Binance's Acquisition Spree Continues

Funding dropped considerably this week, falling to $26m from $503 million last week. Infrastructure deals led funding with 42% of the capital raised. All the fundraising this week was in the seed round stage. The largest deal raised was a $7.8 million seed round by Revel, an NFT minting and trading marketplace. While NFT volume has fallen off a cliff since the high levels of activity seen late last year, many large consumer-facing firms such as Nike, Facebook, and Starbucks have continued to experiment on their potential applications for consumer activations. We go into more detail on the significance of the raise in our Deal of the Week section below.  

There were two acquisitions this week, both of which involved Binance. The first was affiliate Binance.US agreeing to buy bankrupt exchange Voyager’s digital assets for $1.022 billion. The transaction was equal to the fair market value of Voyager’s crypto portfolio, and an incremental $20 million consideration in addition to certain transaction related expenses up to $15 million. Binance.US CEO Brain Shroder stated their goal was to “return users their cryptocurrencies on the fastest timeline possible”. Binance also finalized the acquisition of Tokocrypto, a regulated crypto exchange in Indonesia. The world’s larges...