Crypto Startups Soar as Blockchain Ventures Raise $90 Million in Funding

In a busy week for the crypto industry, a total of $90 million in funding was raised by several blockchain startups, helping them further their goals.

Blockchain ventures raise $90 million in funding as crypto startups thrive

Among the top performers, web3 gaming studio Mythical Games emerged as the frontrunner, with an impressive $37 million in its Series C1 fundraising.

Led by digital asset manager Scytale Digital, the funding round also saw participation from prominent investors, including ARK Invest led by Cathie Wood, Animoca Brands, MoonPay and renowned venture capital firm Andreessen Horowitz, along with several existing investors.

The $37 million infusion not only confirms Mythical Games’ status as a unicorn in the industry, but also positions them favorably to become profitable within the next 12 months. In an official press release, the company expressed its optimism about using this funding to advance its strategic vision.

We are proud to announce that we raised $37 million in this first part of our Series C extension with the backing of investors such as Scytale Digital, ARK Invest, a16z and Animoca Brands! https://t.co/8qcnP4GNGT

— Mythical Games (@playmythical) June 27, 2023

Mythical Games, known for its mobile game NFL Rivals and open-world multiplayer sensation Blankos Block Party, is currently developing its next highly anticipated title, Nitro Nation World Tour. This upcoming mobile racing game introduces the concept of NFT cars to the game world.

CEO John Linden of Mythical Games highlighted the company’s ambitious goals in light of their latest capital injection.

He stated, “With over a million mobile downloads of NFL Rivals since its launch last month and an average of over $1 million in daily transactions across the Mythical Chain, we are focused on making the company profitable and seeing our vision come to fruition. and that our strategy is paying off. Linden said in a statement.

As Mythical Games celebrates its successful funding, the cryptocurrency market also witnessed the emergence of a new centralized exchange, One Trading, which was formally spun off from Bitpanda.

Following a Series A funding round that raised approximately $33 million spearheaded by Peter Thiel’s Valar Ventures, One Trading broke away from Bitpanda and rebranded to embark on an independent journey.

In a statement, Bitpanda expressed support for One Trading’s pursuit of innovation and growth, while retaining a minority stake in the newly established exchange.

In a tweet, One Trading announced the gradual reopening, with a list of initial trading pairs that would be available to users. The company will continue to be led by CEO Joshua Barraclough, a former JPMorgan executive who joined Bitpanda in 2021.

Other fundraising in Crypto Space

In addition to the aforementioned developments, other blockchain startups have also made remarkable progress. Pixion Games secured $5.5 million in funding, enabling a more accessible approach to on-chain assets in gaming.

Well-known funders include the Avalanche Foundation’s Blizzard Fund, Shima Capital, Eldridge, Merit Circle, ReadyPlayerDAO, VGC, Zee Prime, Mechanism Capital, GSR, and Misfits Gaming.

The money will drive the development of Pixion Games’ flagship Fableborne, a strategic action RPG where players build bases, raid opponents and collect on-chain in-game assets. The immersive world features asynchronous PvP combat and challenging boss encounters.

Metablaze, another game developer, committed $4 million to prepare for the highly anticipated launch scheduled for September 15. Web3 infrastructure developer Startale Labs solidified its position in the industry by receiving $3.5 million in funding and partnering with Sony Network Communications, a subsidiary of Sony.

In addition, DeFi options startup Hook Protocol raised $3 million from several investors, including Collab+Currency and venture capital fund Lattice. Hack VC led the round, with participation from Circle Ventures, Digital Currency Group, Stratos, Lecca Ventures, MH Ventures, very early Ventures, Archblock, dao5 and Credix Finance.

AlloyX integrates credit protocols into a cohesive platform and their RWA vault combines token private credit investments with liquid US T-bills. The product leverages the $530 million active on-chain loans in the private credit market, providing liquidity, yield and diversification to investors such as DAOs.

The funding will drive development of the platform, with a focus on expanding the mixed investment vault. CEO Alexandre Liege emphasized the need for DeFi-like flexibility in real-world assets.

Meanwhile, the DeFi protocol AlloyX raised $2 million and introduced a groundbreaking liquid real-world asset (RWA) vault product, tapping into the burgeoning $537 million loan market.

These substantial funding rounds and strategic partnerships underline the growing momentum and financial backing behind blockchain ventures. As the crypto industry continues to evolve, these investments pave the way for further innovation and advancement, bolstering prospects for a decentralized future.

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