Cryptoday 12.08 | Index Coop, a cryptocurrency index protocol, raised $2.25 million in funding led by Sequoia Capital India and others
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Cryptoday 12.08 | Index Coop, a cryptocurrency index protocol, raised $2.25 million in funding led by Sequoia Capital India and others
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Funding Updates
Index Coop raises $2.25 million for crypto index protocol, led by Sequoia Capital India
On December 8, Index Coop, a cryptocurrency index protocol, announced it has raised $2.25 million in funding co-led by Sequoia Capital India, Blockchain Ventures, and White Star Capital. This brings the total funding raised by Index Coop to $10 million. Simon Judd, Head of Business Development at Index Coop, said that while the Index Coop DAO has over 6,000 members on its Discord server, the core team responsible for day-to-day operations (paid by the DAO) consists of around 100 people. The new funds will be used to expand its full-time team and ensure financial stability of the protocol. Earlier, Index Coop had raised $7.75 million in a round led by Galaxy Digital and 1kx, with participation from 1confirmation, LD Capital, Defiance Capital, Assembly Capital, Wintermute, Laconia Ventures, and former wealth management executive Phil DiIorio.
Payment firm Tipalti secures $270 million in Series F at $8.3 billion valuation, led by G Squared
On December 8, payment company Tipalti announced it has closed a $270 million Series F round at an $8.3 billion valuation, led by G Squared. Existing investors Zeev Ventures and Durable Capital Partners participated, along with new investors Marshall Wace and Morgan Stanley’s Counterpoint Global Fund. The company stated the new valuation places it among the top 15 most valuable private fintech firms globally. The capital will support the launch of virtual and physical card products and integrations with expense tech platforms like Expensify and Zenworks. Recently, Tipalti acquired cloud procurement solution provider Approve.com, though terms were not disclosed. Chen Amit, co-founder and CEO of Tipalti, said: “We’re not rushing to go public, but we know it’s getting close. We’re looking for crossover investors who like investing pre-IPO, then during IPO, and continue post-IPO to ensure a smooth transition from public to private.”
Solana-based DeFi derivatives exchange Zeta Markets raises $8.5 million, led by Jump Capital
On December 8, Zeta Markets, a Solana-based DeFi futures and options trading platform, announced the completion of an $8.5 million strategic funding round led by Jump Capital. The financing was conducted via a private token sale, with additional participation from Race Capital, Electric Capital, DACM, Airtree Ventures, Amber Group, Wintermute, Sino Global Capital, Genesis Block Ventures, QCP Capital, Alameda Research, Solana Capital, MGNR, 3kVC, Orthogonal Trading, LedgerPrime, and SkyVision Capital. The new capital will accelerate Zeta Markets’ development and business growth, launch community rewards to encourage composable project collaborations and integrations, and onboard key strategic and market-making partners.
DeFi platform JellyFi raises $4.4 million seed round, led by Lemniscap
On December 8, DeFi platform JellyFi announced a $4.4 million seed funding round led by Lemniscap. Participants include ParaFi Capital, Tioga Capital, White Star Capital, DeFiance Capital, True Ventures, Divergence Ventures, AngelDAO, Digital Currency Group, GenesisTrading, and several angel investors. The funds will support R&D and hiring key personnel to scale JellyFi ahead of its planned launch around February next year, including multiple audits prior to launch. JellyFi operates as a credit line marketplace offering undercollateralized crypto loans, matching borrowers and lenders based on competitively priced rates discovered through the market.
DeFi
New Order DAO, a permissionless incubator for DeFi protocols, launches fundraising on SushiSwap
On December 8, NewOrderDAO, a permissionless incubator for DeFi protocols, announced it will launch fundraising on SushiSwap’s IDO platform at 8:30 AM EST on December 9. The token sale will use a Dutch auction model, issuing a total of 24,000,000 NEWO tokens with a floor price of 0.075 USDC. The governance token will enable community-driven referendums on key protocol upgrades. NewOrder DAO recently partnered with Outlier Ventures to jointly incubate 30–40 new DeFi protocols over the next two years. Starting in Q1 2022, the NewOrderDAO team will expand to new EVM-compatible blockchains including Avalanche, Polygon, NEAR Protocol, Arbitrum, and Moonbeam. In Q2, integration with smart contract platforms Solana, Terra, and Algorand is planned.
NFT/GameFi
Axie updates breeding costs: SLP cost triples, AXS cost reduced to 0.5
On December 8, Axie Infinity announced changes to the in-game Axie breeding economy, increasing the SLP cost to three times the current amount while reducing the AXS cost to 0.5. Axie Infinity stated that recent imbalances stemmed largely from the high AXS portion of breeding fees. The team believes the adjustments will better balance SLP burning, Axie supply growth, and incentives for breeders and players.
Panksy.eth wins Redwood Capital's 2005 YouTube investment memo NFT for 200 ETH
On December 8, NFT collector Panksy.eth tweeted that they won the NFT of Sequoia Capital’s 2005 YouTube seed investment memo for 200 ETH. On December 3, Sequoia Capital announced an experiment: auctioning off its 2005 YouTube investment memo as an NFT. The auction ran until December 7, with proceeds directed to 0xPARC’s public ecosystem fund (a research initiative for cryptographic applications on Ethereum). The winner receives full ownership rights.
Other
Injective Bridge now supports cross-chain assets from Terra ecosystem via IBC protocol
According to official announcement, Injective Bridge now supports integration with Terra Station wallet. Anyone can transfer Luna and UST to Injective Chain via Injective Bridge at a cost below $0.40.
xDai-Gnosis merger proposal approved: STAKE tokens to be swapped for GNO
On December 8, Ethereum scaling solution xDai announced that the merger proposal with Gnosis has passed. The process to swap STAKE tokens for GNO tokens will now begin, and xDai Chain will be renamed Gnosis Chain.
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