The Open Network raises $30M, Drift Protocol brings in $25M

Open Network and Drift Protocol emerged as the two largest fundraising companies in the past seven days.

According to a report issued by Galaxy2024 has been a good year for the fundraising industry, with a steady rise in funds raised. As of July 1, founders are reporting an active fundraising environment.

Although the number of deals fell from 603 in Q1 to 577 in Q2, invested capital paints a different picture, rising to $3.2 billion in Q2 from $2.5 billion in Q1.

The data shows a 28% increase in invested capital quarter-over-quarter. When it comes to geography, companies headquartered in the US accounted for more than 40% of all deals in Q2.

It was followed by the United Kingdom with 10%, and Singapore accounted for 8.7% of total deals.

As for the latest crypto venture capital funding rounds, crypto.news compiled the latest announcements from September 15 to September 21 using data obtained from Cryptocurrency FundraisingLet’s take a look at the companies that made headlines with rounds worth over $1 million.

Open Network, $30 million

TON is a layer 1 blockchain that was originally developed as the Telegram Open Network.
Now known as The Open Network (TON), it raised $30 million this week and more than $54 million since its inception in 2018.
Bitget and Foresight Ventures contributed to the recent fundraising efforts.

Drift Protocol, $25M

Drift Protocol is a decentralized exchange based on Solana that offers spot trading, swaps, and perpetual futures.
Closed a $25 million Series B funding round led by Multicoin Capital.
The company has raised over $52.3 million to date.

Helios, $21.75 million

Helius is a provider of RPC nodes, APIs, webhooks, and developer tools.
Lead investors in the $21.75 million fund include HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One, and Spearhead.
Helius has raised a total of $34.35 million to date.

Hemi Labs, $15 million

Hemi Labs is a layer 2 protocol that focuses on security and interoperability between Bitcoin (BTC) and Ethereum (ETH).
The company has raised $15 million from investors including Binance Labs, Breyer Capital, Big Brain Holdings, Crypto.com, and others.

Pipeline network, $10 million

Pipe Network, an incentivized internet infrastructure, has secured $10 million in funding from Multicoin Capital.

Yellow Network, $10 Million

Yellow is a company specializing in blockchain products and infrastructure.
Investors like Consensys, GSR, Global, Gate.io Labs, ZBS Capital and others contributed to the startup’s $10 million funding round.

Additional funding rounds under $10M

TroixThe non-custodial, stablecoin exchange has officially launched with $9 million in funding from RRE Ventures, Paxosm Accomplice, Hack VC, Solana Foundation, and Aptos.
FirmahCSX, Lemniscap, Bankless Ventures, and LONGHASH Ventures are among the backers of a $5.2 million round
oldCoinbase Ventures, Manifold, GSR, DeFiance Capital, and Auros participated in a $5 million fundraising effort.
CodesThe startup has raised $5 million from Draper Associates, Anthony Scaramucci’s SkyBridge Capital, Penrose, Block Patch, Trinito, and other investors.

To read last week’s column, click here.