Crypto Startups Soar as Blockchain Ventures Raise $90 Million in Funding

Updated: 12 July 2023

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In a bustling week for the crypto industry, a total of $90 million in funding was raised by various blockchain startups, propelling them further toward their goals.

Blockchain Ventures Garner $90 Million in Funding as Crypto Startups Flourish

Among the top performers, web3 gaming studio Mythical Games emerged as the frontrunner, securing an impressive $37 million in the Series C1 fundraise.

Spearheaded by digital asset manager Scytale Digital, the funding round also saw participation from prominent investors, including ARK Invest led by Cathie Wood, Animoca Brands, MoonPay, and renowned venture capital firm Andreessen Horowitz, along with several existing investors.

The infusion of $37 million not only cements Mythical Games’ status as a unicorn in the industry but also positions them favourably to achieve profitability within the next 12 months. In an official press release, the company expressed optimism about leveraging this funding to advance its strategic vision.

We're proud to announce we've secured $37M in this first part of our Series C extension with the support of investors like Scytale Digital, ARK Invest, a16z, and Animoca Brands! https://t.co/8qcnP4GNGT

— Mythical Games (@playmythical) June 27, 2023

Mythical Games, renowned for its mobile game NFL Rivals and open-world multiplayer sensation Blankos Block Party, is currently developing its next highly anticipated title, Nitro Nation World Tour. This upcoming mobile racing game will introduce the concept of NFT cars to the gaming world.

CEO John Linden of Mythical Games emphasized the company’s ambitious objectives in light of their latest capital infusion.

He stated, “With over a million mobile downloads of NFL Rivals since launch last month and averaging over $1 million in daily transactions via the Mythical Chain, we are focused on getting the company to profitability and are seeing our vision realized and our strategy paying off,” Linden said in a statement.

While Mythical Games celebrates its successful funding, the cryptocurrency market also witnessed the emergence of a new centralized exchange, One Trading, which was formally split from Bitpanda.

Following a Series A funding round that garnered approximately $33 million, spearheaded by Peter Thiel’s Valar Ventures, One Trading broke away from Bitpanda and rebranded to embark on an independent journey.

In a statement, Bitpanda expressed support for One Trading’s pursuit of innovation and growth, while retaining a minority stake in the newly established exchange.

In a tweet, One Trading announced its gradual reopening, showcasing a list of initial trading pairs that would be available to users. The company remains under the leadership of CEO Joshua Barraclough, a former JPMorgan executive who joined Bitpanda in 2021.

Other Fundraises In Crypto Space

In addition to the aforementioned developments, other blockchain startups also made notable strides. Pixion Games secured $5.5 million in funding, enabling the invention of a more accessible approach to on-chain assets in gaming.

Notable backers include Avalanche Foundation’s Blizzard Fund, Shima Capital, Eldridge, Merit Circle, ReadyPlayerDAO, VGC, Zee Prime, Mechanism Capital, GSR, and Misfits Gaming.

The funds will fuel the development of Fableborne, Pixion Games’ flagship game—a strategic action RPG where players build bases, raid opponents, and collect on-chain in-game assets. The immersive world offers asynchronous PvP battles and challenging boss encounters.

Metablaze, another game developer, locked down $4 million to prepare for its highly anticipated launch scheduled for September 15. Web3 infrastructure developer Startale Labs solidified its position in the industry by receiving $3.5 million in funding and forming a partnership with Sony Network Communications, a subsidiary of Sony.

Moreover, DeFi options startup Hook Protocol raised $3 million from various investors, including Collab+Currency and venture capital fund Lattice. Hack VC led the round, with participation from Circle Ventures, Digital Currency Group, Stratos, Lecca Ventures, MH Ventures, very early Ventures, Archblock, dao5, and Credix Finance.

AlloyX integrates credit protocols into a cohesive platform, and their RWA vault combines tokenized private credit investment with liquid U.S. T-bills. The product taps into the $530 million active loans on-chain in the private credit market, offering liquidity, yield, and diversification to investors like DAOs.

The funding will fuel platform development, focusing on expanding the blended investment vault. CEO Alexandre Liege emphasized the need for DeFi-like flexibility in real-world assets.

Meanwhile, DeFi protocol AlloyX garnered $2 million and introduced a groundbreaking liquid real-world asset (RWA) vault product, tapping into the burgeoning $537 million loan market.

These substantial funding rounds and strategic partnerships underscore the growing momentum and financial support behind blockchain ventures. As the crypto industry continues to evolve, these investments pave the way for further innovation and advancement, bolstering the prospects of a decentralized future.

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