According to RootData’s statistics, there were a total of 84 publicly announced investment projects in March in the cryptocurrency venture capital (VC) field, representing a month-on-month decrease of 31% (compared to 122 projects in February 2023), and a year-on-year decrease of 59% (compared to 203 projects in March 2022). The industry’s primary classifications are as follows.
In March, among various categories in the cryptocurrency market, the financing proportion of infrastructure projects was about 31%, DeFi accounted for about 18%, CeFi accounted for about 11%, and NFT/GameFi accounted for about 20%.
The total financing amount in March was 770 million US dollars, a month-on-month decrease of 19% (compared to 950 million US dollars in February 2023), and a year-on-year decrease of 80% (compared to 3.89 billion US dollars in March 2022). The financing amount ended a three-month uptrend. The rounds exceeding 20 million US dollars (excluding CeFi, mining companies, and other centralized institutions) are as follows.
Hardware wallet maker Ledger closed a €100 million ($109 million) funding round at a €1.3 billion valuation, roughly the same price as the last time investors raised money in June 2021. Ledger claims it now stores more than 20% of the world’s cryptocurrencies and 30% of the world’s NFTs. The round was valued at €1.3 billion, with participation from True Global Ventures, Cité Gestion SPV, Digital Finance Group and VaynerFund, with Goldman Sachs Bank Europe SE acting as exclusive placement agent and Jones Day acting as legal advisor.
EigenLayer is a protocol built on Ethereum that introduces restaking, a new primitive in cryptoeconomic security. This primitive enables the rehypothetication of $ETH on the consensus layer. Users that stake $ETH can opt-in to EigenLayer smart contracts to restake their $ETH and extend cryptoeconomic security to additional applications on the network. Part of EigenLayer’s potential, therefore, lies in its ability to aggregate and extend cryptoeconomic security through restaking and to validate new applications being built on top of Ethereum.
Scroll is a zkEVM-based zkRollup on Ethereum that enables native compatibility for existing Ethereum applications and tools. Scroll processes transactions off-chain and publishes concise correctness proofs on-chain. Scroll is currently valued at $1.8 billion, with investors including Polychain Capital and Sequoia China. On February 28th, Scroll released a testnet version of its Ethereum L2 on the Goerli testnet, transferring zk-EVM from pre-alpha to alpha testing phase.
Fetch.ai is a blockchain platform based on artificial intelligence and machine learning, allowing anyone to share or exchange data. This funding round is led by DWF Labs and will be used to deploy decentralized machine learning, autonomous agents, and network infrastructure.
Tomi is a Web3 company created by a group of anonymous cryptocurrency professionals, focusing on providing decentralized services for hardware and software, including decentralized cloud mining, cloud storage, and cloud hosting solutions. This funding round is led by DWF Labs, with participation from Ticker Capital, Piha Equities, Hirokado Kohji, and others. The funds will be used to attract content creators to the network.
Bitget invested $30 million in BitKeep, a Web3.0 multi-chain wallet, and acquired a controlling stake in the company, which Bitkeep reportedly valued at $300 million in its last funding round. The investment is aimed at building a complete Web3.0 ecosystem, connecting DeFi and CeFi.This round was led by Dragonfly Capital and followed by KuCoin Ventures, A&T Capital, Foresight Ventures, SevenX, Matrixport, Bixin Capital, Danhua Capital, Peak Capital and YM Capital and others.
CCP Games is an independent game developer using blockchain technology with the EVE universe as the backdrop. Since 2018, 50 million EVE players have created over 276 billion items and participated in some of the largest and most expensive wars in gaming history. The community has established a rich ecosystem of third-party tools and applications supported by APIs.
Aavegotchi is a DeFi-supporting cryptocurrency collectibles game developed by Pixelcraft Studios, allowing players to stake NFT avatars with interesting tokens and interact with the Aavegotchi metaverse. Aavegotchi plans to launch its own blockchain called Gotchichain using Polygon Supernets. Aavegotchi’s Eco-Governance Token GHST will be used to pay for the Gas on Gotchichain.
OP3N’s user interface is similar to TikTok and is an application that allows creators to easily interact with fans using Web3 technology, adding audio, video, and mixed media content to on-chain interactions. This funding round is led by Animoca Brands, with participation from Dragonfly Capital, SuperScrypt, Creative Artists Agency, New Enterprise Associates’ Connect Ventures, Republic Crypto, Avalanche, Galaxy Digital, Warner Music Interactive, GSR Markets, and The Spartan Group, valuing the company at $100 million. The new funds will be used to further develop their application and expand their leadership team.
Synthetix, a synthetic asset protocol, announced via email on Monday that market maker DWF Labs purchased $15 million worth of SNX on March 16th, followed by another $5 million. This collaboration will allow DWF Labs to integrate Synthetix perpetual contracts into their trading business and become a significant trading volume driver for the protocol.