Web3 Venture Capital Summary for July 2023: AI Project Zyber Raises $100 Million, DeFi and NFT Remain Hotspots
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Web3 Venture Capital Summary for July 2023: AI Project Zyber Raises $100 Million, DeFi and NFT Remain Hotspots
The largest deal was the $100 million raised by Zyber 365, an innovative operating system combining cybersecurity and quantum-proof technology, delivering sustainable and affordable solutions for the future.
Navigating Web3 tides with focused insightsWritten by: WAGMI Ventures
Compiled by: TechFlow
Summary:
In July 2023, Web3 companies secured 111 funding deals totaling $542 million. This marks an increase in the number of deals compared to June, while total funding remained relatively consistent month-over-month.
Top News in July:
1. Ripple vs SEC Summary
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A federal court ruled that Ripple’s XRP token does not constitute a security when sold to the general public, though it may have been considered a security in past sales to institutional customers.
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The SEC intends to file an “interlocutory appeal” challenging the ruling due to a significant legal disagreement, aiming to revisit the first half of the case.
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Ripple plans to oppose the SEC’s appeal, confident that the appellate court will uphold and possibly strengthen the judge’s decision.
2. Base: Coinbase Launches L2
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Coinbase's Base mainnet is now open to developers, with public launch scheduled for August (officially launched before August 9).
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Base is an Ethereum Layer 2 network leveraging Optimism’s OP Stack software, designed to enhance Ethereum’s scalability and functionality.
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The Base mainnet has seen significant growth during its early phase, achieving a Total Value Locked (TVL) exceeding $200 million—an increase of 70% compared to a week earlier.
3. PayPal Launches Stablecoin
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PayPal launched its U.S. dollar-pegged stablecoin, becoming the first major fintech company to accept digital currency for payments and transfers.
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Despite regulatory challenges and risks from high-profile company failures, this move reflects PayPal’s confidence in the cryptocurrency industry.
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Named PayPal USD, the stablecoin is backed by U.S. dollar deposits and short-term U.S. Treasury securities, and will be gradually rolled out to PayPal users in the U.S., enabling them to transact and use cryptocurrencies on the platform.
Funding in July 2023
Largest Cryptocurrency Deals in July 2023 (All Deals > $5 Million)
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In July, 26 deals raised $5 million or more.
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The largest deal was a $100 million raise by Zyber 365, a Web3 and AI-powered operating system combining cybersecurity and quantum-proof technology to deliver sustainable and affordable solutions for the future.
Breakdown by Sector:
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NFTs led the category with 25 deals raising a total of $242 million.
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DeFi-focused companies raised $88 million across 31 deals.
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Web3 companies building AI solutions completed 4 deals, raising a total of $19 million.
Most Active Venture Capital Firms in July
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Animoca Ventures led all VC firms with 4 investments.
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a16z, Binance Labs, Block Dojo, and Dpixel each completed 3 deals.
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A total of 6 venture capital firms made more than 2 investments in the Web3 space.
Startup Spotlight
AGII leverages advanced AI generative models such as OpenAI, GPT-4, GPT-3.5, GPT-3, Dall-E, Ada, Curie, and Davinci. AGII offers AI-powered generators for Web3, covering text, images, code, chatbots, speech-to-text, and VoiceOver functionalities.
The team is currently raising $15 million from undisclosed investors to bring the benefits of AI to Web3, enabling users to create engaging and impactful content in significantly less time.
The AGII project is open-source, with contributions from various community members.
AGII represents a significant advancement in AI-driven content generation within the Web3 ecosystem. With its diverse suite of AI generators, tools, performance optimization, flexible pricing plans, and advanced features, AGII empowers users to effortlessly create high-quality content. By harnessing AGII’s capabilities, businesses can unlock new opportunities, expand their reach, and deliver exceptional user experiences. AGII is poised to revolutionize how users interact with AI and shape the future of content creation in the Web3 era.
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