USDThis Week in Crypto Funding Sees Billion-Dollar IPO Moves and Stablecoin Surge
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Uphold Explores IPO or Sale Amid $1.5 Billion Valuation, Focuses on XRP Users
Uphold CEO Simon McLoughlin announced that the company is considering an initial public offering (IPO) in the U.S. or a sale to a payments company, seeking a valuation exceeding $1.5 billion. This decision follows their promotion of initiatives aimed at U.S. consumers interested in XRP. Uphold’s revenue is projected to rise from $80 million in 2022 to over $300 million in 2025. The company recently launched a self-custody wallet and a U.S. debit card offering XRP bonuses, and has partnered with IG Group to enable crypto trading. FT Partners is engaged to explore strategic options for Uphold.
Bullish, Peter Thiel-Backed Crypto Exchange, Files for Confidential U.S. IPO
Bullish, a crypto exchange backed by Peter Thiel, has confidentially filed for a U.S. IPO, as reported by the Financial Times. The company submitted its paperwork to the SEC in recent weeks to maintain financial privacy until nearer to its public offering, with Jefferies anticipated to be the lead underwriter. Bullish had previously attempted a SPAC IPO in 2021 but did not complete the process. This move follows Circle’s recent successful IPO and aligns with other crypto firms like Kraken and Gemini also planning public offerings, indicating a growing trend of IPOs in the cryptocurrency sector.
Siebert Financial Secures SEC Approval to Raise $100M for Crypto and AI Investments
Siebert Financial Corp has received approval from the U.S. SEC for a shelf registration statement, allowing it to raise up to $100 million to invest in crypto assets, AI, and technology innovation. CEO John Gebbia emphasized that this capital access will enhance strategic growth, enabling decisive moves in key sectors. Wall Street Zen upgraded Siebert's stock rating to "strong buy" following a Q1 report showing $0.22 earnings per share and a 12.83% net margin. Notable institutional investors increased their stakes, with Renaissance Technologies boosting its holdings by 275%. Siebert remains committed to pursuing advanced technology investments for long-term shareholder value.
SBI Group Invests $50 Million in Circle, Emphasizing Confidence in Stablecoin Future
The SBI Group has made a significant $50 million investment in Circle, with its subsidiaries SBI Holdings and SBI Shinsei Bank each contributing $25 million. This move reflects confidence in the future of stablecoins and follows Circle's successful IPO, which saw its stock price soar from $31 to over $131 shortly after listing. While some investors express caution over Circle's inflated valuation, SBI remains optimistic, citing a strategic partnership to enhance USDC adoption in Japan. The collaboration includes a joint venture, Circle SBI Japan KK, aimed at integrating USDC into Japan’s financial ecosystem as regulatory conditions improve.
OpenLedger Commits $25M to Support Decentralized AI Protocols via OpenCircle Launchpad
OpenLedger has committed $25 million through its new launchpad, OpenCircle, to fund AI and Web3 developers focused on decentralized AI protocols. This initiative follows an $8 million seed round raised in 2024 and a partnership with Ether.fi to enhance AI model development and security. OpenCircle aims to democratize AI development by allowing contributors of code, data, or computing resources to share in the value created. The funding reflects the growing intersection of blockchain and AI, with notable collaborations like Telegram's integration of the Grok AI chatbot and acceptance of the TON token for payments.
Turnkey Secures $30M Series B Funding Led by Bain Capital Crypto
Turnkey, a crypto key management and wallet infrastructure startup founded by former Coinbase employees, has secured $30 million in a Series B funding round led by Bain Capital Crypto. Other notable investors include Sequoia Capital, Lightspeed Faction, Galaxy Ventures, Wintermute Ventures, and Variant, raising Turnkey's total funding to over $50 million. The company currently powers over 50 million embedded wallets and serves prominent clients such as Magic Eden, Alchemy, and Bridge in DeFi, payments, and AI applications. The new funding will be used to scale the team and enhance its modular infrastructure with a focus on open-source contributions.
Yupp Secures $33 Million Seed Funding Led by a16z Crypto for AI Model Evaluation Platform
AI startup Yupp has raised $33 million in a seed funding round led by a16z crypto, with participation from over 45 investors, including notable figures from Google and Coinbase. Launched in June 2024, Yupp enables users to compare answers from multiple AI models like ChatGPT and Claude while earning crypto rewards. The platform promotes transparency and user feedback to improve AI evaluations, utilizing a "Yupp VIBE Score" to rank model performance. By integrating various payment options, Yupp aims to incentivize contributions that enhance AI model training and evaluation, positioning itself as a key player in AI assessment through crypto technologies.
Noah Secures $22 Million in Seed Funding to Develop Global Stablecoin Payment Network
Noah, a stablecoin infrastructure startup, recently raised $22 million in seed funding led by LocalGlobe, with participation from Felix Capital, FJ Labs, and several angel investors. The company aims to develop a global stablecoin payment network, bridging fiat and stablecoins through web and mobile applications. Co-founder Thijn Lamers, a former Adyen executive, joins CEO Shah Ramezani, who reported that Noah has processed over $1 billion in transactions, enabling currency conversions in real-time across 70 countries. In a competitive landscape, Noah leverages strong relationships in tech, regulation, and banking to differentiate itself from major players.
OneBalance Raises $20 Million in Series A for Cross-Chain Infrastructure Development
OneBalance, a cross-chain infrastructure development firm, secured $20 million in Series A financing, boosting its total funding to $25 million. The funding round was led by Cyber Fund and Blockchain Capital, with additional contributions from Mirana Ventures and L2IV. Blockchain Capital's Spencer Bogart has joined OneBalance’s board. The firm plans to enhance its employee count and expand its Toolkit product, which facilitates seamless cross-chain transactions. CEO Stephane Gosselin emphasized the need for user-friendly web3 experiences. OneBalance previously raised $5 million in seed funding in June 2024, supported by entities like Consensys and Wintermute.
This article has been refined and enhanced by ChatGPT.
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