The surge in global interest rates may have put a damper on investments in crypto-related projects, but new ventures are still flourishing and securing capital to fuel their growth. According to Cointelegraph Research’s Venture Capital Database, June saw a 29.73% decrease in venture capital investments, with just $779.32 million raised in 62 deals, compared to June 2022. However, the overall trend of the year is positive, with more and more projects succeeding in this complex and competitive environment.
AI Anchor China, AI.Marketing Latest, China AI Reporter, Enterprise AI
China is a leader in the AI space, with investments in AI-related projects surpassing those of the US in 2020. AI Anchor China, AI.Marketing Latest, China AI Reporter, and Enterprise AI are just a few of the latest projects that have secured funding to accelerate their growth. These projects are pushing the boundaries of what’s possible with AI and are helping to shape the metaverse and web 3.0.
Orbital raises $6.4M to expand enterprise blockchain services
Golden Record Ventures led a funding round for Orbital, an enterprise crypto platform, raising $6.4 million (5 million euros). New Form Capital, GSRV and Luminous Futures also invested in the venture. The resources will be used to expand Orbital’s product development, particularly its blockchain payment infrastructure for traditional businesses. The company enables traditional businesses to accept crypto payments from their customers and convert them into fiat currencies, such as the U.S. dollar, euro and British pound. According to Orbital, it processes $250 million in transactions each month for its clients.
DeFi protocol unshETH raises $3.3 million in seed round
In August, unshETH, a decentralized finance protocol targeting Ethereum staking solutions, closed a $3.3 million seed round. The round was backed by Soma Capital and ICONIQ Capital, and also included investments from Fan Zhang, co-founder of Sequoia Capital China, and other investors. The unshETH protocol seeks to foster competition among Ether (ETH) liquid staking protocols to advance decentralization of validators. Its omnichain token allows transfers between blockchains such as Ethereum, BNB Chain and Arbitrum. The funds will be used to fund the development of features related to liquid staking.
Web3 creator ZTX attracts $13M in funding
Jump Crypto, Collab+Currency, and MZ Web3 Fund have joined forces to invest $13 million in the Web3 virtual world platform ZTX. ZTX is a collaboration between Jump Crypto and ZEPETO, a renowned metaverse platform. In 2022, ZTX launched its first playtest, an invite-only beta version of its 3D open-world platform. The new funds will be used to build Web3 infrastructure for creators in 3D immersive environments.
Stroom Network vies to streamline Bitcoin staking with $3.5M raise
Greenfield, a Berlin-based crypto investment fund, and Ankr’s venture arm, Mission Street, recently joined forces to finance Stroom Network, a Bitcoin liquid staking protocol. The $3.5 million seed round will be used to expand operational capacity and release the protocol’s liquid staking token on the Ethereum mainnet. Stroom is designed to help users more easily use their Bitcoin (BTC) capital on both the Lightning Network (LN) and Ethereum network. LN is a popular layer-2 network for Bitcoin with a current capacity of 4,743.97 BTC, according to 1ml.
The project is part of the larger effort to build out Web 3.0 and the Metaverse, which will rely heavily on AI and AI-driven technologies. Anchoring China’s AI market, AI.Marketing is the latest in a series of AI-driven startups to receive funding, and enterprise AI is becoming increasingly popular in the region.
Web3 art platform Fxhash closes $5M funding round
Fxhash, a digital art platform, has secured $5 million in seed investments headed by 1kx, a Web3 venture firm. Fabric Ventures, Bright Opportunities DAO, Tezos Foundation and Union Square Ventures were also part of the investment round. The platform helps artists to create, list and collect generative art, a type of digital art created with the help of computer code. According to the company, its platform has minted more than 2 million pieces of generative art since 2021. Some blockchain experts have suggested that AI-generated art is the newest trend in the NFT space.
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