The return of Bitcoin (BTC) to levels below $ 50,000 has many market participants concerned about the legitimacy of their favorite pricing models. For venture capitalists and other smart money investors, the latest drop is nothing but noise. Instead, they see the emergence of an entirely new economy that is transforming business, redefining monetary value, and taking the internet to a new frontier.
This week’s Crypto Biz newsletter highlights four major funding deals from the blockchain world. Below is a concise version of the Thursday edition of our newsletter.
10T Holdings Plans $ 500 Million Crypto Fund
Earlier this week, stock fund 10T Holdings submitted a notice to the United States Securities and Exchange Commission to launch a new $ 500 million cryptocurrency-focused investment fund. The 10T DAE Fund 3.0 has been designed to assist mid to late stage companies in the digital asset space. 10T has an excellent track record of identifying promising crypto plays, with companies like Kraken, eToro, Huobi, and Ledger already part of its portfolio.
Binance Smart Chain and Animoca Brands Launch $ 200 Million GameFi Fund
Binance Smart Chain and Animoca Brands have each allocated $ 100 million to a new development fund focused on the fast-growing GameFi ecosystem. GameFi, which refers to the financialization of games, is expected to be one of the biggest trends in crypto in 2022 and beyond. The new fund will specifically focus on projects that are based on the Binance Smart Chain.
Former Facebook engineers at Mysten Labs raise $ 36 million
Mysten Labs, the research and development firm founded by former Facebook engineers, has raised $ 36 million from some of the largest hedge funds in cryptocurrencies, including Andreessen Horowitz, Lightspeed, Coinbase Ventures, and Samsung NEXT. If you haven’t heard of Mysten Labs, the infrastructure developer is working on building a Web 3.0 interface, including a “next-gen NFT platform for the Metaverse.”
Related: Hong Kong-based Chiron Partners Launches $ 50 Million Terra Fund
Fintech startup Lydia raises $ 100 million in Series C
Speaking of top funding news, fintech startup Lydia has wrapped up a $ 100 million funding round, bringing its total valuation to over $ 1 billion. You can think of Lydia as an alternative to Venmo’s popular Cash app and peer-to-peer payment services. And just like those platforms, Lydia provides another mobile payment gateway to the crypto market.
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