Funding Rounds Continue, Senators Says Crypto Investors Need more Protection, Bulls Continue in Crypto Markets

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Altcoins
Funding Rounds Continue, Senators Says Crypto Investors Need more Protection, Bulls Continue in Crypto Markets

Fundraising continued today with Sweat Economy, Space & Time, and Center closing successful rounds. Senator says regulators must do more to protect crypto investors while the crypto bulls continue.

Sweat Economy Raises $13 Million in Funding Round

Earlier today, Sweat Economy announced a successful funding round that raised $13 million. According to their blog:

“A number of leading blockchain investors joined, including Electric Capital, Spartan Capital, OKX Blockdream Ventures, Swissborg Ventures, and GSR Ventures. Existing investor Goodwater Capital also participated.”

According to their reports, the funds raised in this round will help expand the sweat economy and transform it into “the Web3 on-ramp for health and fitness enthusiasts.” 

Sweat Economy Co-Founder Oleg Fomenko said: 

“We’re delighted to partner with such an illustrious group of investors with their cumulative deep experience of the space and strong track record of investing in and supporting game-changing startups.”

Avichal Garg, General Partner at Electric Capital, said: “We have been impressed by the rapid growth from the Sweat ecosystem… We are delighted to work with them to further their mission.”

Space and Time DB Raises $10 Million in Funding Round

Earlier today, @Crypto_Dealflow tweeted:

“Decentralized data platform @SpaceandTimeDB raised $10M in a seed funding round led by @hiFramework. @DCGco, Stratos, Samsung Next, @IOSGVC, @alliancedao are among investors.”

According to sources, this new funding will help hire engineers and build the platform. When talking about this project, Nate Holiday, the platform’s co-founder, said:

“A key issue with decentralized applications is having to work with centralized databases that have the ability to tamper with data. Users can see data coming in but cannot tell if anyone has added information to that data, which could be done in a malicious way. The proof-of-SQL model would show users evidence of any tampering, such as if someone changed the query results in the middle of the query.”

Center Raises $11 Million in a Funding Round

Center, an NFT tooling network, just recently closed a seed funding round raising $11 million. According to reports, various investors, including Thrive and Founders Fund, participated in this round. The networks blog post said; 

“With that, we’re proud to announce that Center has raised $11M from Thrive Capital and Founders Fund to build best-in-class tools and to accelerate the onset of this utility phase. Thrive and Founders Fund is joining investors from Center’s pre-seed round, including Protofund, Volt, Alliance DAO, SV Angel, Quiet Capital, Anti.fund, Lattice Capital, and individuals including Balaji Srinivasan, Emilie Choi, Dan Romero, Amjad Masad, Gordon Wintrob, Mike Dudas, and many others.”

When talking about their project, the company said in a press release, “It’s sort of like indexing the web, but instead of web pages, we’re organizing all permissionless digital property rights.”

Senator Says Crypto Needs More Protection

US senator Sherrod Brown recently said that crypto investors need better protections. The senator said:

“Bitcoin can be used for old-time schemes and frauds like Ponzi schemes and bogus investments, promising big returns with only upside and no risk. New ways to cheat people out of their money is not the kind of innovation most people want in our economy.”

When speaking at a hearing called ‘Protecting Investors and Savers: Understanding Scams and Risks in Crypto and Securities Markets,’ the senator noted that investors were vastly harmed by the fall of crypto lending platforms Voyager and Celsius.

The senator mentioned that regulators like the SEC and other watchdogs should do more to protect investors. According to him, the “industry shouldn’t be allowed to write the rules they want to play by.”

Crypto Market Bulls Continue

The crypto market continued with a bullish trend today, with most of the assets trending upwards. According to coinmarketcap, the crypto market value is now at a little over $1.1 trillion. The coinmarketcap analysis shows that the crypto market gained over 5% in the past 24-hour period. 

Bitcoin cracked the $24k mark for the second time in the past 30 days, going to as high as $24098. However, BTC is still struggling at just about ⅓ of its all-time high. 

Ethereum gained 8.33% today, hitting the $1.7k mark. BNB, XRP, ADA, SOL, and DOGE also gained massively today. Uniswap, Bitcoin Cash, and Ethereum classic appear to be among the biggest gainers surging by 21%, 23%, and 35%, respectively.

