Karura Network Raises $100M in Push for A Slot in Kusama Parachain Auction

Karura Network Raises $100M in Push for A Slot in Kusama Parachain Auction

Decentralized finance network, Karura has raised $100 million ahead of the parachain auctions of Polkadot’s canary network, Kusama.

The money, equivalent to 200,000 KSM tokens, came from a crowd loan that included more than 8,500 contributors from Karura’s portal.

Kaura’s Contributors Gain KAR Tokens

In an announcement, Karura disclosed that more than 900 addresses on the Kraken exchange also contributed to the funding round.

For every Kusama native token (KSM) given, the contributors gained 12 Karura’s native token (KAR) back. These KAR tokens can be used once Karura’s parachain lease ends after 48 weeks.

Karura disclosed that it is planning on running a parachain that provides a full suite of decentralized finance (DeFi) services on Kusama. This would include a cross-chain automated market maker and a stablecoin collateralized by various cross-chain assets.

Karura is the sister network of Acala, one of Polkadot’s early DeFi hubs. Both Karura and Acala are backed by some of the biggest venture funds in the crypto industry, like Coinbase Ventures.

Co-founder and CEO of Acala and Karura Ruitao Su, said that the incredible support Karura has received so far depicts a growing demand for interoperable, decentralized financial products. Bette Chen, Karura’s co-founder and COO, added:

“We are blown away by the community support for Karura’s launch, as we bring DeFi to the Kusama community. It’s exciting to see the community embrace this new, ethical, effective model for bootstrapping blockchain projects. We are making history together.”

Karura is a token trading application built to provide users with a platform to build and use scalable DeFi applications without large transaction fees and external operations between chains.

Acala plans to operate its DeFi parachains on Polkadot and Kusama to serve both communities. Eventually, both networks will be interoperable once Polkadot and Kusama are bridged. DOT -7.28% Polkadot / USD DOTUSD $ 20.89
-$1.52-7.28%
Volume 1.51 b Change -$1.52 Open $20.89 Circulating 951.58 m Market Cap 19.88 b
7 h Karura Network Raises $100M in Push for A Slot in Kusama Parachain Auction 3 d Polkadot Ecosystem Hits a Milestone as Kusama’s First Functional Parachain Goes Live 1 w ETH 2.0 is Already the Largest Proof of Stake Network and Vitalik isn’t Concerned About Competitors
KSM -12.78% Kusama / USD KSMUSD $ 413.92
-$52.90-12.78%
Volume 470.86 m Change -$52.90 Open $413.92 Circulating 8.47 m Market Cap 3.51 b
7 h Karura Network Raises $100M in Push for A Slot in Kusama Parachain Auction 3 d Polkadot Ecosystem Hits a Milestone as Kusama’s First Functional Parachain Goes Live 2 w Polkadot Not Producing Blocks, Network Validators Asked to Downgrade Nodes

Founded in 2019 by Gavin Wood, Kusama is a multi-chain network that allows blockchains to connect for interoperability, scalability, and plug-and-play network security.

Demand Of DOT And KSM Tokens Surge

The past week has been somewhat bullish for DOT and KSM. This may be because network developers are buying the tokens to bid for Parachain slots on the projects.

Another factor that can be attributed to the bullish trend of the assets is Venture capitalist Master Ventures’ recent announcement.

Master Ventures announced its launch of a $30 million venture to support and finance Parachain bids of tier-1 blockchain projects who want to win a Parachain slot on the Polkadot Relay Chain.

The firm also noted that its proceeds would assist early-stage projects in launching atop the Polkadot and Kusama ecosystems.

This announcement caused DOT to rise by up to 27.91% to $29.21 last week. Kusama’s KSM also climbed by up to 39.35% to $511.91 in the same period.

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Author: Jimmy Aki

China’s BSN Developer Raises $30 Million Series A Round to Boost Global Market Presence

China’s BSN Developer Raises $30 Million Series A Round to Boost Global Market Presence

Announced on Wednesday, China’s Blockchain Service Network (BSN) developer, Red Date, has raised $30 million in a Series A funding round led by Hong Kong crypto-focused firm, Kenetic. The funding aims to enhance development on the network, increase its team members and boost market adoption across the globe, a statement read.

