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Venture Capitalists Revive Funding in Cryptocurrency and Web3 Projects

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Muhammad Jawad
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Venture Capitalists Revive Funding in Cryptocurrency and Web3 Projects

In an apparent resurgence of confidence, venture capitalists have significantly increased funding in cryptocurrency and Web3 projects throughout November. Multiple established initiatives and early-stage companies have reaped the benefits of this renewed interest, with cross-chain protocol Wormhole securing a $225 million investment round at a $2.5 billion valuation from a consortium of notable investors.

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Startups Secure Significant Funding

Marking its position on the global map, Rokid, a startup focusing on next-generation virtual reality hardware solutions, raised $112 million at a $1 billion valuation for international expansion. Meanwhile, early-stage cryptocurrency companies also witnessed an influx of smaller investments. BITKRAFT Ventures made significant strides by supporting creative economy platforms and gaming studios.

Expansion in the Music and Gaming Industries

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Baton, a collaboration platform for the music industry, closed a $4.2 million funding round, aiming to expand its team and accelerate product development. The platform seeks to address key industry problems by curating content and fostering fair compensation for creators. In the gaming sector, Bazooka Tango, a game studio, secured $5 million to accelerate the development of its collectible tactics game, Shardbound.

Seed Funding for Web3 and Blockchain Protocols

Saga, a blockchain protocol, raised $5 million in a seed extension round to expand its team and forge strategic partnerships. The protocol has a mainnet launch planned for early 2024. Authentick, a platform offering wallet-less collectible purchases, announced a $4 million seed funding for development and partnerships. Furthermore, Intract, a Web3 exploration platform, obtained $3 million in seed financing to provide community engagement solutions, partnering with notable entities like Binance and Polygon.

As venture capitalists continue to show interest in cryptocurrency and Web3 projects, the future of these initiatives seems to be on a promising trajectory. However, potential investors are reminded that crypto investments are not regulated and may not be suitable for retail investors. All the information and opinions in this article do not necessarily reflect the views of Cointelegraph.

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