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In the past few years, several crypto based firms have raised big amounts in multiple funding rounds.
Merkle Manufactory, a software developer for the decentralized social network, founded by two former employees of Coinbase Global Inc., is on the verge of completing a funding. The company presently has a valuation of $1 Billion.
The former vice president of Coinbase and co-founder of Merkle, Dan Romero, in an ‘X’ post, stated that the firm is seeking funding. However, the amount of funding remains undisclosed.
The valuation of the company was questioned by Bloomberg; Dan did not comment on Bloomberg’s assessment.
Dan wrote on Warpcast, the Farcaster application developed by the Merkle “Wanted to let everyone know that Merkle Manufactory is closing a new round of financing,” he added “Will share more details soon.”
Merkle Factory was founded in 2022 and it has two main products, the Farcaster protocol with a blockchain component and Warpcast, an application built on top of Farcaster.
The previous funding round of Merkle netted $30 Million, majorly led by a16z in July 2022.
“The fundamental premise for Farcaster is a protocol that no one individual, company, or country controls” in a podcast with a leading media outlet Dan said that these circumstances represent “the long-term equilibrium state for the global public square.”
Other News
Immunefi, a security and blockchain analysis firm, notes that the losses to Web3 hacks and scams slipped 23% in Q1 2024 compared to 2023. The report further details that the total amount lost in Q1 2024 is $336 Million; in Q1 2023, it was $437 Million.
From the entry losses, hacks particularly accounted for 96%, and scams and other activities accounted for 4%.
Arkansas’s legislators are currently debating the identification of some revisions to the state crypto mining sector following its enforcement.
Sen. Joshua Bryant, sponsor of Act 851, said, “What the bill was, was really kind of a preemption bill that says hey local control exists,” he added, “Once they’re up and operating, you can’t just back down and shut them down.”
TRM Labs, a blockchain analysis firm, released its report titled “The Illicit Crypto Economy” on March 27, 2024. The report discusses all aspects of crypto and illegal activities in 2023.
The published document highlights that “Tron Network accounted for 45% of all illicit volume in 2023.” Primarily, the Tron was established by Justin Sun, who completed his education at Peking University and the University of Pennsylvania.
Major Crypto Funding in Q1 2024
EigenLayer raised $100 Million in its series B funding, HashKey Group raised $100 Million in series A funding and Optimism $89 Million. Root Protocol raised $2.5 Million at a valuation of $100 Million, Ultiverse raised $4 Million at a valuation of $150 Million.
OKX Ventures has participated in 56 funding rounds in the past 52 weeks, HashKey Capital funded 50 crypto projects and Animoca Brands funded 42 projects. Coinbase Ventures leads the list as it has the highest 370 investment in different crypto based firms.
Animoca Brands, NGC Venture, LD Capital, HashKey Capital and Shima Capital are some major venture capital. Around 448 funding rounds occurred in Q1 2024
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