The closed round funding also saw notable financiers join in, including the Prosperity7, the venture arm of the second largest firm in the world, Saudi Aramco, Swiss financial giant, Pictet Group, and one of the largest banks in Thailand, Bangkok Bank.

The Blockchain Service Network launched mid-last year with an aim to bolster the development of decentralized applications on public and private blockchains. Over the past year, BSN has seen notable blockchains partnerships, including Huobi China, which will provide DLT service solutions, Chainlink decentralized oracles, and Cosmos network.

The project was initiated under the cabinet-level economic policy committee, National Development and Reform Commission, and is being developed under the State Information Center of China.

The project aims at introducing innovative blockchain systems to developing countries in order to close the gap in financial inclusion. Speaking on the recent additional funding, Jehan Chu, managing partner at Kenetic, said Red Date would “use blockchain to help drive financial and technology inclusion for the next 50 years” to these countries. Chu added in a statement to Coindesk,

“There is a rebalancing of global technology infrastructure happening that gives greater access to underdeveloped and underrepresented countries.”

The new funding will also expand the team members working on BSN in order to fasten the launch of its cloud computing resources, which will greatly reduce the costs and barriers of building decentralized applications (DApps). Yifan He, CEO of Red Date, said,

“The Internet’s Golden Age was only made possible when the cost of building websites was reduced to near-zero.”

In a shared statement to BEG, Red Date also added the funding would be used to increase BSN’s presence in the global market and the domestic market as well.

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Author: Lujan Odera

Mythical Games Raises $75 Million Funding To Boost NFT-Based Gaming

Mythical Games Raises $75 Million Funding To Boost NFT-Based Gaming

The non-fungible token (NFT) market is no raging as much as it used to at the start of the year as demand from retail investors dropped sharply in Q2 2021. Despite the downturn, investments in NFT are still well alive as venture firms believe the NFT market will return to its glory days in the near future.

Mythical Games, the creator of the popular NFT blockchain game, Blankos Block party, raised $75 million in Series B funding led by growth equity fund WestCap Group. The funding aims to expand the firm’s blockchain gaming experiences and boost the development of the Blankos Block Party game.

The Series B funding round saw existing, and new investors participate in the round. New investors in the firm include 01 Advisors and influencer and serial investor Gary Vaynerchuk’s VaynerFund. The Series B funding brings the total funds raised by Mythical Games to $120 million to date.

The main attraction to Mythical Games is the Blankos Block Party, a blockchain-based NFT collectibles game that allows players to create their games and own their virtual worlds. The game is built around user-generated content and focuses on integrating the latest social media trends. Blankos also includes the Mythical Marketplace, where users can buy and sell avatar figures and in-game assets collected within the game or created by top artists and game developers in partnership with the firm.

Notwithstanding, the platform also includes the Mythical Economic Engine, which connects the gaming platform to other gaming engines and helps new game creators build regulatory-friendly NFT collectibles. Mythical Games CEO John Linden tells TechCrunch,

“With any new market like [NFTs], it goes through all these different cycles.”

“We think this will actually change gaming for the long haul. The more we talk to game studios, we’re finding more and more potential use cases.”

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Author: Lujan Odera

Flare Network Raises $11 Million in Funding to Bring Smart Contracts to All Blockchains

Flare Network Raises $11 Million in Funding to Bring Smart Contracts to All Blockchains

Decentralized finance protocol Flare raised $11.3 million in another funding round supported by heavyweights in the crypto industry. Launched at the tail end of 2020, Flare, a Turing complete Federated Byzantine Agreement-based (FBA) network, announced Hong Kong-based firm Kenetic Capital led the round, including top venture capital firms such as Digital Currency Group (DCG) and Coinfund.

The funding aims to boost the development of smart contract functionalities on blockchains that do not offer native support for smart contracts. At launch, Flare is set to support smart contract functionalities for Stellar (XLM), Litecoin (LTC), Dogecoin (DOGE), and XRP.

