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Humanity Protocol achieves unicorn status, secures $30 million funding
Exciting developments in the world of crypto funding! Let’s dive into the latest seed rounds and pre-A funding that have been making waves in the industry.
Boost for Humanity Protocol with $30 million
Humanity Protocol, a revolutionary decentralized identity solution, has hit unicorn status with a valuation of $1 billion. This fantastic achievement follows a successful $30 million seed round led by Kingsway Capital.
Notable investors include Animoca Brands, Blockchain.com, Hashed, Shima Capital, and many other prominent names in the industry.
The funding will go towards expanding the team and developing new products ahead of the public testnet launch scheduled for the second half of 2024.
This funding round comes on the heels of strategic investments received by Humanity Protocol earlier to develop the essential “human layer” for web3.
The first step in achieving this vision was made possible by contributions from various VC funds and individuals, including Polygon founder Sandeep Nailwal and Animoca Brands co-founder Yat Siu.
Arch Labs Thrives with $7 million
New York-based Arch Labs recently secured $7 million in seed funding to enhance its innovative Bitcoin-native application platform. Leading the charge was Multicoin Capital, with additional support from OKX Ventures, Portal Ventures, Big Brain Holdings, CMS Holdings, and Tangent.
The funds will empower Arch Labs to bolster its team of core developers, launch the Arch Network mainnet in the latter half of 2024, and continue to build its app ecosystem.
Arch Labs is dedicated to creating a seamless trading experience directly on the Bitcoin (BTC) blockchain, featuring a Rust-based zkVM known as the ArchVM and a decentralized verifier network.
Uxuy Makes Waves with $7 million
Singapore-based Uxuy recently secured $7 million in pre-A funding to facilitate efficient and cost-effective asset transactions, including Lightning Network taproot assets, ordinals BRC-20, and Runes.
Investors in this round included Binance Labs, UTXO Management (Bitcoin Magazine), JDI Ventures, Bixin Ventures, SWC Global, and Matrix Partners.
Uxuy aims to revolutionize the trading experience across multiple blockchain networks and is supported by incubation from Binance Labs.
Arcium Secures $5.5 million
Arcium, a cutting-edge on-chain confidential computing project hailing from Bern, Switzerland, successfully locked in $5.5 million in funding.
The funding round, led by Greenfield Capital, also saw participation from Coinbase, Heartcore Capital, Longhash VC, L2 Iterative Ventures, and several angel investors.
Arcium is on a mission to develop a parallelized confidential computing network that utilizes multiparty computation execution environments (MXEs) for secure computation on encrypted data.
These funds will fuel further development efforts and support the upcoming private incentivized testnet and public testnet phases.
Gnosis Backs Zeal with $2 million Investment
Another exciting development is the strategic partnership between digital wallet creator Zeal and Gnosis, an Ethereum (ETH) sidechain. As part of this collaboration, Gnosis has invested $2 million in Zeal.
With Gnosis’ $2 million investment, Zeal’s total funding now stands at $9 million, following their previous successful $7 million seed round.
Zest Protocol Secures $3.5 million
A successful week for Bitcoin lending protocol Zest, as they raised $3.5 million to empower BTC holders to generate yields on-chain.
This round, led by billionaire investor Tim Draper, also saw participation from Binance Labs, Flow Traders, Trust Machines, and other key players in the industry.
Zest Protocol leverages the Nakamoto upgrade by Bitcoin layer-2 Stacks and the bridging asset sBTC to offer a fully native Bitcoin lending experience.
