Projects Announce Successful Funding Rounds, Markets Fail to React After ETH 2 Merge

Several projects recently announced successful rounds, including Magna, Portofino, Synquote, and Arpeggi. The Ethereum 2 merge went live, but the crypto market did not react positively.

Magna Raise $15 Million in Funding Round

Magna, a token management platform, recently completed a funding round raising $15 million. According to reports, this funding round was led by Tiger Global and @TuskVentures. Several other investors participated in the round, including @shimacapital, @circle_ventures, Avalanche Labs @SolanaVentures, @0xPolygon, and Galaxy Labs. According to reports, this new round increases Magna’s valuation to $70 million. 

CEO of Magna, Faviero, recently said;

“Crypto founders want their stakeholders to get their tokens on time, correctly, and in a compliant way. We started Magna to make it easier to start and scale crypto companies, and this is one less thing they have to worry about.”

Co-founder and managing partner at Tusk Ventures Jordan Nof recently said;

“Magna is solving a pain point many founders and organizations face today when managing tokens for employees and various stakeholders. Token issuances can create a powerful incentive for stakeholders, but managing the process is still highly manual. Bruno and the team at Magna are creating a platform that will change the future of how companies plan, manage and execute token distributions.”

Arpeggi Labs Raises $5.1 Million in Seed Round

Arpeggi Labs, an open-source music creation startup, just recently announced the completion of a seed venture round raising $5.1 million. This round was led by @a16z. Several networks, including Palm Tree Crew,  @1confirmation, Steve Aoki, 3LAU, WndrCo Ventures, Disco Fries, Electric Feel, and Wyclef Jean, participated in the round. 

The project was created to leverage blockchain in building a music creation suite that bakes, leveraging an open-source ethos. James Pastan, Arpeggi’s co-founder, recently said;

“In music, we’ve seen people immediately resist anything in web3 because they see it as a scam. We’ve abstracted as much of the crypto as we can… and we’ve always leaned away from the speculative element.”

Portofino Technologies Raises $50 Million in Funding Round

Portofino Technologies, a crypto market maker, just recently completed a successful funding round raising $50 million. The backers in the funding round include Global Founders Capital, Valar Ventures, and Coatue.

Portofino is creating a high-frequency trading tech for virtual assets. They have recorded billions of dollars in trades in DEX, CEX, and OTC. Lancia, the CEO, recently said;

“Having worked at the forefront of modernizing traditional markets, we believe that our liquidity provisioning infrastructure can deliver enormous benefits to digital asset participants globally and drive the next leg of adoption. This is only the start for Portofino. In web3, every action is a transaction, and we’re building the underlying technology to enable entirely new services and industries in the future.” 

Synquote Raises $2.8 Million in Funding Round

Synquote, a crypto options trading network, recently completed a successful venture round raiding $2.8 million. This round was led by @Initialized, with participation from @CMTDigitalLtd, Coinbase Ventures, and @0xPolygon.

This platform plans to introduce a tool that supports option buying and selling. The platform plans to bring a European-style system for options trading to attract new audiences.  

Ethereum 2 Merges, Markets Fail to React

The transition of Ethereum from PoW to PoS successfully took place yesterday, but there was no positive reaction in the markets. It was interesting to see the community react quite well to the merger. 

Buterin, the Ethereum CEO, tweeted;

“And we finalized! Happy merge, all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.”

Superphiz, an Ethereum beacon chain health consultant, said, “This is just an incredible feat … home users using the network will have no idea that anything has changed, but everything has changed.” There has been no reaction to this merge amid earlier reports that the merge could trigger bulls.