Other participants in the current funding round include crypto VCs such as LD Capital, cFund, Wave Financial, Borderless Capital, and Backend Capital. Adding to the $11 million fund are top crypto private investors Charlie Lee, Vinny Lingham, and Terra CEO, Do Kwan.

The platform’s main goal is to bring additional utility to other non-smart contract blockchains,” Flare CEO Hugo Philion shared in a statement. Supported by Ripple in 2019, Flare is now awaiting its mainnet launch to create a robust and complete blockchain ecosystem.

“The investment brings into the Flare ecosystem key participants in the investment community, together with major exchanges, market makers, blockchain founders, and entrepreneurs that have an interest in driving meaningful developments and participation on Flare.”

Flare Protocol is also planning one of the largest airdrops in crypto so far by awarding every eligible XRP account on the snapshot taken on December 12th, 2020, its native Spark tokens. Despite hundreds of crypto exchanges taking part in the airdrop, close to 2 Billion XRP locked on Coinbase will miss the Spark airdrop, BEG reported last December.

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Author: Lujan Odera

DeFi Zapper Raises $15M from Framework, Which Raised $100M From Big US Institutional Investors

DeFi Dashboard Zapper Raises $15M from Framework, Which Itself Raised $100M From Big US Institutional Investors

Mark Cuban and actor Ashton Kutcher’s Sound Ventures also invested in Zapper to “usher in a new era of user-friendly crypto experiences.”

DeFi dashboard, Zapper has raised $15 million in a Series A round led by Framework Ventures along with entrepreneur Mark Cuban and actor Ashton Kutcher’s Sound Ventures.

Zapper currently supports 54 DeFi protocols and boasts 150,000 monthly active users, with the total transaction volume recently surpassing $3 billion.

The popular DeFi asset management tool allows users to view their balance, make a swap, stake, and yield from across multiple chains, and all of it in one place.

With this fresh capital, the startup aims to reduce the friction and provide a one-stop solution for the fragmented cryptocurrency sector.

“Zapper is one of the fastest-growing applications of any kind in crypto. Excited to join the board to help usher in a new era of user-friendly crypto experiences,” said Vance Spencer, co-founder of Framework Ventures.

In November, the project extended its seed round to gain backing from Delphi Digital and Coinbase. Framework Ventures and Libertus Capital led the original $1.5 million seed round in August 2020.

Other investors included Michael Dunworth, The LAO, CoinFund, Synthetix founder Kain WarwickNascent, ParaFi Capital, Scalar Capital, Distributed Global, Maven 11, DeFiance Capital, Spartan Group, Long Hash, Sino Global, Cooley LLP, and Aave co-founder and CEO Stani Kulechov.

An inclusive financial system

Framework Venture, the largest venture capital fund investing in decentralized finance that invested in Zapper, itself raised $100 million for its second fund round from big US institutional investors.

US venture capital and growth equity investment firm Accolade Partners and Hall Capital, one of the largest US registered investment advisors with about $42 billion in AUM, were the anchor investors. Some of the unnamed major US university endowments were also investors in the fund.

The Fund also raised $15 million in July 2019 for its first fund from one anchor investor. The freshly raised capital will help Framework support DeFi applications.

“Crypto is a technological wave that will touch almost every aspect of people’s lives in the coming decades. Blessed to be chasing the dream of a more inclusive and innovative financial system with my best friend, an incredible team, and incredible backers.”

Vance Spencer Co-founder Framework Ventures

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Author: AnTy

Block.one Raises $10B from Big Names to Launch a Crypto Exchange Called ‘Bullish’ This Year

Block.one Raises $10 Billion from Big Names to Launch a Crypto Exchange Called ‘Bullish’ This Year

After the record $4 billion ICO, Block.one has again managed to raise $300 million from Peter Thiel, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital, and Nomura bank. EOS, meanwhile, is still down 60% from its 2018 ATH in the ongoing bull market.

Block.one, the software company behind the cryptocurrency EOS, has announced the launch of a new subsidiary Bullish Global.

