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What are institutions in the crypto bear market still investing in? What layout to do?
According to rootdata data, in 2022, the fundraising amount of the encryption industry will be 26.77 billion US dollars, and the number of financing transactions will be 1528. In the first half of 2023, the fundraising amount of the encryption industry will drop significantly,** in the past six months , the global encryption market raised a total of 4.774 billion US dollars, with a total of 497 financings. Compared with 22 years, the amount of financing has dropped by 80%. **On the one hand, due to the impact of Luna and FTX thunderstorms, investment institutions have weakened their interest in crypto investment; on the other hand, it is also related to the deterioration of the market.
Most of the positions of various top investment institutions also have a 70% to 80% retracement. **In this article, let’s take a brief look at institutional investment trends in the first half of this year, and which tracks and projects they invested in. **
01****Market financing performance this year
1. For institutional financing:
According to rootdata data, as of the beginning of June 23, ’s investment in each track in a total of 3.66 billion US dollars of financing is as follows:
2. Others
On the other hand, the platform has raised a total of 210 million US dollars in financing for other investors as of June 10.
In the financing for other investors, GameFi and the blockchain service track accounted for the largest share. Financing is mainly concentrated on the four chains of Ethereum, Arbitrum, Polygon, and BNB.
02****Active investment institutions this year
Next, we use the number of times each institution invests in projects** as a standard to measure which investment institutions are still active this year and continue to be in a state of "spending money".
1. DWF Labs: 30 DWF Labs is a subsidiary of Digital Wave Finance. This year, it has attracted everyone's attention because of its frequent shots. It mainly provides support for Token listing, market making, and OTC trading solutions for investing in Web3 companies. Spot and derivatives transactions have been carried out on more than 40 top trading platforms, ranking among the top 5 global encrypted asset trading volumes. A total of 30 projects have been invested this year, involving more than 300 million US dollars (since some projects may have multiple institutional investments, and the financing amount of some projects has not been disclosed, so only part of it can be counted, the same below). **DWF Labs tends to invest in projects that have issued Tokens and launched on trading platforms, such as EOS, ACH, CFX, FET, etc. ** 2. Coinbase Ventures: 24 Coinbase Ventures is the investment arm of Coinbase dedicated to advancing outstanding entrepreneurs in the crypto/Web3 ecosystem and supporting Coinbase's mission to create more economic freedom for the world. This year, a total of 24 projects have been invested, involving funds close to 200 million US dollars. Coinbase Ventures' investment is biased towards underlying infrastructure, such as Ethereum re-pledging EigenLayer, cloud platform Chaos Labs, DEX Mauve that provides traditional financial compliance, etc. 3. HashKey Capital: 21 HashKey Capital is affiliated to HashKey Group, a Hong Kong digital asset group, headquartered in Hong Kong, China. HashKey Capital invests in the entire blockchain ecosystem, including underlying public chains, protocols, applications and encrypted financial providers. It provides investment and consulting to help startups targeting developers, enterprises and end users expand in Asia. A total of 21 projects have been invested this year, involving funds close to 130 million US dollars. HashKey Group invests in infrastructure, games, NFT and other tracks, such as cloud platform Chaos Labs, karate fighting alliance Karate Combat, infrastructure PolyHedra, cross-chain NFT platform Tabi, etc.
4.Shima Capital: 19pcs Shima Capital is a San Francisco-based venture capital firm focused on seeking early-stage crypto assets and blockchain startups, and providing them with financial and resource support.
