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November 6, 2023
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Blockchain-based startups continue to raise funding during the current bear market, with Meta Mask partner Blocked raising $33 million in October. However, overall funding in the cryptocurrency industry has fallen to levels last seen in 2020, with $2.1 billion raised on 297 trades in the third quarter of 2023, Massari reported. As is often the case during bear markets, investors take a hard look at projects before investing and appear to be looking for tangible, real-world applications.

As part of October’s highlights, Nature Science discussed applications of blockchain technology, praising decentralized autonomous organizations (DAOs) for their ability to support underfunded scientific research. Cointelegraph’s Venture Capital (VC) report shows which projects raised capital in October.

Untangled Finance has completed a $13.5 million fundraising to bring private credit to the chain

London-based Untangled Finance has raised $13.5 million to accelerate efforts to provide institutional credit through a built-in on-chain liquidation mechanism. Fasanara Capital was the lead investor in the round. The platform’s protocol focuses on tokenizing real-world private credit assets, such as invoices and SME loans, into structured on-chain credit pools. These pools, in turn, facilitate the issuance of collateralized debt securities for both DeFi and TradeFi investors, Untangled noted in a statement. The protocol focuses on private credit markets, where it sees greater benefit for DeFi. Through these funds, Untangled plans to reach more than 130 certified asset builders from 60 countries.

Nocturne raises $6M seed round for private accounts on Ethereum

Nocturne, a protocol that enables private on-chain accounts, announced a $6 million seed funding round co-led by Bain Capital Crypto and Polychain Capital with participation from Vitalik Buterin and other members of the Ethereum community. Other investors include Bankless Ventures, HackVC, and Robot Ventures. The company plans to launch the service on the mainnet in the coming weeks, according to a statement. Nocturne offers a solution that combines hidden addresses, zero-knowledge proofs, and computation abstraction to enable private computations on public blockchains. The seed round will accelerate the production and deployment of the Nocturne Protocol across various ecosystems. Part of the round will also go to legal work as the team continues to adapt to changing regulatory requirements.

Account Labs secures $7.7 million in funding for UniPass Wallet

Web3 wallet provider Account Labs has announced it has raised $7.7 million from lead investors Amber Group, MixMarvel DAO Ventures, and Qiming Ventures, among other participants. The announcement coincides with the launch of the company’s first consumer-facing app, UniPass Wallet, on Polygon. According to Account Labs, its UniPass Wallet app leverages account abstraction to allow users to self-create and access a Web3 wallet using just a Google account and top up with any Mastercard or Visa card. Account Labs was formed from the merger of hardware wallet developer Keystone and software wallet developer UniPass in May 2023. The company hopes to meet the demand for stablecoin transactions in the Southeast Asia region.

Rymedi raises $9 million to expand blockchain-based healthcare infrastructure

Rymedi, a blockchain-based healthcare data exchange platform, announced a $9 million Series A round to expand its reach. The round was jointly led by RW3 Ventures and White Star Capital, with participation from Blockchange Ventures, Avalanche’s Blizzard Fund, and strategic angel investors from the healthcare industry. Rymedi claims to serve more than 1 million patients at more than 1,200 locations across the US, Africa and Australia. The funds will be used to increase data security and accessibility of patients’ healthcare records. “We are always looking for great teams using blockchain technology to solve real-world problems with the potential to address global markets,” Pete Najarian, managing partner of RW3 Ventures, said in a statement.

Waterfall secures $2 million in funding to launch the mainnet

Layer 1 protocol Waterfall Network has raised $2 million ahead of its mainnet launch, which is expected to take place during the first quarter of 2024. Infrastructure provider Bytrade Lab led the funding. Bytrade Lab has become a major investor and user of the Waterfall Network after a six-month trial of its technology infrastructure, according to a statement. The protocol is compatible with the Ethereum Virtual Machine (EVM) and uses a technology called Directed AcyclicGraph, or “DAG,” which allegedly allows for unlimited scalability. Waterfall is also collaborating with BlueWave to develop its own smart contract platform.

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