FTX To Raise $1 Billion, Bit Green and Several Other Projects Announce Successful Rounds

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FTX To Raise $1 Billion, Bit Green and Several Other Projects Announce Successful Rounds

FTX, a popular crypto exchange, just recently announced its plans to raise $1 billion. In other news, Bit Green, ImmuneFi, Hyperlane, and Binocs completed successful funding rounds amid the crypto winter. 

FTX Planning to Raise $1 Billion for $32 Billion Valuation 

FTX recently announced plans to raise over $1 billion in funding to hit a $32 billion valuation. According to recent reports, Sam Bankman-Fried’s firm is talking with multiple investors intending to raise $1 billion in a venture round. 

Negotiations about the fund are still ongoing, and according to reports, the terms are not yet final. 

Since the dawn of the crypto winters in May, FTX has acted as a market consolidator, helping many distressed firms. FTX made a deal with a troubled lending firm BlockFi a few months ago. They also offered to rescue Voyager Digital and Bithumb. However, FTX plans to use the $1 billion and the $400 million raised earlier this year to make more deals

Bit Green Raises $5 Million in a Venture Round

In a recently completed venture round, Bit Green, a US-based climate investment blockchain network, raised $5 million. According to reports, the funds were raised via a popular crowdfunding platform Republic. 

Their press statement indicates that Bit Green plans to use the funds to introduce a sustainability-focused platform based on Polkadot. 

Bit Green was launched to help deal with the ongoing climate crisis and environmental degradation. Its PoS blockchain consumes 99.9% less energy than an average blockchain; hence Bit Green has a very low, almost non-existent Carbon footprint. 

When talking about the goal of Bit Green, Adam Carver, the network’s CEO, said;

“Climate change is the most urgent issue of our time and dovetails extraordinarily well with blockchain, one of the most revolutionary technologies of our time. The effects of climate change will be pervasive, so we are not surprised to have garnered such early support and oversubscribed our crowdfund raise. Our goal to raise $1 trillion for impact initiatives and climate projects resonates with people. It is a daunting and wild objective, but we are convinced the time is now to swing for the fences and be confident in the power of blockchain and web3 to coordinate resources as never before.”

ImmuneFi Raises $24 Million in Series A Round

ImmuneFi, a web three security platform, just recently announced the successful closure of a series A funding round raising $24 million. Framework Ventures led this round, with participation from Electric Capital, Samsung Next, P2P Capital, Polygon Ventures, North Island Ventures, Lattice Capital, Third Prime Ventures, and Stratos DeFi.

ImmuneFi has a large community of white hat hackers who scan project codes to discover any vulnerabilities. It’s trusted by various top networks, including Compound, MakerDAO, Chainlink, Synthetix, and many more. The project’s founder and CEO, Mitchell Amador, said; 

“Open code and directly monetizable exploits have made web3 the most adversarial software development space in the world. By shifting incentives towards whitehats, Immunefi has already saved billions of dollars of users’ funds. Projects across crypto are rapidly realizing that it’s better to use Immunefi than end up publicly begging hackers to return funds or pay ransom. We’re using this raise to scale our team to meet this massive demand.”

Hyperlane Raises $18.5 Million in Seed Round

Hyperlane, a platform designed to help developers connect apps across different blockchain networks, just recently announced the completion of a funding round raising $18.5 million. The round was led by Variant Fund with participation from among others, Figment, Blockdaemon, Kraken Ventures Circle, and NFX.

Hyperlane builds a platform with a secure infrastructure for developers to create safe interchain applications. Jon Kol, Hyperlane co-founder, recently said;

“We think, right now, there’s so much burden on the app developer to understand the nuances of the chain[s], where they can’t spend as much time on building the best app. So, we want to give them tools to give the best experience for their users.”

Binocs Raises $4 Million in Funding Round

Binocs, a crypto reporting tax application, just recently completed a funding round raising $4 million. This funding round was co-led by Arkam and Beenext with investments from Saison Capital, Accel, and Better Capital.

Tonmoy Shingal and Pankaj Garg founded Binocs to help crypto investors deal with their tax issues. Shingal, Binoc’s CEO, recently said; 

“In essence Crypto is a web3 currency but has to comply with a web2 world of accounting principles and compliance. We are bridging this gap. Our software is compliant with the latest regulations, ensuring our users can calculate their taxes efficiently.”

Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.