Bridge Chest Raises $58 Million, Edge Matrix Chain Raises $20 Million

Venture capitalists are investing more money in fewer deals.

This is what the latest VC says report According to GlobalData, a London-based analytics firm, the trend is particularly evident in the United States, where total venture capital funding raised by startups improved by 2.4% year-on-year between January and July. However, venture capital deal volume declined by 41%.

Still, the United States “continues to lead the global venture capital landscape by a significant gap” relative to its peers (i.e., China and Europe), leading in both deal quantity and funding value, driven by an increase in deals exceeding $100 million.

Venture capital rounds in the cryptocurrency sector rarely reach that level. Exceptions this year include Berachain, the bear-themed blockchain platform, which secured $100 million in funding, and Farcaster, a decentralized social protocol, which raised $150 million in a Series A round.

Still, crypto startups continue to attract the love of many investors, and last week was no different. According to cryptocurrency fundraising tracker, crypto-fundraising.info/deal-flow/?start_date=2024-08-25&end_date=2024-08-31″ data-type=”link” data-id=”https://crypto-fundraising.info/deal-flow/?start_date=2024-08-25&end_date=2024-08-31″ target=”_blank” rel=””>Cryptocurrency FundraisingMore than $141 million was raised between August 25 and 31.

Below we analyze some of the most notable ones (not including funding rounds with undisclosed amounts).

Bridge, 58 million dollars

• Bridge, a global stablecoin payments network, has raised $58 million in funding so far, including $40 million in new capital.
• Sequoia, Ribbit and Index are among its sponsors, according to crypto/2024/08/29/bridge-stablecoins-sequoia-ribbit-index-haun-58-million/” data-type=”link” data-id=”https://fortune.com/crypto/2024/08/29/bridge-stablecoins-sequoia-ribbit-index-haun-58-million/” target=”_blank” rel=””>to Fortune, which made the story known.
• The startup, co-founded by former Square and Coinbase executives Zach Abrams and Sean Yu, now counts Coinbase among its customers (the other is SpaceX).

Edge Matrix Chain, $20 million

• Edge Matrix Chain, which specializes in multi-chain ai infrastructure, raised $20 million in a round led by Amber Group and Polygon Venture.
• One Comma, Kapley Judge and Associated Corporations, Cyberrock Venture Fund, Candaq Fintech Group and Hameem Raees Chowdhury also joined the effort.
• Edge Matrix hopes to funnel the funds onto a layer-1 blockchain and ultimately introduce a new DeFi asset class backed by tokenized real-world GPU resources.

Space and Time, $20 million

• Space and Time, or SxT, raised $20 million in a Series A round that included Cypher Capital, Framework Ventures, Lightspeed Faction, Arrington Capital and Hivemind Capital.
• The startup, which offers index data for the bitcoin (btc), ethereum (eth) and Polygon (MATIC) ecosystems, increase $50 million in total.
• Other backers include Microsoft's M12 Ventures, DCG, F-Prime Capital, OKX Ventures, Circle Ventures and Alumni Ventures. crypto/2024/08/27/exclusive-microsoft-space-and-time-framework-lightspeed-arrington-ai–crypto/” data-type=”link” data-id=”https://fortune.com/crypto/2024/08/27/exclusive-microsoft-space-and-time-framework-lightspeed-arrington-ai–crypto/” target=”_blank” rel=””>Fortune reported.

Solayer, $12 million

• Solayer Labs has raised $12 million in seed funding. Polychain Capital led the round, with Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE and Maelstrom also participating.
• The startup is developing a Solana (SOL) resttaking protocol.

Galaxy Gameplay, $11.17 million

• Gameplay Galaxy, a web3 game studio, raised $11.17 million in a seed round.
• Blockchain Capital and Merit Circle jointly led the round, with several anonymous investors also participating.

Myco io, $10 million

• UAE-based Web3 streaming platform Myco, finished the first closing of its Series A funding round, which included a sum of 10 million dollars.
• Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners and Enjinstarter joined the campaign along with 88 accredited investors through Republic.com.

Double Jump Tokyo, $10 million

• SBI Investment led a $10 million Series D funding round for Japanese web3 game maker Double Jump.Tokyo, a blockchain game and infrastructure developer.
• Sony Group, Taisu Ventures, Gate Ventures, TM Capital and Bing Ventures also participated.

Additional funding rounds < $10 million

• Red Quai, $5 million
• OneBalance, $5 million
• Chained, $4.6 million
• SnakeLite, $4 million
• Nectar ai, $3.9 million
• Level Protocol, $3.6 million
• Echelon Market, $3.5 million
• Time Fun, $3 million
• Verofax, 3 million dollars
• Borrowed, $2.25 million
• Legion, $2 million
• Origami Finance, $1.5 million

For last week's edition of our “crypto VC Roundup,” crypto.news/crypto-vc-roundup-story-protocol-sorella-bsx-exchange/” data-type=”link” data-id=”https://crypto.news/crypto-vc-roundup-story-protocol-sorella-bsx-exchange/”>Click here.