VC Monthly Report for Oct：Funding Number Down by 3%, Funding Amount Up by 28%, Featuring the Largest Acquisition in Crypto History with Stripe’s Purchase of Bridge

Author: WuBlockchain

According to RootData, there were 95 publicly announced Crypto VC investment projects in October, down 3% from September (98 projects) but up 16% year-over-year (82 projects in October 2023). Note: not all funding is announced in the month it is raised, so these figures may increase over time. Breakdown by sector is as follows:

CeFi: 6%

DeFi: 20%

NFT/GameFi: 14%

L1/L2: 15%

RWA/DePIN: 6%

Tool/Wallet: 4%

AI: 8%

October's total funding reached $780 million, a 28% increase from September ($610 million) and a 73% year-over-year increase from October 2023 ($450 million). Top 10 rounds include:

Stripe’s Acquisition of Bridge

Stripe acquired Bridge for $1.1 billion, marking its largest acquisition to date and the largest in crypto history.

Blockstream’s $210 Million Convertible Note Financing

Bitcoin sidechain Liquid developer Blockstream raised $210 million through convertible notes, led by Fulgur Ventures, to accelerate the adoption and development of its L2 technology.

Azra Games’ $42.7 Million Series A

Blockchain gaming developer Azra Games announced on Platform X that it raised $42.7 million in a Series A round led by Pantera Capital, with participation from a16z and NFX.

Yellow Card’s $33 Million Series C

African fintech firm Yellow Card secured $33 million in a Series C round led by Blockchain Capital. Yellow Card is Africa’s largest and first licensed stablecoin exchange platform.

Glow’s $30 Million Fundraising for Blockchain Solar Energy

Blockchain solar energy company Glow raised $30 million, led by Framework Ventures and Union Square Ventures. Glow operates distributed solar grids in the U.S. and India, aiming for 100% renewable energy using DePIN technology. The company uses a recursive subsidy model, channeling funds to near-break-even solar farms, whose generated electricity revenue is allocated to an incentive pool to support further solar projects.

Nillion’s $25 Million Privacy Blockchain Funding

Privacy-focused blockchain project Nillion raised $25 million, led by Hack VC, with support from Arbitrum, Worldcoin, and Sei. Nillion employs “blind computation” technology, enabling computations without revealing data content, meeting data storage needs for blockchain and AI projects.

Bitnomial’s $25 Million Cryptocurrency Derivatives Platform Funding

Cryptocurrency derivatives trading platform Bitnomial secured $25 million, led by Ripple Labs. Additionally, Bitnomial launched a perpetual futures trading platform in the U.S. called Botanical. CEO Luke Hoersten emphasized the platform’s goal to offer regulated, innovative trading experiences, with perpetual futures settled in Ripple’s RLUSD stablecoin.

Ellipsis Labs’ $21 Million Funding for Solana Ecosystem DEX Phoenix

The team behind Solana ecosystem DEX Phoenix, Ellipsis Labs, completed a $21 million funding round, including $20 million from Haun Ventures and $1 million from other investors, to accelerate the launch of Atlas, a Layer 2 blockchain focused on verifiable finance.

Ithaca Project Secures $20 Million Led by Paradigm’s CTO

Paradigm CTO Georgios Konstantopoulos announced the Ithaca Project, receiving $20 million from Paradigm. The project’s first step, Odyssey, is an open-source Layer 2 testnet built on Reth, OP Stack, and Conduit.

Bluesky’s $15 Million Series A for Decentralized Social Platform

Decentralized social platform Bluesky raised $15 million in a Series A round led by Blockchain Capital, with participation from SevenX, True Ventures, and Alumni Ventures.

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