Planned to be released this year itself, “Bullish” is a new blockchain-based cryptocurrency exchange. The exchange will be offering new automated market making, lending, and portfolio management tools, reads the official announcement on Tuesday.

The exchange will be utilizing the EOSIO software and EOS public blockchain “to produce a cryptographically validated, provable, and immutable audit trail of all transactions processed” on the platform.

Block.one has already raised more than $10 billion for this exchange.

While the initial investment of $100 million in cash, 164,000 BTC, and 20 million EOS came from Block.one itself, $300 million were raised from the big names like Peter Thiel’s Thiel Capital and Founders Fund, Alan Howard, Mike Novogratz’s Galaxy Digital, Louis Bacon, Richard Li, Christian Angermayer, and global investment bank Nomura.

“Bullish balance sheet is strong, and its vertical integration offers stability and liquidity to the cryptocurrency space. I’m happy to join Bullish as an investor and advisor as it gets started on a long and fruitful journey,” said Thiel.

Block.one is the same company that raised a record $4 billion during the 2017 initial coin offering (ICO) mania and received backlash from ESO investors who also filed a lawsuit against it for misleading investors in believing that EOS would be decentralized.

Since its launch at the peak of the last bull market in Jan. 2018, EOS has fallen from the top 10 cryptos list to sit at 23rd place with just over $9.3 billion market cap. As of writing, EOS is trading around $10, still down 60% from its all-time high of $22.71 in April 2018. EOS 54.08% EOS / USD EOSUSD $ 14.28
$7.7254.08%
Volume 19.71 b Change $7.72 Open $14.28 Circulating 953.3 m Market Cap 13.61 b
9 h Block.one Raises $10 Billion from Big Names to Launch a Crypto Exchange Called ‘Bullish’ This Year 11 h Tech Stocks Dragging Bitcoin, Ether, & Crypto’s Down, But ‘Fundamentals Still Strong’ 6 d Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange

The company is launching the exchange Bullish which will have Peter Thiel, Alan Howard, Richard Li, and Christian Angermayer as its senior advisors.

“Successfully bridging the gap between digital assets and institutional actors will shape the future of the financial sector as we witness greater mainstream adoption of digital currencies,” said Howard.

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Author: AnTy

Burnt Finance Raises $3M For A Solana-based NFT Marketplace; Famous for Burning Banksy Art Piece

Burnt Finance Raises $3M For A Solana-based NFT Marketplace; Famous for Burning Banksy Art Piece

Burnt Finance raises $3 million seed round funding.  The platform aims to decentralize and tokenize NFTs.

The anonymous NFT artist known for selling a Banksy street art as a non-fungible token (NFT), Burnt Banksy, has raised $3 million seed funding from private investors to launch a decentralized NFT minting and auction protocol. The protocol is built on Solana blockchain (SOL) providing a solution on how NFTs and blockchain synthetic tokens are minted and auctioned.

Some of the key investors in this round include Alameda Research, led by Sam-Bank Freidman who is also part of the Solana founding team, DeFinance, Multicoin, and Injective Protocol. The seed funding round also saw Individual investors such as Sandeep Nailwal (COO of Polygon, formerly Matic) and Do Kwon, CEO and co-founder of Terra, which is building programmable money for the internet. SOL -1.18% Solana / USD SOLUSD $ 42.82
-$0.51-1.18%
Volume 513.42 m Change -$0.51 Open $42.82 Circulating 272.64 m Market Cap 11.67 b
6 h Burnt Finance Raises $3M For A Solana-based NFT Marketplace; Famous for Burning Banksy Art Piece 9 h Cryptocurrency Related Stocks Tumbling in a Massive Divergence from Crypto Assets 1 d Tala Partners With VISA To Drive USDC Adoption in Emerging Markets
MATIC -2.92% Polygon / USD MATICUSD $ 0.75
-$0.02-2.92%
Volume 570.92 m Change -$0.02 Open $0.75 Circulating 5.19 b Market Cap 3.89 b
6 h Burnt Finance Raises $3M For A Solana-based NFT Marketplace; Famous for Burning Banksy Art Piece 9 h Cryptocurrency Related Stocks Tumbling in a Massive Divergence from Crypto Assets 11 h Sushi Goes Live on Polygon (MATIC), Andre Cronje Proposes A Curve like Mechanism for it

The platform aims to solve the persistent problems of “bid manipulation” and “high minting fees” experienced on the Ethereum-based NFT marketplace, OpenSea, the report further states. Speaking in a statement, the Burnt Finance team stated,

“Some actors tried to leverage the congestion and manipulate the transaction fees to sway the results and the length of the auction.”