A total of 19 projects have been invested this year, involving funds close to 100 million US dollars. **Shima Capital invests in infrastructure, NFT, entertainment games and other tracks, 6 of which are related to games. The relatively large investments include the public chain Berachain and Monad. 5. Polygon Ventures: 18 Polygon Ventures is committed to supporting forward-thinking teams in the Polygon ecosystem and the multi-chain ecosystem. Take a collaborative approach and support projects through Polygon's strengths in operations, technology, distribution and strategic partnerships. Polygon Ventures has invested in 18 projects this year, involving more than 80 million US dollars. Polygon Ventures investment tracks include infrastructure, entertainment games, and NFT fields, 10 of which are related to entertainment games. ** Larger investments include cloud platform Chaos Labs and Web3 game platform Intella X. 6. Balaji Srinivasan (individual investor): 18 Balaji S. Srinivasan is known as an angel investor with one person and one institution in the encryption field. Former CTO of Coinbase and General Partner of A16z, and early investor in many successful tech companies and crypto protocols including Alchemy, Ava Labs, Chainlink, Clubhouse, Dapper Labs, Ethereum, Instadapp, NEAR Protocol, Opensea, Solana and other familiar projects. Srinivasan is also the co-founder of Earn.com (acquired by Coinbase), Counsyl (acquired by Myriad), Teleport (acquired by Topia) and Coin Center. Balaji S. Srinivasan invested a total of 18 projects this year, involving funds close to 120 million US dollars. **Balaji S. Srinivasan’s investment is mainly in infrastructure. **Larger investments include cloud platform Chaos Labs, trust layer Proven based on zero-knowledge proof, decentralized social Lens Protocol, encrypted asset insurance company Evertas, etc. 7. Animoca Brands: 16 Animoca Brands is a Web3 gaming software company and venture capital firm. Known by everyone as The Sandbox, **Animoca Brands aims to provide digital property rights to gamers and Internet users around the world, thereby creating a new asset class, an economy that makes money through games, and a fairer digital framework for Contribute to building an open metaworld. ** Animoca Brands has invested in 16 projects this year, involving approximately US$110 million. **Animoca Brands investment tracks include infrastructure, NFT, and games. **Larger investments include NFT super application OP3N, encrypted payment gateway Transak, Web3 game platform Intella X, cross-chain NFT platform Tabi, etc. 8.NGC Ventures: 16 NGC Ventures is a venture capital firm focused on investing in blockchain and distributed ledger technologies. NGC Ventures has invested in 16 projects this year, involving a total of US$170 million. NGC Ventures invests in infrastructure and defi. Larger investments include LayerZero, a full-chain interoperability protocol, and PolyHedra, an infrastructure for Web3 interoperability. 9. Big Brain Holdings: 15 Big Brain Holdings is a crypto fund that invests in pre-seed, seed and early-stage projects. The fund believes in the future of crypto assets and invests in teams that are paving the way for that future. The team focuses on unique, innovative and blockchain-forward projects. Big Brain Holdings has invested in 15 projects this year, involving approximately US$60 million. **Big Brain Holdings investment competition covers infrastructure, DeFi, NFT, games and other fields. **The largest investment is Intella X, a Web3 game platform, and zkLink, a multi-chain L2 network focused on transactions.
03****This year's large financing project
**Next, let's take a look at the financing of more than 50 million US dollars this year. After all, this year's market, and so much money, means that the quality of the project itself will not be too bad. **However, the waters of investment institutions are still a little deep. The official announced how much money was invested, how to cash it out, and did they send money to the project party? It is difficult for retail investors to know the specific situation whether resource support and other means are used as payment. Just as a reference, the following will introduce one by one based on the amount of financing. Some projects have undergone multiple rounds of financing, and investment institutions only introduce the ones that invested this year.
1. Metaco: Acquired by Ripple for $250 million METACO is a Swiss crypto asset custody company. Metaco's business scope covers multi-national markets, and its customers include global custodians, large banks, financial institutions, and other enterprises. Its core encrypted asset custody product "Harmonize" can help investors manage the entire DeFi ecosystem, from custody to transactions. , Tokenization to pledge, and smart contract management are all within the scope. The platform seamlessly connects institutions with the new world of DeFi. The acquisition will allow Ripple to expand its offerings by integrating the technology into the custody, issuance and settlement of tokenized assets. 2.Blockstream: $125 million in debt financing Investment institutions: Kingsway Capital, Fulgur Ventu. Blockstream is an established Bitcoin and blockchain infrastructure development company established in 2014. Its core is to develop new infrastructure for the traditional financial system, and its key development revolves around the development of Bitcoin sidechains and other blockchain-related applications. It has launched many products such as Bitcoin sidechain Liquid, Bitcoin wallet Blockstream Green, encrypted transaction data products, and Bitcoin block production custody services. Blockstream will use the new funding to expand its mining facilities to meet strong demand for its institutional custody services. 3.LayerZero: US$120 million in Series B financing, with a valuation of US$3 billion Investors: a16z, Sequoia Capital, Christie's, Circle Ventures, etc. Released in 2021, LayerZero is a full-chain interoperability protocol that focuses on data messaging between chains. It aims to pass lightweight messages between blockchains through efficient gas usage and non-upgradeable smart contracts. At present, the network adoption rate of the LayerZero protocol is good. It has supported more than 30 chains in total, such as Ethereum and BNB Chain. The ecology is also expanding rapidly, and considerable progress has been made in DeFi, NFT, and cross-chain bridges. 4.Worldcoin: USD 115 million in Series C financing Investment institutions: Blockchain Capital, a16z Crypto, etc. Worldcoin is an encryption project founded by ChatGPT founder Sam Altman in 2020, aiming to become the world's largest and most inclusive encrypted asset network by providing Worldcoin to everyone for free. Worldcoin is mainly composed of three parts:
