Crypto Funding Boost from Franklin Templeton and Galaxy
Over $75 million was invested in various crypto projects this week, with significant contributions from Franklin Templeton, Galaxy Ventures, and other major players.
This week, over $75 million was invested in various crypto projects, with notable contributions from traditional finance giants and former Coinbase employees. Key highlights include Bitlayer’s Series A funding, Kintsu’s seed round, and Galaxy Ventures' new fund.
Bitlayer, a layer-2 blockchain, raised $11 million in a Series A round, increasing its valuation to $300 million. Franklin Templeton, known for its Bitcoin and ETH ETFs, led the funding, with investment fund ABCDE also participating. Bitlayer is the first Bitcoin layer-2 infrastructure project to receive strategic investment from an ETF-licensed institution. Kevin Farrelly of Franklin Templeton Digital Assets highlighted Bitlayer’s potential to create new Bitcoin use cases. GSR Ventures, Stake Capital Group, and FalconX also invested.
Kintsu, a DeFi liquid staking protocol, secured $4 million in a seed round led by Castle Island Ventures, with Brevan Howard Digital and Animoca Ventures also involved. Founder Stephen Novenstern emphasized the protocol’s aim to create liquidity for Monad while promoting decentralization. The validator registry contract allows validators to join the registry and have their weights controlled by the DAO, maximizing decentralization.
Other notable investments include Mezo, which raised $7.5 million led by Ledger Cathay’s fund; Igloo, the parent company of Pudgy Penguins, which raised $11 million led by Founders Fund; Caldera, which secured $15 million in a Series A led by Founders Fund; NPC Labs, which raised $21 million in preseed and seed rounds led by Pantera; and OpenSocial Protocol, which raised $6 million co-led by Framework Ventures and North Island Ventures.
Galaxy Asset Management announced closing $113 million for a new venture capital fund, Galaxy Ventures Fund, focusing on early-stage crypto companies. This move highlights ongoing interest and investment in early-stage crypto ventures despite market fluctuations.
The crypto funding landscape is evolving, with significant investments from both traditional finance giants and crypto innovators. Bitlayer's funding, led by Franklin Templeton, shows the growing interest in Bitcoin layer-2 solutions, while Kintsu’s approach to liquid staking emphasizes developments in DeFi. Other significant raises, including those for Mezo, Igloo, Caldera, NPC Labs, and OpenSocial Protocol, reflect the diverse and dynamic nature of the crypto ecosystem.
This week's funding activities demonstrate continued momentum in the crypto space, driven by a mix of traditional finance and innovative blockchain solutions, contributing to the broader adoption of blockchain technologies.
