Cryptoday 12.06 | ParagonsDAO completes $25 million financing; BTT splits 1000x
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Cryptoday 12.06 | ParagonsDAO completes $25 million financing; BTT splits 1000x
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Funding Updates
DeFi Platform Earnity Raises $15M in Series A Round Led by BitNile, with Participation from NGC
On December 6, according to Businesswire, DeFi platform Earnity has raised $15 million in a Series A investment round led by BitNile, a subsidiary of diversified holding company Ault Global Holdings, Inc., with participation from Thorney and NGC Ventures. As part of the investment, Christopher K. Wu, Executive Vice President of Alternative Investments at Ault Global Holdings, Inc., will join Earnity’s board of directors. Additionally, Earnity and BitNile have agreed to form a joint venture to develop and co-promote a portfolio of NFTs and other DeFi products and protocols. Earnity was founded by Domenic Carosa, founder and chairman of fiat-to-crypto payment processor Banxa Holdings Inc. The platform raised over $20 million in 2021 and is expected to officially launch its beta platform in early Q1 2022.
Stacked, Crypto Passive Investment Platform, Raises $35M in Series A Led by Alameda Research and Mirana Ventures
Stacked, a crypto passive investment tools platform, has raised $35 million in a Series A funding round led by Alameda Research and Mirana Ventures—a partner of Bybit and BitDAO—with participation from Fidelity International Strategic Ventures, DRW Venture Capital, Alumni Ventures, and Jump Capital. Stacked plans to use the funds over the next six to eight months to double its team from 40 employees and invest in user acquisition, growth, and marketing. Stacked is a web platform offering passive investment tools for retail investors interested in crypto.
Gaming Community ParagonsDAO Raises $25M, Backed by Paradigm, Framework and Others
Gaming community ParagonsDAO has announced it has completed a $25 million fundraising round, with over 90 funds, DAOs, and angel investors participating, including venture capital firms such as Paradigm, Framework Ventures, Folius Ventures, CMS Holding, and angel investors including Defi Dad, Santiago R Santos (Synthetix advisor), Jordan Momtazi, and Eden Au (The Block). The new capital will support ecosystem development.
DeFi Platform Earnity Completes $15M Series A Investment Led by BitNile
On December 6, it was reported that DeFi platform Earnity has completed a $15 million Series A investment round led by BitNile, a subsidiary of diversified holding company Ault Global Holdings, Inc., with participation from Thorney and NGC Ventures. As part of the deal, Christopher K. Wu, Executive Vice President of Alternative Investments at Ault Global Holdings, Inc., will join Earnity’s board. Earnity and BitNile have also agreed to establish a joint venture to develop and jointly promote a portfolio of NFTs and other DeFi products and protocols. Earnity was founded by Domenic Carosa, founder and chairman of fiat-to-crypto payment processor Banxa Holdings Inc. The platform raised over $20 million in 2021 and is expected to officially launch its beta platform in early 2022.
DeFi
Solana-Based DeFi Derivatives Trading Platform Drift Protocol Launches on Mainnet
Drift Protocol, a Solana-based DeFi derivatives trading platform, has launched on mainnet and is now open to all traders. Users can trade perpetual swaps for SOL, BTC, and ETH on the Solana mainnet. Earlier reports indicated that Drift Protocol raised $3.8 million in seed funding led by Multicoin Capital, with participation from Jump Capital and Alameda Research.
Cardano Decentralized Exchange SundaeSwap to Release Public Testnet
SundaeSwap Labs tweeted that access to the SundaeSwap public testnet will be provided tonight, allowing everyone to experience SundaeSwap and see the work the team has done over recent months. Previously, SundaeSwap Labs, the DeFi platform development team within the Cardano ecosystem, announced a $1.3 million seed round led by cFund—a development fund established by IOHK, the Cardano development company, and digital asset management firm Wave Financial—with participation from Alameda Research and Double Peak Group. This funding will accelerate the development of additional features for the SundaeSwap DEX. SundaeSwap Labs' flagship product is SundaeSwap, an AMM-powered decentralized exchange on Cardano, with plans to build more DeFi platforms on Cardano in the future.
NFT/GameFi
Australian Singer Sia Furler to Launch NFT Collection in Collaboration with FTX
Australian singer Sia Furler will collaborate with FTX to launch an NFT collection on OpenSea. FTX founder Sam Bankman-Fried (SBF) revealed this partnership on Twitter. Sia hopes to share her NFT project with fans and allow them to vote on songs she creates as she enters the Web3 movement through the creation of a “Siaverse.” She finds this approach fun and a novel way of artistic expression. She held a launch event for her NFT project on December 4, performing a song she wrote that same morning.
Nayuki to Release Limited Edition “NAYUKI” NFT Art Blind Boxes
According to official announcements from Nayuki (Naixue Tea), the brand will celebrate its sixth anniversary with a series of events, including the release of original figurines of its official brand ambassador “NAYUKI” from December 7 to 9, and the limited release of 300 “NAYUKI” NFT art blind boxes on December 7.
Others
BitTorrent Chain Mainnet to Launch with BTT Token Split Plan
According to official announcements, the BitTorrent Chain mainnet is scheduled to officially launch on December 12, 2021, alongside the implementation of the BTT token split plan. While maintaining the total market value of BTT unchanged, the total supply will be adjusted from 990,000,000,000 to 990,000,000,000,000 tokens, resulting in a 1:1000 split ratio. The new token will be called BTT, while the old BTT token will be renamed BTTOLD. BitTorrent Chain is the first heterogeneous cross-chain interoperability scaling protocol, utilizing Proof-of-Stake (PoS) consensus mechanism and expanding smart contract capabilities via sidechains. It initially supports cross-chain functionality with Ethereum, TRON, and BSC, with plans to gradually add support for more public blockchains in the future.
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