Moreover, the new funding will be used for the technical development of the platform and boost collaborations with top NFT artists. In a statement to The Block, Burnt Finance stated launching Burnt Finance, “the first fully decentralized auction protocol on Solana” will “address the needs of the market” with the budding potential locked in crypto-based auctions,

The statement from Burnt Banksy further states the protocol will leverage Solana’s high speed, low fees, and ultimate performance platform, Solana Wormhole. The wormhole aims to offer a bidirectional bridge connecting NFTs and synthetic tokens on Ethereum to Solana. Currently, in the beta phase, the platform received a grant from Solana Foundation earlier in the year to promote the development of Burnt Finance.

According to reports, the mainnet launch is expected in Q3 2021 with the “BURNT” token governing the platform.

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Author: Lujan Odera

Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot

Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot (DOT)

Enjin announces a multi-million dollar funding round to build Efinity, a Polkadot-based platform. Investors in the round include Crypto.com capital, DFG Group, and Hashed Ventures. The platform will launch later in the year.

Popular NFT-focused blockchain firm, Enjin announced an $18.9 million funding raise led by Crypto.com capital, DFG Group, and Hashed to develop a Polkadot-based NFT blockchain dubbed Efinity. The platform aims to increase scalability and reduce the high gas costs currently being experienced on Ethereum, ensuring NFTs are “usable and accessible to everyone, everywhere.”

The firm raised funds via a sold-out private sale of its native Efinity tokens (EFI) with other investors participating in the sale, including BlockTower, Blockchain.com Ventures, Hypersphere, LD Capital, HashKey Capital, Arrington XRP Capital, and DeFi Alliance, among others.

Despite being the largest NFT network, Ethereum ETH 3.33% Ethereum / USD ETHUSD $ 1,977.28
$65.843.33%
Volume 30.91 b Change $65.84 Open $1,977.28 Circulating 115.29 m Market Cap 227.97 b
2 h Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity 7 h Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot (DOT) 11 h Bitcoin Closes its Best Quarter in 8 Years, With 103% Gains
is facing high gas costs and congestion – in line with the growth of DeFi – forcing participants to look for cheaper options elsewhere. Supported by Parity Technologies, Efinity is a cross-chain NFT token highway designed to allow NFTs to be moved from one chain to the next.

“Digital assets should exist in a metaverse of blockchains. Opening up liquidity across multiple blockchains and use-cases will connect a broad ecosystem of creators, buyers, and sellers.”

Witek Radomski Enjin CTO

Explaining the new NFT blockchain’s technical specifications, Efinity will complete transactions in less than six seconds while providing a throughput of over 1000 transactions per second – improving on Ethereum’s 15 TPS.

According to a post, Enjin chose to build on Polkadot DOT 3.67% Polkadot / USD DOTUSD $ 37.67
$1.383.67%
Volume 2.81 b Change $1.38 Open $37.67 Circulating 925.06 m Market Cap 34.85 b
2 h Ethereum’s Layer-2 Solution, Polygon (MATIC) Welcomes Aave and Zapper to Boost DeFi Activity 7 h Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot (DOT) 11 h Bitcoin Closes its Best Quarter in 8 Years, With 103% Gains
, Ethereum’s decentralized competitor, to provide users with enhanced interoperability, speed, and low-cost transactions. On the launch of Efiity, “paratokens” will also be available to deliver cross-chain transfers and interoperability of NFTs. These “paratokens” allow users to bridge any NFT on any blockchain to Efinity directly.

Notwithstanding, Efinity also introduces staking through its native EFI token. Users can stake Enjin Coin (ENJ), which has surged over 1,700% year-to-date, on nodes (or “collators”) to receive EFI tokens which are used as fuel to process transactions. The token also powers governance and voting on the platform.

