Funding Roundup: a16z made a $90M bid on Optimism

Ex Revolut executive received $6.5 million from investors to create hybrid exchange x10

article-image

Roman Samborskyi/Shutterstock modified by Blockworks

share

Venture capital firm Andreessen Horowitz (a16z) has privately purchased $90 million worth of Optimism’s OP token.

According to Unchained Crypto, the investment will be subject to a two-year vesting period and is one of the largest crypto investments that the venture capital firm has made to date. 

The purchase was made prior to a16z’s most recent fundraise, during which the venture capital giant disclosed that it had secured $7.2 billion to invest in American Dynamism, Games, Apps, Infrastructure, and Growth.

Read More: A16z raises $7.2B

Ex Revolut exec secures $6.5M for new hybrid exchange

Ruslan Fakhrutdinov, former head of crypto ops at Revolut, has secured $6.5 million to create his own new hybrid exchange, x10.

X10 has the typical features of a centralized exchange, but also offers full-custody and settlement on-chain, enabling its users to perform DeFi perpetuals trading with fast latency and throughput.

“We want to give our users and traders the best of both worlds. Imagine the features and the speed of Coinbase or Binance but with full self-custody,” Fakhrutdinov said in a press release reviewed by Blockworks. 

Fakhrutdinov added, “The FTX situation, where users only got back a third of their funds, serves as a wake-up call for the industry. It urges us to reinforce trust and efficiency in crypto trading through on-chain trade settlement, validation, and self-custody.”

Other notable fundraises this week:

  • STYLE Protocol secures $2.5 million to fuel interoperability among digital worlds
  • AI infrastructure company Wisdomise concludes $9.5 million funding round to accelerate product and community development
  • Wasabi lands $3 million in a seed round led by Electric Capital

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

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

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report cover graphics (4).jpg

Research

Despite crypto gaming related projects and funds raising close to a billion dollars in November 2021, there have been only a handful of games that have attracted users apart from mercenary capital, and have had sustained activity for longer than a few months. Crypto gaming is going through an infrastructure phase. Theoretically, crypto gaming stands to benefit from purpose-built, high throughput chains, where blockspace is cheap (especially for games which are fully onchain). However, despite the launch of many gaming-focused chains, most crypto games are lacking in quality and quantity. Most new crypto gaming infrastructure either have no games or only a few games launched (e.g. Xai) or have failed to garner meaningful attention (e.g. Immutable X).

article-image

As Bloomberg analysts up their ether ETF approval odds, concerns about ETH’s liquidity and its possible status as a security remain

article-image

Ethereum is becoming a multilayered lasagna-like system, pushing people to the margins with its complexity and fees

article-image

Ether would be set to re-test its 2021 price high should the regulator unexpectedly approve ETH funds, industry watchers say

article-image

The Financial Innovation and Technology for the 21st Century Act, known as the FIT21 Act, is expected to head to the floor for a vote in the House in the afternoon on May 22

article-image

NYAG announced details about its settlement with bankrupt lender Genesis on Monday

article-image

The $948 million of inflows from May 13 to May 17 roughly equaled the net money that left the fund category over the five prior weeks