%.
The main metrics showed mixed dynamics. Thus, on an annual basis, the volume of fees for seed rounds increased by 33.3%, in the later stages – by 209.22%, in the early stages – decreased by 16.7%.
Analysts noted the continuing interest of venture investors in Ethereum-solutions of the second level.
Among the landmark deals, they highlighted the attraction of $125 million by Blockstream for the development of Bitcoin mining infrastructure, Scroll — $50 million to create a network based on ZK-Rollup.
The specialists also noted significant collections by custodial services – Ledger ($493 million) and Taurus ($65 million).
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!