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Cryptocurrencies are dramatically disrupting the traditional banking and financial systems. Digital currency investment and trading have heated up in recent months. The total market value of cryptocurrencies is approaching US$2 trillion, which could be bigger than the market capitalization of Amazon, Google, and Microsoft. Despite the recent hit on bitcoin, big names like JPMorgan, Goldman Sachs, Morgan Stanley, PayPal, etc are heavily involved and investing in the cryptocurrency exchanges. Goldman Sachs and Morgan Stanley became the first major US banks to offer their wealthy clients direct access to bitcoin. On the other hand, the popularity of blockchain technology has attracted more crypto investors and venture funds into the cryptocurrency market. Owing to the popularity of cryptocurrency, blockchain technology is moving out of the digital currency market and is hitting other industries as well. Therefore, institutions and venture firms are rushing to try their hand at cryptocurrency funding. Hoards of capital are pouring in form of top cryptocurrency funding. This cryptocurrency funding helps companies enhance their services and give them the upper hand to carry out new things. Analytics Insight has listed top cryptocurrency funding that crypto enthusiasts should be aware of in June 2021.
Amount raised: US$100 million
Transaction type: Series E
Key investor(s): Coatue
A cryptocurrency data provider called 'Chainalysis' has raised US$100 million in a Series E funding round, pushing its total valuation to US$4.2 billion. The recent funding round was led by Coatue and new investors including Singapore sovereign wealth find GIC, Altimeter, Blackstone, and SVB Capital also participated in it. The company announced that the capital will be used to deepen its data advantage to covering more cryptocurrencies and focusing on emerging use cases like DeFi, and launching global intelligence functions.
Amount raised: US$10 million
Transaction type: Not disclosed
Key investor(s): Standard Crypto
Instadapp, a Hyderabad, India-based blockchain start-up has secured a US$10 million funding in a round led by Standard Crypto, along with Yearn Founder Andre Cronje, DeFi Alliance, and Longhash Ventures. The company announced that the funds will be used to complete its transaction into the middleware layers for DeFi. It will also support the ecosystem project, which Instadapp is building on top of its protocol.
Amount raised: US$24 million
Transaction type: Series A
Key investor(s): Anthemis and Underscore VC
Cryptocurrency data and research firm, Kaiko, has secured US$24 million in a Series A funding round led by Anthemis and Underscore VC. The Paris-based company is planning to invest the funding in building data infrastructure that enables interoperability between digital finance and the traditional financial sector. Founded in 2017, the company brings crypto data to some of the market's biggest players.
Amount raised: US$7.5 million
Transaction type: Series A
Key investor(s): Target Global
Mercuryo has raised US$7.5 million in a Series A funding round led by Target Global, an International Venture Capital firm. The London-based start-up specializes in building cross-border payments networks. Mercuryo will use the capital raised to launch a cryptocurrency-based debit card where customers could spend directly from the crypto balance held in their wallets. Besides, the company is also planning to expand further into Latin America and Asia-Pacific regions.
Amount raised: US$314 million
Transaction type: Not disclosed
Key investor(s): Andreessen Horowitz and Polychain Capital
Solana, a blockchain start-up, has secured US$314 million in a funding round led by Andreessen Horowitz, one of Silicon Valley's most prominent venture-capital firms, and Polychain Capital, a crypto hedge fund that also engages in Venture Capital-style investments. Founded in 2017, the company has launched a blockchain network that supporters say is faster or more energy-efficient than the Ethereum and bitcoin blockchains.
Amount raised: US$14 million
Transaction type: Not disclosed
Key investor(s): CoinFund
Rarible has raised US$14 million in a funding round led by the CoinFund. The online marketplace of the nonfungible tokens also saw many investors from major venture capital firms which are into crypto investments. The company announced that the amount will be used to build a new team in Rarible. Besides, it is also planning to unleash a new marketplace for the Flow Blockchain. With Flow Blockchain, the users will be able to monetize their NFTs or digital assets after listing them on the platform.
Amount raised: US$100 million
Transaction type: Not disclosed
Key investor(s): Investment Bank China Renaissance
Amber Group, a Coinbase-backed crypto trading firm, has raised US$100 million pushing its total valuation to US$1 billion. The massive investment round was led by Investment Bank China Renaissance and saw participants from other high-profile investors including Tiger Global Management, a New York-based company. Amber Group is expected to use the find to raise its product range to institutional investors and wealthy investors and wealthy individuals including algorithmic trading and lending products.
Amount raised: US$70 million
Transaction type: Series B
Key investor(s): Henry Kravis, Stanley Druckenmiller, Davic McCormick
Bitwise, the crypto asset manager, has raised US$70 million in a Series B funding round dominated by Henry Kravis, Stanley Druckenmiller, and Bridgewater CEO Davic McCormick. The company plans to use the funds to strengthen its balance sheet and develop its research, client service, and sales teams. Since cryptocurrency came to everybody's attention and attracted investors, Bitwise has been performing well. The company has doubled the size of its teams from the start of 2021. Besides, Bitwise is also planning to launch new products this year.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