Fundraising continued today with Sweat Economy, Space & Time, and Center closing successful rounds. Senator says regulators must do more to protect crypto investors while the crypto bulls continue.

Sweat Economy Raises $13 Million in Funding Round

Earlier today, Sweat Economy announced a successful funding round that raised $13 million. According to their blog:

“A number of leading blockchain investors joined, including Electric Capital, Spartan Capital, OKX Blockdream Ventures, Swissborg Ventures, and GSR Ventures. Existing investor Goodwater Capital also participated.”

According to their reports, the funds raised in this round will help expand the sweat economy and transform it into “the Web3 on-ramp for health and fitness enthusiasts.” 

Sweat Economy Co-Founder Oleg Fomenko said: 

“We’re delighted to partner with such an illustrious group of investors with their cumulative deep experience of the space and strong track record of investing in and supporting game-changing startups.”

Avichal Garg, General Partner at Electric Capital, said: “We have been impressed by the rapid growth from the Sweat ecosystem… We are delighted to work with them to further their mission.”

Space and Time DB Raises $10 Million in Funding Round

Earlier today, @Crypto_Dealflow tweeted:

“Decentralized data platform @SpaceandTimeDB raised $10M in a seed funding round led by @hiFramework. @DCGco, Stratos, Samsung Next, @IOSGVC, @alliancedao are among investors.”

According to sources, this new funding will help hire engineers and build the platform. When talking about this project, Nate Holiday, the platform’s co-founder, said:

“A key issue with decentralized applications is having to work with centralized databases that have the ability to tamper with data. Users can see data coming in but cannot tell if anyone has added information to that data, which could be done in a malicious way. The proof-of-SQL model would show users evidence of any tampering, such as if someone changed the query results in the middle of the query.”

Center Raises $11 Million in a Funding Round

Center, an NFT tooling network, just recently closed a seed funding round raising $11 million. According to reports, various investors, including Thrive and Founders Fund, participated in this round. The networks blog post said; 

“With that, we’re proud to announce that Center has raised $11M from Thrive Capital and Founders Fund to build best-in-class tools and to accelerate the onset of this utility phase. Thrive and Founders Fund is joining investors from Center’s pre-seed round, including Protofund, Volt, Alliance DAO, SV Angel, Quiet Capital, Anti.fund, Lattice Capital, and individuals including Balaji Srinivasan, Emilie Choi, Dan Romero, Amjad Masad, Gordon Wintrob, Mike Dudas, and many others.”

When talking about their project, the company said in a press release, “It’s sort of like indexing the web, but instead of web pages, we’re organizing all permissionless digital property rights.”

Senator Says Crypto Needs More Protection

US senator Sherrod Brown recently said that crypto investors need better protections. The senator said:

“Bitcoin can be used for old-time schemes and frauds like Ponzi schemes and bogus investments, promising big returns with only upside and no risk. New ways to cheat people out of their money is not the kind of innovation most people want in our economy.”

When speaking at a hearing called ‘Protecting Investors and Savers: Understanding Scams and Risks in Crypto and Securities Markets,’ the senator noted that investors were vastly harmed by the fall of crypto lending platforms Voyager and Celsius.

The senator mentioned that regulators like the SEC and other watchdogs should do more to protect investors. According to him, the “industry shouldn’t be allowed to write the rules they want to play by.”

Crypto Market Bulls Continue

The crypto market continued with a bullish trend today, with most of the assets trending upwards. According to coinmarketcap, the crypto market value is now at a little over $1.1 trillion. The coinmarketcap analysis shows that the crypto market gained over 5% in the past 24-hour period. 

Bitcoin cracked the $24k mark for the second time in the past 30 days, going to as high as $24098. However, BTC is still struggling at just about ⅓ of its all-time high. 

Ethereum gained 8.33% today, hitting the $1.7k mark. BNB, XRP, ADA, SOL, and DOGE also gained massively today. Uniswap, Bitcoin Cash, and Ethereum classic appear to be among the biggest gainers surging by 21%, 23%, and 35%, respectively.

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.