Funding Roundup: Modular blockchain solutions led this week’s funding

This week saw an infrastructure layer and a modular blockchain solution lead the way in terms of the amount raised

article-image

Vasiliy Koval/Shutterstock modified by Blockworks

share

Another week, another slew of fund raises. 

This week, we saw a slew of different raises that raised significant capital, with a modular blockchain solution and an infrastructure layer leading the pack when it comes to total amounts raised. There were also some notable, yet smaller, raises. 

Let’s get into it.

First and foremost we have Avail, which raised $43 million in its Series A. In total, the modular blockchain solution raised $75 million when combining the pre-seed and seed rounds — which totaled $32 million — and Series A.

Dragonfly Capital and Peter Thiel’s Founders Fund participated in the round, alongside a series of other VC firms. 

 “With this new capital, we are poised to accelerate our development, expand our global presence, and continue to address the most critical challenges facing Web3 today, such as blockchain fragmentation, insufficient data availability, and limited scaling,” said Anurag Arjun, Avail’s co-founder. “Additionally, it will help foster partnerships and collaborations with other players across the entire Web3 ecosystem, which is mission-critical for Avail’s success.”

According to a press release, Avail will focus on its Unification Layer roadmap. The next update to that will be Avail Nexus to solve cross-rollup interoperability. 

The funding will also go towards developing Fusion Security, which would leverage “native assets of mature ecosystems and new rollup tokens.” 

“Fusion Security aims to provide robust crypto-economic guarantees, reinforcing Avail’s function as the unification layer for Web3,” Avail continued.

A Mountain on the horizon

Oh, wait, that’s just Mountain Protocol. 

Mountain Protocol raised $8 million in a round led by Multicoin Capital for USDM, a yield-bearing stablecoin. This brings the project’s total funding to $12 million. 

Coinbase Ventures and Castle Island Ventures also participated in the round. 

Loading Tweet..

“When it comes to money, trust and safety are of primary importance. The source of yield should share the same sovereign risk as the underlying currency – no less, no more,” Vishal Kankani, Multicoin Capital’s principal, told Blockworks. 

“Earning yields without having to do anything is the only user experience that can scale stablecoins to billions of people. Treasury managers, crypto exchanges, and fintechs in emerging markets giving dollar exposure to their customers all must pay attention to USDM,” he continued. 

According to the press release, there’s $50 million USDM in circulation. It launched back in October 2023. 

It was granted a Digital Asset Business License by the Bermuda Monetary Authority to redeem, issue and sell USDM, the release said.

Other notable rounds 

  • Decentralized infrastructure layer M^0 raised $35 million in a Series A led by Bain Capital Crypto and Galaxy Ventures. 
  • Stablecoin issuer Tether invested $18.75 million in XREX group to “drive innovation in Regulatory Technology.”
  • Blueberry Protocol Foundation announced a $2.5 million round led by White Star and Varys Capital.

Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 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.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Silk Road founder Ulbricht made a triumphant return to the Bitcoin Conference, 10 years on from sentencing

article-image

A Blockworks Research report looked at who could take up some of the marketshare in the launchpad space

article-image

Business-to-business stablecoin payments are on the rise, per a report from Artemis, Dragonfly and Castle Island

article-image

Crypto continues to do its thing: incentivizing behavior

article-image

Kraken will soon offer Backed ‘xStocks’ as Solana tokens

article-image

In a unanimous decision, the US Court of International Trade has ruled that Trump’s IEEPA tariffs are unlawful