The sharp increase in global interest rates may have limited investors’ appetite for crypto ventures, but new projects are still flourishing and attracting capital to speed up growth. Data from the Cointelegraph Research Venture Capital Database shows June closed out with a 29.73% decrease in venture capital investments, with just $779.32 million secured in 62 deals, compared to June 2022. However, the overall trend for the year shows a rise in venture capital deals. Cointelegraph’s VC roundup highlights the latest projects striving in this complex and competitive environment.
Orbital raises $6.4M to expand enterprise blockchain services
Enterprise crypto platform Orbital raised $6.4 million (5 million euros) in a funding round led by venture firm Golden Record Ventures. Additional investors included New Form Capital, GSRV and Luminous Futures. The funding will be used to expand Orbital’s product development — specifically, blockchain payment infrastructure for traditional businesses. The company allows traditional businesses to accept crypto payments from its customers and convert them into fiat currencies like the U.S. dollar, euro and British pound. The company claims to process $250 million in transactions every month for its clients.
DeFi protocol unshETH raises $3.3 million in seed round
The project unshETH, a decentralized finance protocol targeting Ethereum staking solutions, closed a $3.3 million seed round in August. The funds were backed by Soma Capital and ICONIQ Capital, along with several other investors, including Fan Zhang, co-founder of Sequoia Capital China. The unshETH protocol encourages competition among Ether (ETH) liquid staking protocols to promote the decentralization of validators. Its omnichain token reportedly supports transfers across different blockchains, including Ethereum, BNB Chain and Arbitrum. The funds will be used to support the development of liquid staking-related features.
GM unshETHians! Read about our seed round and latest roadmap updates here:https://t.co/o2ow91OKMA
— unshETH (@unsheth_xyz) August 22, 2023
Web3 creator ZTX attracts $13M in funding