Funding Skyrockets on the Back of Infrastructure
Crypto funding sharply increased this week, rising 114% from $108 million to $231 million. Infrastructure was the breadwinner, representing 44% of the total funding amount. The largest deal was an $81 million Series A deal completed by Auradine, valuing the company at $500 million. Despite the notable rise in total funding, deal counts dropped from 23 to 20, while the average deal size rose to $15.4 million.
Series A and Series B deals comprised 63% of total funding but only represented 20% of deal counts. Seed rounds remained the most popular type of deal, making up 30% of the count and 22% of funding. There was one M&A transaction this week. Ripple acquired Swiss digital custodian firm Metaco for $250 million. The acquisition will expand Ripple’s product suite and enable future issuance, custodial, and settlement services for tokenized assets while growing the company’s presence outside the U.S.
Deal of the Week
The Deal of the Week is Hourglass, a crypto startup that raised $4.2M in a seed round led by Electric Capital with participation from Coinbase Ventures and Circle, among others. Hourglass is the first marketplace that allows users to trade Time-Bound Tokens (TBTs), a concept that tokenizes a user's staked or locked assets. ...Reports you may have missed
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