Magpie, Mysten Labs, Hubble Protocol, and VerifyVASP Close Successful Funding Rounds

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Blockchain
Magpie, Mysten Labs, Hubble Protocol, and VerifyVASP Close Successful Funding Rounds

Several other projects completed successful funding rounds. They include Magpie, Hubble, VerifyVSP, Bessemer Partners, and Mysten Labs.

Magpie Protocol Raises $3 Million

On September 7th, Magpie protocol announced the successful completion of a funding round raising $3 million. This funding round was led by @jump. According to their release, Magpie Protocol enjoyed the support of Sandeep Nailwal, @GSR, @_rcapital_, @bigbrainvc,  @paraficapital, Serafund, MH Ventures, Faculty Group, @d1ventures, @ApolloCapitalAU Arkstream invested in this funding round. 

Magpie Protocol was launched as a “decentralized liquidity aggregation protocol for cross-chain swaps aiming to provide the best deal on any asset across top blockchains without the need to directly bridge assets.”

When talking about this platform, Dr Ali Raheman, the platform’s CEO and Founder said:

“I’d like to personally thank all of our investors and team members for your support in Magpie. We’re all incredibly proud of the work the team has done thus far, but it’s only the beginning. Now the work begins for the next round of funding as well as preparing to launch our private and public alpha testing events in the coming weeks. It has been an amazing journey so far and we have a lot in store for us in the coming years.”

Mysten Labs Closes $300 Million Round

Mysten Labs recently announced the completion of their series B funding round, raising $300 million. According to reports, this funding round raised Mysten Labs’ valuation to $2 billion. 

According to reports, this funding round was led by FTX ventures. Several other investors including Andreessen Horowitz, Binance Labs, Apollo, Franklin Templeton, Coinbase Ventures, Lightspeed Venture Partners, Circle Ventures, Sino Global, Greenoaks Capital, Dentsu Ventures, O’Leary Ventures, Jump Crypto and others. 

Evan Cheng, the CEO and Co-founder of Mysten, said;

“We focus a lot on designing an architecture that is completely different that allows us to horizontally scale the capacity of the blockchain. All the blockchains today process transactions as groups. We’re the only one that takes a completely different approach.”

Hubble Protocol Raises $5 Million in Funding Round

In a recently closed venture round, Hubble Protocol raised $5 million, led by Multicoin Capital. According to reports, many investors, including Digital Currency Group, DeFiance Capital, Delphi Digital, ParaFi, Jump Capital, Crypto.com Capital, CMS, Spartan Group, Decentral Park Capital, DeFi Alliance and Mechanism Capital, participated in the round. 

The funds collected in this latest round boosted the project’s total raised funds to $15 million. According to reports, these new funds will help the network advance its roadmap. The plans in the roadmap include improving the current platform and advancing the use of USDH stablecoin by launching DeFi services and products. 

In a statement, the principal at Multicoin capital Spencer Applebaum noted that the network is taking the ideas brought by MakerDAO in Ethereum to the Solana chain. Applebaum said; 

“There are only a few ways to safely build a decentralized stablecoin, and Hubble’s over-collateralization approach has been tested through all market conditions.”

VerifyVasp Raises $100 Million Funding Round

VerifyVASP, a crypto regtech firm, just recently completed a funding round raising $100 million. This funding round was led by FTX ventures with others like Bcharu and Peak Capital Participating. 

This platform was introduced in 2019 to help Virtual asset service providers comply with AML traveling rule requirements. It has many members, including FTX, FTX.US, Huobi, Deribit, Crypto.com, and Bybit. 

The CEO of VerifyVASP, Shih Yun Chia, said;

“The Travel Rule compliance greatly improves the transparency of digital asset ecosystem. With our road-tested technological solution and hands-on experience, we are committed to accelerate the global adoption of Travel Rule to promote responsible & sustainable expansion of digital asset industry without hindering innovation.”

Bessemer Partners Unveil $3.85 Billion Early Stage Fund

Bessemer Venture Partners just recently announced the launch of a new $3.85 billion investment fund. This comes after the network unveiled a $250 million tech fund

This new fund will help several industries. In a statement, the company noted that; 

“This new fund allows us to continue backing entrepreneurs at scale, bolstering our established focus on early-stage investments.”

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.