NFT Weekend Read: Web3 Startups Raise Millions, Binance NFT Expends To Polygon, Coinbase Launches WaaS Solution
In the past week's NFT news, several Web3 startups raised millions in funding, including Proven, Cubist, and Kresus.
Must Read π°
What Makes Saudi Arabia and UAE Tech Innovation Hubs?
In this article, NFTgators takes a deep dive into what makes Saudi Arabia and the UAE such attractive destinations for tech innovators. The article looks at factors such as favorable government policies, access to capital, and a thriving startup ecosystem.
Yat Siu, co-founder and executive chairman of Animoca Brands commented: βThe MENA region has a young and dynamic population that is highly receptive to new technologies, thus we saw an opportunity for the many benefits of Web3, NFTs, and the open metaverse in this region. By partnering with local businesses such as Manga Productions we aim to lead the development of Web3 and the open metaverse in MENA.β
German Finance Regulator BaFin Says NFTs Are Not Securities
BaFin, the financial regulator in Germany, has stated that non-fungible tokens (NFTs) are not securities. The announcement provides more clarity around the regulatory status of NFTs in Germany.
Major Players π¨
Coinbase Launches Wallet-as-a-Service Solution to Help Companies Bridge Customers to Web3
Coinbase, one of the world's largest cryptocurrency exchanges, has launched a new Wallet-as-a-Service (WaaS) solution to help companies bridge their customers to the web3 ecosystem. The solution will allow companies to create their own branded wallets and offer NFT support.
Binance NFT Expands Chain Support to Polygon Network
Binance NFT, the NFT platform launched by the cryptocurrency exchange Binance, has expanded its chain support to include the Polygon network. The move will allow more NFT creators and buyers to participate in the Binance NFT marketplace.
On-Chain Data βοΈ
To date, over 71.7 BTC was paid in fees to the bitcoin network from 358K Ordinals Inscriptions, averaging 0.0002 BTC per Inscription.
7-day Telegram Usernames saw over $745K in volume from 1,671 trades, averaging $446 per username.
Major Fundraisers πΈ
Framework Ventures Leads Proven's $15.8M Seed Round for ZK Trust Layer
Proven, a company building a decentralized trust layer for the Web3 ecosystem, has raised $15.8 million in a seed funding round led by Framework Ventures. The funds will be used to further develop the company's zero-knowledge (ZK) trust layer.
Proven has already onboarded leading web3 companies, including Coinlist, Bitso, TrueUSD, and M11 Credit, among others.
Web3 Security Startup Cubist Ramps Up Dev Toolkit with $7M Seed Round
Cubist, a startup focused on web3 security, has raised $7 million in a seed funding round to further develop its developer toolkit. The round was led by Polychain Capital with participation from dao5, Amplify Partners, Polygon, Blizzard, and Axelar among others.
With its SDK, users can write cross-chain dApps as if they run on a single chain, and switch chains or bridge providers with a single line of code.
Redemption Games Raises $7M as an Independent Studio After AppLovin Spinoff
Redemption Games, an independent game studio that was spun off from AppLovin in 2021, has raised $7 million in a funding round led by Makers Fund. The studio plans to use the funds to develop more NFT-enabled games.
Web3 Superapp Kresus Secures $25M Series A Round Led by Liberty City Ventures
Kresus, a web3 superapp that aims to bring together decentralized finance (DeFi) and non-fungible tokens (NFTs), has raised $25 million in a series A funding round led by Liberty City Ventures.
Kresus is trying to accelerate the process of onboarding consumers to the blockchain by targeting multiple industries including airline, travel and hospitality.
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