DeFi To AI: Mega Moves
Venture capital funding in the crypto industry has shown signs of stagnation in recent months. Despite this challenging macro environment, Blockchain infrastructure remains the lead story in the crypto space. In June, several high-profile funding deals reflected this continued interest, with decentralized finance (DeFi), trading platforms, pre-seed growth funds and projects at the intersection of digital assets and artificial intelligence all securing capital.
CoreWeave Finalizes Core Scientific Acquisition For $9bn.
AI infrastructure provider CoreWeave has finalized its acquisition of Core Scientific, aiming to expand its data center capacity to support artificial intelligence and high-performance computing workloads.
The deal values Core Scientific at approximately $9 billion through an all-stock transaction. Under the terms of the agreement, existing Core Scientific shareholders will receive 0.1235 shares of newly issued CoreWeave Class A common stock for each CORZ share they hold,
CORZ shareholders will receive a premium of approximately 66% over the closing price of $12.30 per share on June 25.
At the time of its acquisition, Core Scientific was the 33rd largest corporate Bitcoin holder, with 977 BTC on its balance sheet, according to industry data.
The Open Platform Becomes First TON Unicorn Following $28.5mn Raise.
The Open Platform (TOP), a provider of tools for developers in Telegram’s crypto infrastructure, said it raised $28.5 million in an extended Series A round led by Ribbit Capital, with participation from Pantera Capital.
The raise brings The Open Platform’s valuation to $1 billion, making it the first unicorn in The Open Network ecosystem, the company said.
TOP plans to use the capital injection to expand across the U.S., Europe and other markets, investing in compliance, security and go-to-market strategies, it said.
Amber International Raises $25.5mn To Expand $100mn Crypto Reserve Strategy.
Amber International Holding, a crypto trading firm Amber Group subsidiary, said it raised $25.5 million in a private placement to expand its $100 million Crypto Ecosystem Reserve, a fund designed to support strategic growth across blockchain networks.
The raise was priced at $10.45 per share, which is a 5% discount to the company’s three-day volume-weighted average trading price and drew participation from Pantera Capital, CMAG Funds, Kingkey Financial International, and others.
The firm said it is using the reserve to align itself with developers and protocols operating on these networks, offering them capital, liquidity, and potentially product support.
Crypto VC Paradigm Leads $11.6mn Round For Kuru Labs’ DeFi Liquidity Engine.
Kuru Labs, a decentralized finance startup built on the Monad blockchain, has closed an $11.6 million Series A funding round led by crypto-focused investment firm Paradigm.
The raise will help create a central-limit orderbook (CLOB) combined with automated market-making capabilities for Monad, a super-fast version of Ethereum, which was also backed by Paradigm in a $225 million raise last year.
The CLOBs are trading systems that match traders’ buy and sell orders based on time and price priority. The orders are sent at a pre-defined price and would only get executed if the price limit is matched.
Also participating in the Kuru Labs raise was a slew of angel investors, including Viktor Bunin (Credibly Neutral), Zagabond, Tristan Yver, Alex Watts, Jordan Hagan, 3nes, Will Price, Shreyas Hariharan, Auri, and Joe Takayama, among others.
Olaxbt Secures $3.38mn Seed Funding Led by Amber Group.
Olaxbt, an AI-driven cryptocurrency trading platform, announced the completion of a $3.38 million seed financing round, led by Amber Group.
Other participants include DWF Ventures and Mindfulness Capital.
The funding aims to enhance Olaxbt’s proprietary MCP technology, promising users a more efficient trading experience.
Amber Group’s past involvement in thriving projects like Starkware fuels optimism regarding Olaxbt’s potential success. Observers expect that increased AI integration will foster market advancements.
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