In the midst of a bear market for the crypto industry, blockchain-based startups continue to secure venture capital funding, with a focus on projects demonstrating tangible real-world applications. The third quarter of 2023 saw an overall funding drop to levels last seen in 2020, totaling $2.1 billion across 297 deals, as reported by Messari.
Blockchain in the Scientific Realm
October’s highlights include a nod from the Nature Science Journal to the potential of decentralized autonomous organizations (DAOs) in supporting underfunded scientific research. Investors are scrutinizing projects more closely during this bear market, emphasizing the importance of real-world applications.
Untangled Finance: Bringing Private Credit On-Chain
London-based fintech Untangled Finance has secured $13.5 million in funding, led by Fasanara Capital, to accelerate its mission of bringing institutional-grade credit on-chain. The platform focuses on tokenizing real-world private credit assets, facilitating the issuance of collateralized debt notes to both DeFi and TradFi investors. The funds will enable Untangled to expand its reach across 60 countries, accessing more than 130 verified asset originators.
Nocturne: $6M Seed Round for On-Chain Private Accounts
Nocturne, a protocol enabling on-chain private accounts, announced a $6 million seed funding round co-led by Bain Capital Crypto and Polychain Capital. The platform combines stealth addresses, zero-knowledge proofs, and account abstraction to enable private accounts on public blockchains. With support from investors like Vitalik Buterin, Nocturne plans to launch on mainnet in the coming weeks.
Account Labs: $7.7M for UniPass Wallet App
Web3 wallet provider Account Labs has secured $7.7 million in funding, with lead investors including Amber Group and MixMarvel DAO Ventures. The funding coincides with the launch of UniPass Wallet, the company’s first consumer-facing app on Polygon. Leveraging account abstraction, users can create and access a self-custody Web3 wallet with just a Google account, addressing the demand for stablecoin transactions in Southeast Asia.
Rymedi: $9M Series A to Expand Healthcare Infrastructure
Blockchain-based healthcare data exchange platform Rymedi has raised $9 million in a Series A round co-led by RW3 Ventures and White Star Capital. With a focus on data security and healthcare record accessibility, Rymedi aims to expand its reach, serving over 1 million patients in 1,200 locations across the United States, Africa, and Australia.
Waterfall Network: $2M Funding for Mainnet Launch
Layer-1 protocol Waterfall Network has secured $2 million ahead of its mainnet launch in the first quarter of 2024. Bytrade Lab, the infrastructure provider, led the funding after a successful six-month trial of Waterfall Network’s tech. The protocol, Ethereum Virtual Machine (EVM) compatible, employs Directed Acyclic Graph (DAG) technology for unlimited scalability. Collaborating with BlueWave Corporation, Waterfall aims to develop its smart contract platform.
Despite the bear market challenges, these blockchain startups showcase the continued interest and investment in projects with innovative and practical applications across various industries.