Currently, Worldcoin has mixed reviews due to issues such as data privacy. 5. Ledger: $108 million in C1 round of financing, with a valuation of $1.416 billion Investment institutions: True Global Ventures, Cité Gestion SPV, etc. Ledger is currently one of the most well-known hardware wallet companies in the encryption industry. Since its establishment in 2014, Ledger has sold more than 6 million devices and has customers in more than 200 countries around the world. Some time ago, the release of the key recovery service caused great dissatisfaction in the community. 6. Auradine: $81 million in Series A financing, with a valuation of $500 million Investment institutions: Celesta Capital, Mayfield, etc. Founded in 2022 by Rajiv Kheman (whose start-up company iInnovium was acquired by Marvell for US$1.1 billion), Auradine is an infrastructure solutions provider focusing on cutting-edge technologies such as energy-efficient silicon, privacy, zero-knowledge proofs, and artificial intelligence. 7.Chain Reaction: $70 million in Series C financing Investors: Morgan Creek Digital, Hanaco Ventures, etc. Chain Reaction is a blockchain chip start-up company that is designing the future of disruptive blockchain and privacy technologies. The company cooperates with cloud service providers and data centers to transform computing infrastructure with custom ASICs and systems, optimizing energy saving and high performance calculate. Solutions are purpose-built and custom-engineered to power the next generation of secure, scalable, green computing to help protect people, privacy and the planet. 8.Taurus: $65 million in Series B financing Investment institutions: Credit Suisse, Arab Bank Switzerland, etc. Taurus provides enterprise-level infrastructure to issue, custody and trade any digital asset, including pledged, tokenized and digital assets. Taurus also operates a regulated marketplace for private assets and tokenized securities. Taurus is raising funds to further develop its digital asset platform and fuel international expansion. 9.QuickNode: $60 million in Series B financing, with a valuation of $800 million Investment institutions: 10T Holdings, LLC, Tiger Global, etc. QuickNode is a Web3 infrastructure platform that helps developers and businesses build, launch and scale blockchain-based applications (dApps). Since 2017, it has partnered with hundreds of thousands of top developers and companies to help scale DApps. The financing will be used to accelerate the company's global expansion, further enhance builders' capabilities, and lay the foundation for a decentralized, globally connected future. 10. Unchained Capital: $60 million in Series B financing Investment institutions: Valor Equity Partners, NYDIG. Unchained Capital is a Bitcoin-native financial services company offering collaborative custody, trading desks, Bitcoin-backed distributions, and Bitcoin retirement accounts. According to the company, Unchained currently secures more than $2 billion in Bitcoin through thousands of keys. 11. EOS: $60 million financing Investment institution: DWF. DWF Labs supports the EOS network with a $45 million EOS Token purchase agreement and a $15 million investment commitment to invest in EOS-based businesses and projects, which aims to accelerate the expansion and acceptance of the EOS network. 11. Magic: $52 million in strategic funding round Investment institutions: PayPal Ventures, Cherubic co-investment, Synchron, etc. Magic provides enterprise clients with a non-custodial wallet infrastructure, enabling them to securely onboard clients into the Web3 ecosystem. Provides functionality for end-to-end web3 onboarding, including authentication, fiat onramp, NFT Mint, and NFT checkout. Its solutions are trusted by top brands in the web2 and web3 space, including Mattel, Macy's, Xsolla, Immutable and more. To date, Magic has created more than 20 million wallets and used by more than 130,000 developers. 12.EigenLayer: US$50 million in Series A financing, with a valuation of US$500 million Investment institutions: Blockchain Capital, Coinbase Ventures, Polychain Capital, etc.
Eigenlayer is a re-staking (Re-staking) protocol built on Ethereum. Ethereum nodes can re-stake the pledged ETH through EigenLayer to obtain additional income. Externally, users are allowed to stake ETH, LSD-ETH and LP Token Pledge in other public chains, oracles, middleware, etc., as a node and get verification rewards.
04****Summary
The above is the investment and financing situation of the crypto market in the first half of 2023. It can be seen that the large amount of financing is mainly concentrated in the basic agreement. There are no DeFi, NFT, and games, but this is also related to the different ceilings of each track project.
Some time ago, many people began to ridicule institutional investment. Institutional coins are generally overvalued, low in circulation, and peak at the opening. The role of retail investors is always to receive orders. Institutions mass-produce projects and then dump them to retail investors. Some investors complained and began to pursue various "earth dog" projects such as meme.