• On Friday, layer-2 infrastructure firm Qredo closed its $80 million Series A round led by 10T Holdings
  • Earlier this week, Seven Seven Six closed a whopping $500 million venture fund for its second fund, which will focus primarily on crypto startups

Capital continued to pour into crypto this week, despite a recent downturn in digital asset markets.

“Significant capital raises that closed last year will be deployed now, I expect an increased pace of activity,” Stan Miroshnik, co-founder of 10T Holdings, told Blockworks earlier this week.

Layer-2 infrastructure firm Qredo closed its $80 million Series A round Friday, led by 10T Holdings, with participation from Coinbase, Avalanche and Terra. The raise brings its valuation to $640 million, after raising $120 million across the past 12 months.

“Infrastructure is a key battleground for scaling crypto adoption,” Dan Tapiero, founder and CEO of 10T Holdings, said.

More than $800 million was raised this week, according to PitchBook data. Some of the larger rounds include FTX’s $400 million, Phantom’s $109 million and Dune Analytics’ $69.42 million capital raises.

Other fundraisers include:

  • Pixel Vault’s $100 million, which will be used to help launch an NFT platform
  • Tribal Credit, which offers crypto financial services, raised $60 million in a round led by SoftBank to expand into Latin America
  • CoinFund co-led $5.7 million seed round in prime brokerage liquidity protocol Primex Finance
  • Celebrity-focused NFT platform Colexion’s $5 million raise to expand into the metaverse
  • DAO-to-DAO credit lending platform Kyoko Finance closed $3 million private round led by Animoca Brands

Meanwhile, Reddit Co-founder Alexis Ohanian’s venture capital firm, Seven Seven Six (776), closed a whopping $500 million venture fund. The raise was oversubscribed, with $300 million going toward funding early-stage startups and $200 million going toward companies in growth stages.

The firm plans to primarily invest in crypto startups by the end of the year, Ohanian told the Wall Street Journal. The VC has over $750 million assets under management, just $26 million short of matching their name, 776, Ohanian quipped on Twitter.

Ark Invest filed to launch a venture fund that would invest in companies involved in disruptive innovation, including those related to crypto and blockchain technology, Blockworks reported

Separately, Arca also launched its NFT fund this week, which oversubscribed its initial cap of $50 million. The fund joins the firm’s three other investment products, including its Digital Assets Fund and Digital Yield Fund. The fund will invest in NFTs, as well as digital property, in-game assets, DeFi-integrated NFTs and utility- and reward-based NFTs.

“We believe that, at present, there is a dislocation between the value of non fungible assets and the value of the underpinning ecosystem via equity, tokens, etc,” Arca Portfolio Manager Sasha Fleyshman told Blockworks in a statement. “We look to both capitalize on that mismatch and catalyze the perception change of investing directly into NFTs as investment grade assets.”

Check back next week for even more funding news.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


  • Jacquelyn Melinek is a New York-based reporter covering funding, decentralized finance (DeFi) and decentralized autonomous organizations (DAOs). She previously reported on energy markets for S&P Global Platts and Bloomberg News and is published in over 65 news outlets. She graduated from the University of North Carolina at Chapel Hill with a degree in Media and Journalism. Contact Jacquelyn via email at [email protected]