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Author: Lujan Odera

NBA Top Shot Creator, Dapper Labs, Raises $305 Million from Top NBA Players and Celebrities

NBA Top Shot Creator, Dapper Labs, Raises $305 Million from Top NBA Players and Celebrities

Dapper Labs, the company behind the in-demand NBA Top Shot, a collectibles app, raises $305 million in a celebrity-stacked investor pool. Former and current NBA players such as Michael Jordan & Kevin Durant, actors Will Smith, rapper 2 Chainz, and a couple of venture capital firms joined the round.

In a report by USA Today, top NFT collectibles app, NBA Top Shot creator Dapper Labs, is raising $305 million in its latest round of financing. The funding round was led by Coatue Ventures featuring several high-profile celebrities and NBA players, including Michael Jordan, Kevin Durant, Andre Iguodala, Kyle Lowry, Spencer Dinwiddie, Andre Drummond, Alex Caruso, and Khris Middleton, among others.

Other high-profile investors in the round include Will Smith, Shawn Mendes and Andrew Gertler’s AG Ventures, Shay Mitchell, and 2 Chainz. Venture capital firms participating in the round include Andreessen Horowitz (az16), Version One, and Barstool’s investor, The Chermin Group.

Launched in July 2019, NBA Top Shot is an NBA-licensed product that lets users purchase digital packs of cards (or “moments”) that can be instantly bought and sold through a marketplace.

Dapper Labs created and manages the Flow Blockchain, an NFT marketplace that sells the NBA Top Shot collectibles. According to a person familiar with the matter, the new funding will be used to expand the NFT marketplace to other sports, including the Ultimate Fighting Championship (UFC) and the Major League Baseball (MLB) associations.

“We want to bring the same magic to other sports leagues as well as help other entertainment studios and independent creators find their own approaches in exploring open platforms,” Dapper Labs CEO Roham Gharegozlou.

Speaking to USA Today, a spokesperson from Dapper Labs confirmed the latest round of financing would set the company’s valuation at $2.6 billion.

If you are not familiar with the ongoing NFT mania: NFTs, short for non-fungible tokens, and are unique cryptographically secured collectibles such as digital art, pictures, music, video clips, GIF, etc. NFTs are stored on a blockchain, ensuring the uniqueness of these rare collectibles.

Over the past few weeks, NBA Top Shot has seen increased demands for its collectibles – reporting total gross revenue of $483 million from over 800,000 participants on the platform in March alone. The NBA Top Shot beta app also launched on the Samsung Galaxy Store back in October 2020.

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Author: Lujan Odera

Chainalysis Raises $100 Million with a $2 Billion Valuation, No Plans to Go Public Yet

Chainalysis Raises $100 Million with a $2 Billion Valuation, No Plans to Go Public Yet

Blockchain research and analysis firm Chainalysis is the latest company in the crypto industry to raise funds. The firm has raised $100 million from investors led by Paradigm, co-founded by crypto exchange Coinbase co-founder Fred Ehsram.

TIME Ventures, the investment fund of billionaire Marc Benioff also participated in the funding round along with the previous backers, Addition, and Ribbit.

The new investment came just on the back of a $100 million investment in November, bringing Chainalysis’s valuation at more than $2 billion.

The New York-based company helps private firms and government agencies process and mine blockchain data for analysis recorded on blockchains to root out “cryptocurrency crime and money laundering.”

The company aims to use the raised funds for hiring across all parts of the organization and expand its product portfolio to provide new data solutions.

Chainalysis is building solutions for cryptocurrency businesses and financial services providers to optimize their market development strategies based on on-chain customer behaviors, help asset managers use on-chain data to discover crypto investing opportunities, and government agencies connect on-chain activity to other data sets.

As of yet, Chainalysis has no plans to go public, said Chief Executive Officer Michael Gronager, adding that they are choosing growth over profitability for the time being.

“We’re assuming we can do even better in 2022,” he said. “We can do more, but doing more takes money.”

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Author: AnTy