Funding Roundup: Over $200M Injected Into Crypto Companies This Week

Web3 and cryptocurrency startups secured a total of $218 million in funding this week — $33 million more than last week.

A total of 19 startups landed funding, according to information compiled by DefiLlama. Among them, gaming and NFT startups landed $26 million from the total, and DeFi companies secured roughly $10 million.

Now, let’s take a look at some of the companies that scored the most money this week:

SALT

Cryptocurrency lender SALT lending secured $64.4 million in a Series A after selling shares to accredited investors.

This fundraise comes only three months after the company’s plans to be acquired failed.

Bnk to the Future had to terminate its acquisition of SALT after the online investment platform revealed that it was exposed to the FTX contagion.

With new capital at hand, the lender can now continue its business operations and grow its products.

Carbonplace

A company that uses distributed ledger technology to offset carbon transactions has secured $45 million in funding from nine banks including BBVA, BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest, Standard Chartered, SMBC and UBS.

The startup intents to use its freshly raised capital to connect buyers and sellers to carbon credits by integrating with their banks.

“With Carbonplace, we are transforming the way that carbon credits are bought, distributed, held and retired,” CEO Scott Eaton said in a statement. “I am excited to take this company to the next level of its evolution, and to help unlock its massive potential to drive significant economic and social value by opening the carbon markets up to the world.” 

Coincover

Coincover, a company that works on protecting digital assets, has secured $30 million in funding this week in a round led by Foundation Capital, with participation from CMT digital.

The fresh round will be used by the startup to grow its headcount, improve products and foster partnerships with other companies in the crypto ecosystem.

“In the wake of a challenging year for the crypto market, Coincover is in high demand, as businesses and consumers scramble to safeguard their digital assets,” David Janczewski, CEO and co-founder of Coincover said in a statement. “Through this new funding, we can supercharge our service for all existing and future customers — building a better and more mature digital asset ecosystem in the process.”

Some other funding news you might have missed

• Developer-focused layer-1 blockchain VRRB closed a pre-seed funding round led by Jump Crypto for $1.4 million, valuing the company at $20 million.
• Self-custody exchange C3 closed a $6 million seed round led by Two Sigma Ventures.
• Elementus — a data-driven Web3 company — landed $10 million from ParaFi Capital, with a $160 million valuation.
• Web3 music platform Vault secured $4 million in a series A, bringing its valuation to $42 million.
• Cosmos-based Dymension closed a $6.7 million seed round led by Big Brain Holdings and Stratos.

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