Blockchain Investment Trends Amid Market Downturn
Even in the slow crypto market, blockchain companies are still attracting investments. For instance, Blockaid, a partner of MetaMask, managed to secure $33 million in October. Yet, overall, money flowing into the crypto world has dipped to the low levels of 2020. A report by Messari shows that there were 297 deals in the third quarter of 2023, gathering a total of $2.1 billion in crypto market funding. Investors are becoming pickier, looking for projects that have actual, practical uses.
Critical Investments and Ethereum Privacy Developments
In October’s investment spotlight, the Nature Science Journal praised blockchain for supporting underfunded science through decentralized organizations. Also, during this month, many projects received new investments, as detailed by Cointelegraph’s venture capital roundup.
Untangled Finance, a fintech firm from London, collected $13.5 million to work on transferring private credit to the blockchain. They are creating a way to turn real-life personal credit into digital tokens, like invoices and small business loans. These tokens then make it possible to offer secured debt notes to investors. Untangled Finance is eyeing the private credit market for decentralized Finance (DeFi) applications. They plan to reach over 130 asset creators in 60 countries with the new funds.
Nocturne has shared news of a $6 million investment to develop private accounts on the Ethereum blockchain, enhancing Ethereum privacy. Big names like Bain Capital Crypto, Polychain Capital, and Ethereum’s Vitalik Buterin pitched in. Using advanced technology like zero-knowledge proofs, they’re building a tool that hides users’ identities. This money will help them finish and release their technology and cover legal costs as they navigate the changing rules.
Account Labs got $7.7 million for their new Web3 wallet app, UniPass Wallet. Launched on Polygon, this app is user-friendly, allowing sign-ups with just a Google account and top-ups via regular bank cards. They emerged from a merger and aim to fulfill the demand for stablecoin transactions in Southeast Asia.
Rymedi, a healthcare-focused blockchain platform, announced a $9 million investment to grow its system. Their goal is to make patient data more secure and easily accessible. They have already reached over a million patients and are looking to grow further with this funding.
Lastly, Waterfall Network, a new blockchain system, has received $2 million as it prepares for its official start in early 2024. Their technology promises great scalability and has already caught the interest of a significant infrastructure provider, Bytrade Lab.
Each of these investments shows that despite the current market conditions, blockchain remains a promising area for innovation and development, especially in areas like private credit tokenization and improving privacy on platforms like Ethereum.
