In Brief
This week has been bustling with fresh capital flowing into Web3, notably with ZKX securing $6.3 million to enhance social trading, Covalent raising $5 million to penetrate Asian markets, NovaNet wrapping up a $3 million seed round, and Hut 8 landing a significant $150 million investment.
This week, the Web3 landscape has witnessed significant financial influxes, with ZKX raising $6.3 million dedicated to social trading advancements, Covalent securing $5 million for its expansion plans in Asia, NovaNet completing a $3 million seed round focused on Zero-Knowledge Proof (ZKP) technology, and Bitcoin miner Hut 8 attracting a whopping $150 million from Coatue Management. The cumulative investments, exceeding $160 million, underscore a vibrant array of innovation and the increasing assurance investors place in the realms of blockchain, decentralized finance (DeFi), and the integration of crypto with artificial intelligence (AI) technologies.
ZKX Achieves Major Funding Milestone to Innovate Social Trading Approaches in Cryptocurrency
Decentralized exchange ZKX has successfully garnered $6.3 million in its seed funding round, led by distinguished investors including Flowdesk, GCR, and DeWhales. This financial infusion will propel ZKX’s avant-garde protocol, introducing state-of-the-art functions such as social copy trading pools and improved cross-chain capabilities.
Utilizing Starknet and Ethereum, ZKX’s platform utilizes pioneering appchain technology to facilitate a frictionless trading experience, with zero gas fees and a consolidated order book designed to serve both novice and experienced traders.
Covalent Secures New Investment to Propel Asian Market Strategy
Blockchain data powerhouse Covalent has successfully secured $5 million in strategic financing, with RockTree Capital leading the investment alongside CMCC Global, Moonrock Capital, and Double Peak Group. This influx of capital will accelerate Covalent’s ambitious goals as it aims to establish a significant presence in crucial Asian markets including China, Korea, and Singapore.
The company is committed to promoting its Long-Term Data Availability solutions in these regions while simultaneously launching its groundbreaking New Dawn Initiative, which seeks to fortify relationships with its crypto-centric clientele.
NovaNet Draws Seed Investment to Create Pioneering ZKP Incentive Layer
In a groundbreaking move, NovaNet has successfully raised $3 million in a seed funding round, with support from Finality Capital Partners alongside Arrington Capital, the Avalanche Foundation, and Builder Capital. This forward-thinking startup is set to develop the world’s inaugural incentive layer for zero-knowledge proofs (ZKPs), greatly expanding their use beyond conventional zk-rollups.
NovaNet’s innovative NIVC-based zkVM allows for localized verifiable computation and privacy-preserving applications on a scale never seen before. This funding will serve to hasten the development of advanced ZKP technologies, unlocking fresh opportunities across multiple sectors.
Binance Labs Invests in Infrared to Enrich Berachain’s Liquidity Framework
Binance Labs is backing Infrared, a forward-thinking protocol designed to simplify usage of Berachain’s Proof of Liquidity (PoL) framework. Infrared aims to enhance how value is captured within the Berachain ecosystem via user-friendly liquid staking services for BGT and BERA tokens.
This strategic investment aims to bolster Berachain’s network infrastructure and refine liquid staking products such as ‘iBGT’ and ‘iBERA’. The initiative is poised to encourage broader adoption of Berachain and cultivate new innovative use cases in the DeFi space.
ORA Secures Funding to Integrate AI and Blockchain Technologies
The ORA protocol has successfully closed a $20 million funding round, drawing interest from prominent industry players including Polychian, HF0, and Hashkey Capital. ORA is at the forefront of tokenizing AI models on-chain and introducing a new mechanism for initial model offerings (IMO).
The protocol’s pioneering optimistic machine learning technology (opML) facilitates blockchain-based AI model inference, enhancing verification and traceability. This substantial funding will propel the development of ORA’s ecosystem, with a core focus on advancing Oracle technology alongside blockchain infrastructure.
Colosseum Secures Significant Investment to Support Solana’s Developer Ecosystem
Colosseum on Solana has successfully raised a noteworthy $60 million for its first fund, dedicated to powering its startup accelerator initiative. This investment will provide essential pre-seed funding to promising teams selected for Colosseum’s Accelerator, aimed at attracting and nurturing top talent within the Solana landscape.
Chosen projects will receive a pre-seed investment of $250,000 and unfettered access to Solana’s extensive network of mentors and venture funding. This initiative is anticipated to greatly stimulate innovation and growth within the Solana community.
Hut 8 Attracts Transformative Investment to Unite Crypto Mining with AI Technology
Bitcoin mining giant Hut 8 Corp has secured an impactful $150 million investment, courtesy of the tech-centric investment firm Coatue Management. This strategic financial arrangement, structured as a convertible note, acknowledges Hut 8’s capability to drive innovative generative AI applications using its robust high-performance computing infrastructure.
This investment highlights the increasing collaboration between cryptocurrency mining and artificial intelligence as mining operations evolve to support burgeoning AI technologies. The capital influx is expected to boost Hut 8’s computational capacity expansion and solidify the company’s position at the cutting edge of both crypto and AI sectors.
Disclaimer
In line with the Trust Project guidelines [Please note that the information presented on this page is not intended, nor should it be interpreted, as legal, tax, investment, financial, or any form of recommendation. It’s crucial to only invest funds you can afford to lose and consult independent financial advisors if you have any uncertainties. For additional information, we recommend reviewing the issuer’s or advertiser’s terms and conditions and help sections. MetaversePost is dedicated to delivering accurate, unbiased reports, but market conditions can change without prior notice.]
