The week of June 2 to June 8 saw significant investments in the blockchain space, with 21 startups raising a combined total of $399.7 million from venture capital firms and angel investors.

According to data, five startups collectively raised over $108 million from series A rounds, while seven other startups secured $52.6 million from undisclosed rounds.

Crypto Fundraising Overview: June 2–8

In addition, three startups garnered $19 million from seed rounds, and one startup raised $10 million in a private round. Here are the most notable funding rounds:

Avail Secures $43 Million in Series A Funding

Avail, a data availability network, raised $43 million in a series A round led by Founders Fund, Dragonfly, and Cyber Fund. Other participants included SevenX, Figment, Nomad Capital, LocalGlobe, Altos Ventures, and Chapter One.

This round follows Avail’s previous $5 million pre-seed and $27 million seed rounds in March 2023, after its spin-off from Polygon. The funds will be used to develop its unification layer and fusion security layer, aimed at enhancing modular blockchain scaling and security.

M^0 Raises $35 Million in Series A Round

The decentralized stablecoin minting protocol M^0 raised $35 million in a series A round led by Bain Capital Crypto, a subsidiary of Bain Capital. Contributions also came from Galaxy Ventures, Wintermute Ventures, GSR, Caladan, and SCB 10X.

The funding, structured as equity plus tokens, will support M^0’s stablecoin ecosystem. To date, M^0 has raised a total of $57.5 million, including $22.5 million in seed money from Pantera Capital in April 2023.

The Sandbox Raises $20 Million

The Sandbox, a metaverse and web3 gaming company, secured $20 million from Kingsway Capital and Animoca Brands, boosting its valuation to $1 billion. The funding will enhance its creator economy, expand its decentralized mobile metaverse platform, and improve social features, avatar skills, and 3D editing tools.

Tether Invests $18.75 Million in XREX Group

Stablecoin issuer Tether announced an $18.75 million investment in XREX Group, a regulated blockchain financial institution. The investment aims to facilitate USDT-based cross-border payments in emerging markets and launch XAU1, a stablecoin pegged to Tether Gold (XAUt). This partnership aims to enhance financial inclusion in these markets.

Glacier Labs and Mint Blockchain Secure $13 Million Combined

Glacier Labs, a layer-2 rollup network, and Mint Blockchain, an Ethereum L2 network for the NFT industry, collectively raised $13 million. Glacier Labs received $8 million in seed funding from Foresight X, UOB Venture Management, Laser Digital, KuCoin Ventures, and others. Mint Blockchain raised $5 million from Jsquare, SNZ Capital, Antalpha Ventures, and more. The funds will support Glacier Network’s dapp infrastructure and Mint’s network expansion, which already supports over 80 applications and has 400,000 active users.

Everclear Raises $5 Million from Pantera Capital

Everclear, previously known as Connext, raised $5 million through an over-the-counter (OTC) deal with Pantera Capital. The funds will be used to develop Everclear’s “clearing layer,” aimed at solving liquidity fragmentation for modular blockchains.

Stashh Labs and Halo Wallet Raise $6.3 Million

Stashh Labs and Halo Wallet collectively raised $6.3 million. Stashh Labs secured over $3.3 million from investors like Animoca, 6th Man Ventures, Shima Capital, and Hashkey Capital to support the launch of Stashh 2.0. Halo Wallet raised $3 million from Cyberport, HashKey Capital, IDG Capital, and KuCoin Ventures to accelerate its social monetization mission. Both companies aim to improve their platforms with new features and expanded support for multiple blockchain ecosystems.

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