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CGV Research Vane | Weekly report on global crypto market investment and funding developments

Despite the modest gains in the crypto market, the current market sentiment is still very fragile, and from this week’s primary market pitch data (7 projects in total), primary market pitches for DeFi (2) projects are starting to pick up, while pitches for Web3 infrastructure (2) and NFT (3) projects are still the focus of pitches. The following is a summary of the global crypto market’s noteworthy investment and funding information for July 18 — July 24, 2022.


1. Sunscreen | Seed round funding of $4.65 million|Led by Polychain Capital

On July 18, Sunscreen, which specializes in web3 privacy, announced the closing of a $4.65 million seed round led by Polychain Capital, with participation from angel investors including Northzone, Coinbase Ventures, dao5 and Naval Ravikan, and Entropy founder Tux Pacific.

2. Hashflow | Series A financing of $25 million|Coinbase Ventures and others participated On July 21, decentralized trading platform Hashflow announced the closing of a $25 million Series A round of funding at a post-investment valuation of $400 million from Electric Capital, Dragonfly Capital Partners, LedgerPrime, Balaji Srinivasan, Jump Crypto, Wintermute Trading, GSR, Kronos Research, Altonomy, Coinbase Ventures, Kraken Ventures, Fabric Ventures, Evernew Capital, Spacewhale Capital, etc.


3. Cardinal | Seed round funding of $4.4 million|Led by Solana Ventures On July 23rd, Cardinal, a Solana-based infrastructure protocol that aims to improve the utility of non-fungible tokens (NFTs), announced the closing of a $4.4 million seed round led by Protagonist and Solana Ventures, with participation from Animoca Brands, Alameda Research, Delphi Digital and CMS Holdings.

4. Optic | Seed round funding of $11 million|Led by Pantera Capital On July 20, Optic, an NFT smart authentication company, closed an $11 million seed funding round co-led by Pantera Capital and Kleiner Perkins, with participation from Greylock Partners, Lattice Capital, OpenSea, Circle, Polygon, CoinDCX, Neon DAO, and Flamingo DAO. CoinDCX, Neon DAO, and Flamingo DAO. The funding will be used to build core AI infrastructure, among other things.

5. Zharta | Seed round funding of $4 million|Led by Greenfield One On July 20, Zharta, creator of a lending protocol for instant NFT collateralized loans, closed a $4 million seed round led by Greenfield One with participation from Shilling Capital, Possible Ventures and others.


6. XLD Finance | Pre-A round of funding of $13 million|Led by Dragonfly Capital On July 19, XLD Finance, a DeFi service company, announced the closing of a $13 million Pre-A round of financing led by Dragonfly Capital and Infinity Ventures Crypto, with funding from Advance AI, Circle, Digital Currency Group, IDG Capital, Insignia Venture Partners, Integra Partners, Morningstar Ventures, Openspace Ventures, Sfermion, Shima Capital, Transcend Fund TrustToken, UOB Venture Management, Woo Network, Yield Guild Games, YOLO Ventures, Emfarsis, and others. The funds from this round will be used to scale its product and engineering teams, as well as expand its network of authorized partner financial institutions, merchants and billing.

7. Bluejay Finance | Raised $2.9 million|C2 Ventures and others participated On July 20, Bluejay Finance, a decentralized Stablecoin protocol, announced a $2.9 million funding round with participation from C2 Ventures, Zee Prime Capital, Stake Capital Group, Daedalus Angels, RNR Capital and other DeFi projects such as Voltz and Flux.

Cryptogram Venture (CGV) is a Japan-based research and investment institution engaged in crypto. With the business philosophy of “research-driven investment”, it has participated in early investments in FTX, Republic, CasperLabs, AlchemyPay, Graph, Bitkeep, Pocket, and Powerpool, as well as the Japanese government-regulated yen stablecoin JPYW, etc. Meanwhile, CGV FoF is the limited partner of Huobi venture, Rocktree capital, Kirin fund, etc. Currently, CGV has branches in Singapore, Canada, and China.


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