Crypto funding: $20M week for crypto data providers and privacy-focused Web3 firms

CryptoQuant, a firm relied on by many media outlets for on chain insights, got a fresh $6.5 million capital raise

article-image

Dall-e modified by Blockworks

share

Crypto startups raised nearly $20 million in various funding rounds this week, with data analytics firms seemingly winning out. 

CryptoQuant, an on-chain and markets data provider, announced that its parent company, Team Blackbird, raised $6.5 million in a Series A round led by Atinum Investment. 

The money will go toward boosting CryptoQuant and Team Blackbird’s presence around the world. The team said its plan is to recruit employees for its South Korea and international operations.

The company has raised $9 million to date, with a previous investment from Galaxy Interactive and Mirae Asset Capital.

Web3Go, which describes itself as “an open data analytics platform for all web3 users,” also secured $4 million in seed funding this week.

Web3Go is being incubated by Binance Labs, which also led the latest round of funding. Additional investors included Shima Capital, HashKey Capital, Big Brain Holdings and NGC Ventures.

Following this recent injection of cash, the creators of Web3Go want to “accelerate” the development of what they call Web3Go Data Intelligence Network (DIN).

According to a Medium post, DIN will “empower users to access data, conduct transactions, and create content through a range of innovative platform tools.”

A focus on privacy

Ola, a Web3 privacy protocol, raised $3 million in seed funding this week, with Web3.com Ventures and Foresight Ventures at the forefront of the seed round.

The layer-2 platform said it wants to redefine privacy and acknowledged how earlier privacy-focused platforms such as Zcash, Monero and Dash aren’t programmable. Ola’s goal is to address this limitation by leveraging zero-knowledge technology to enable programmable privacy for developers and users.

Ola CEO Ocean Chen echoed this sentiment in a statement. 

“Our ultimate goal is to make privacy a fundamental right in the digital age, especially for Web3 users. This investment will propel our mission to empower individuals to reclaim ownership of their digital lives while reaping the benefits of Web3 technology,” Chen said.

Other notable fundraises

  • Shardeum, an EVM-based layer-1 blockchain that uses sharding technology, closed a $5.4 million strategic raise with a number of firms participating including Amber Group.
  • Wynd raised $1 million in a pre-seed round led by No Limit Holdings. Wynd advocates for censorship-free internet and has a Chrome extension called Grass that lets users sell their unused network resources.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

4.png

Research

This months PPGC covered four main areas. Firstly, debriefing the progress and status of the mainnet implementation of the Ahmedabad hard fork. Secondly, a retrospective on the testnet phase of the Ahemdabad Hard Fork. Thirdly, an update on PIP-36 which involves replaying failed state syncs. Lastly, PIP-47 which pushes upgrades to the Polygon Protocol Council.

article-image

Institutions to test out the settlement of “digital assets and currencies” on a network that annually carries more than 5 billion financial messages

article-image

After Bitwise’s XRP ETF filing this week, one industry watcher notes: “Politics will determine whether this happens soon or in a few years”

article-image

Plus, a look back at some of the SEC’s biggest enforcement moves under Gurbir Grewal

article-image

The forward-looking financial system is being championed by several contributors to India’s UPI digital money system

article-image

Multiple teams are pursuing integration cross-chain and off-chain

article-image

An SEC spokesperson told Blockworks the Ripple judgment clashes with Supreme Court precedent and securities laws