Key Fundraising Data (30/11/2024)
Last week witnessed a total of 34 financing events, raising a substantial amount of over $145.8 million*. Compared to recent weeks, last week’s financing activities stayed active in both total amount and number of events. The DeFi sector led with the highest number of financing events, totaling 5. The Stablecoin sector recorded the highest total funding amount, raising a total of $45 million. The largest financing event was led by USDX, successfully raising $45 million. USDX is a synthetic USD stablecoin built for the crypto ecosystem. It offers a crypto-native stablecoin solution that does not rely on traditional banking infrastructure which is censorship-resistant, scalable, and highly stable. Furthermore, it provides a multiple-layer savings tool including funding rate and crypto ecosystem yield accessible worldwide in USD denomination. More details are as follows.
Below, we listed the most noteworthy fundraising deals for you:
The synthetic stablecoin issuance protocol usdx.money has successfully raised $45 million in its latest funding round, bringing its valuation to $275 million. Announced on 29 November, the round saw participation from investors including NGC, BAI Capital, Generative Ventures, and UOB Venture Management, with some contributions made via warrants. Existing backers such as Dragonfly Capital and Jeneration Capital also continue to support the project.
usdx.money aims to establish next-generation stablecoin infrastructure, with USDX as its flagship product. Following this funding, the protocol plans to accelerate ecosystem development and expand USDX and sUSDX applications across various domains. These include improving liquidity by integrating into platforms like PancakeSwap and Curve, enhancing DeFi utility as collateral for decentralised lending and derivatives protocols, offering innovative uncorrelated yield opportunities, and supporting sUSDX as backend infrastructure for stablecoin issuers to boost industry security and liquidity. Additionally, usdx.money seeks to promote payment innovations, particularly for underserved populations.
U2U Network, a modular layer-1 with subnet technology, pioneering and perfect fit for DePIN, is thrilled to announce the successful closure of its funding round, securing a total of $13.8 million. This significant financial milestone propels U2U Network further in its mission to provide a comprehensive solution for DePIN, offering robust and scalable infrastructure tailored to meet the evolving needs of the Web3 ecosystems.
The recently concluded funding rounds saw contributions from a slew of prestigious venture capital firms, including KuCoin Ventures, Chain Capital, IDG Blockchain, Cointelegraph, V3V, JDI Ventures, Tesseract, IBG, Blockhive, Maxx Capital, UB Ventures, and many more. And notably, JDI Ventures, in particular, made a significant equity investment, underscoring a focused commitment towards advancing U2U Network's R&D in hardware technologies. This diverse backing from top-tier investors highlights the industry’s robust confidence in U2U Network’s innovative approach.
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Schuman Financial has launched EUR?P, a euro-backed stablecoin designed to streamline global digital payments, on-chain foreign exchange trading and tokenized real-world assets. Fully pegged to the euro at a 1:1 ratio and backed by cash and cash equivalents, EUR?P aims to capitalize on the rising demand for regulated stablecoins in Europe.
The launch follows Schuman Financial’s $7.36 million seed funding round in September, led by RockawayX. Other backers include Lightspeed Faction, Kraken Ventures, Nexo Ventures, Gnosis VC, Delta Blockchain Fund and Bankless Ventures. EUR?P will initially launch on the Ethereum and Polygon blockchains, with plans for additional chain integrations and DeFi protocol partnerships in the coming months. Schuman Financial announced that the stablecoin will soon be listed on major European crypto exchanges and supported by top digital asset custodians, market makers and service providers.
Avant, a crypto yield protocol developer similar to Ethena Labs, said it has raised $6.5 million in a seed funding round. The round saw participation from Superlayer, Avalaunch, GoGoPool, Daybreak Digital and Linda Kreitzman. While these names are not widely recognized, Avant founder Rhett Shipp told The Block that the startup focused on its existing network of contacts and angel investors rather than targeting high-profile crypto venture capitalists.
Avant, founded in June of this year, started informal conversations with investors in May but officially began fundraising in October, Shipp said. The round closed earlier this month, structured as a simple agreement for future equity (SAFE), bringing Avant's post-money valuation to $25 million, according to Shipp.
According to Cryptonews, blockchain payment company Partior has raised $80 million in its Series B funding round, with Deutsche Bank joining as a new investor. The round initially launched in July 2024, securing $60 million on 12 July, led by Peak XV Partners with participation from JPMorgan, Jump Trading Group, Standard Chartered, Temasek, and Valor Capital Group.
Founded in 2021 with backing from DBS Bank and JPMorgan, Partior offers real-time clearing and settlement services via its blockchain platform, aiming to address sequential processing inefficiencies in traditional payment systems. Deutsche Bank’s Global Head of Institutional Cash Management, Patricia Sullivan, announced the bank’s intention to join Partior’s platform as a settlement bank for euro and USD transactions, leveraging its position as the largest euro clearing bank. The new funding will support Partior’s global expansion and the development of new features, including intraday FX swaps. Notably, Deutsche Bank has been deepening its involvement in the cryptocurrency sector, including applying for a digital asset custody license with German regulators in June 2023.