USDCrypto Funding Weekly Recap: Tether, RockawayX, Paradigm Drive Major Deals
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Tether Increases Juventus Stake to Over 10% in Strategic Investment Move
Tether, the investment arm of the stablecoin issuer, has increased its stake in Juventus Football Club to over 10.12%, representing 6.18% of voting rights, after initially acquiring 8.2%. Tether CEO Paolo Ardoino emphasized that this investment is aimed at long-term collaboration and enhancing fan engagement through technology. Industry expert Alex Obchakevich noted that this move could help Tether enhance its image with regulators and regain access to the European market after recent compliance issues. The investment aligns with Tether’s broader strategy, which includes a $3 billion crypto acquisition partnership and significant investments in Bitcoin and other ventures. Tether recently invested €10 million in Italian media company Be Water and holds approximately 95,721 BTC valued at around $8.89 billion. This expansion forms part of Tether’s efforts to hedge against the declining US dollar while strategically positioning itself in global markets.
RockawayX Raises $125M for Second Fund, Focused on Solana Ventures
RockawayX has successfully closed its second investment fund, raising $125 million, with a focus on the Solana ecosystem. The firm plans to allocate between 50% and 75% of this fund, approximately $62 to $94 million, to early-stage Solana-based projects. RockawayX has a history of supporting Solana, having been an early backer of Solana Labs in 2019, and has invested in notable projects like Kamino Finance and Switchboard. The firm emphasizes Solana's advantages over Ethereum due to its speed, low costs, and pragmatic approach to development. Currently, around 20% of the new fund has been deployed in startups such as DoubleZero and Hyperlend, aiming to enhance decentralized finance (DeFi) solutions. Investors include family offices, private equity firms, and crypto founders, showcasing a mix of support for RockawayX's long-term commitment to building and expanding blockchain infrastructure.
Paradigm Leads $50 Million Series A for Decentralized AI Startup Nous Research, Valuing Token at $1 Billion
Paradigm has led a $50 million Series A funding round for Nous Research, a decentralized AI startup, raising its token valuation to $1 billion. Founded in 2023, Nous Research aims to advance AI models through a community-driven approach using blockchain, primarily on Solana. The project has previously raised about $20 million in seed funding. Its flagship language model, Hermes 3, has over 50 million downloads. Nous Research announced the testnet for its Psyche Network, enabling decentralized machine learning. The new capital will focus on research, development, and expanding compute infrastructure, alongside strategic hires for engineering teams.
Symbiotic Raises $29 Million in Series A Funding to Expand Universal Staking Protocol
Symbiotic, originally a restaking protocol on Ethereum, has raised $29 million in Series A funding led by Pantera Capital, bringing total funding to $34.8 million. This funding will support its transition to a "universal staking" platform, allowing diverse assets to secure any blockchain network, enhancing flexibility beyond traditional staking. The protocol is live with 14 networks and aims to expand to over 35, including Hyperlane, Spark, and Avail. Symbiotic plans to offer modular staking solutions for Layer 1s and other frameworks, while hiring to grow its team of around 30 employees.
Theo Network Secures $20M Funding from Citadel, JPMorgan, and Others
Theo, a blockchain company focused on onchain trading infrastructure, recently raised $20 million from 17 investors, including institutional giants like Citadel, Jane Street, and JPMorgan. Co-led by Hack VC and Anthos Capital, the funding will enhance Theo's institutional-grade trading platform designed for retail investors, granting them access to advanced strategies such as high-frequency trading. As of April 23, the Theo network had nearly $29 million in total value locked, though this figure has decreased since its peak in February. Theo is part of a broader movement to integrate traditional finance with crypto, alongside firms like Polygon and Lido. Notably, institutional interest in digital assets is rising, with a Coinbase survey revealing that most institutions plan to boost their crypto allocations this year, and three-quarters may engage with decentralized finance (DeFi) within two years, reflecting a significant trend toward onchain investment strategies.
This article has been refined and enhanced by ChatGPT.
