$9.5 Million Secured for Asset Tokenization, Alongside Other Major Victories
The crypto space has witnessed significant venture capital activity over the past week, with several startups making notable progress. Here’s a recap of the top funding news.
Félix Pago, a Latin American remittance startup, has raised $15.5 million in a Series A round led by Castle Island Ventures. The company aims to simplify remittances by allowing workers to send money across borders using WhatsApp. Félix Pago plans to expand its presence in Latin America and the U.S. CEO Manuel Godoy highlights the convenience of using WhatsApp as an interface, enabling users to send and receive money through a chatbot. Recipients can collect money instantly via bank deposit or in cash at various locations. The use of Circle’s USDC stablecoin helps Félix Pago reduce foreign exchange costs, making transactions cheaper and faster compared to traditional methods.
Fortunafi, a real-world asset (RWA) tokenization platform, has secured $9.51 million in funding from Shima Capital and Manifold. Notable investors include Jordan Fish, also known as Cobie, the host of the “Up Only” podcast, and Ari Litan of LayerZero Labs. The funding will be used to further develop Fortunafi’s platform and expand its reach in the crypto market. Additionally, Fortunafi has introduced its new stablecoin protocol called Reservoir. The funding round, structured as equity with token warrants, has brought the company’s valuation to $48.165 million.
SwitchBoard, an on-chain oracle startup, has raised $7.5 million in a Series A round co-led by Tribe Capital and RockawayX. With support from the Solana Foundation, Aptos, and StarkWare, the company plans to use the funds to expand its oracle tools and use cases for web3 developers. SwitchBoard’s permissionless oracle network connects decentralized applications with real-world data, offering a secure and cost-effective solution. The platform currently holds over $1.78 billion in total value.
SCRYPT, a Swiss crypto asset services provider, has secured $5 million in funding led by Brazil’s Braza Bank, with support from Funfair Ventures, Cabrit Capital, and Atlantic Labs. The company has reportedly doubled its client base and increased trading volume 18-fold year-on-year. SCRYPT plans to expand into the LATAM market with the new capital, leveraging Braza Bank’s expertise in FX and cross-border payments.
UK-based decentralized exchange STON.fi has raised $3.6 million in funding from a round led by CoinFund. Delphi Ventures, Karatage, and TON Ventures also participated in the round. STON.fi intends to use the funds to enhance operations and expand financial services to Telegram users, enabling instant exchanges of Toncoin (TON) and USD stablecoins for any native token.
Coinflow, an instant settlement payment provider, and Plural, an on-chain investment solutions provider for renewable energy developers, have both raised $2.3 million from various investors. Coinflow raised the funds in a seed round led by CMT Digital, while Plural’s round was led by Neil Devani of Necessary Ventures and Michael Dempsey of Compound. Coinflow plans to expand its sales, engineering, and compliance teams, while Plural aims to provide innovative investment options in the renewable energy sector.
In conclusion, there has been a surge in venture capital activity in the crypto space, with startups like Félix Pago, Fortunafi, SwitchBoard, SCRYPT, STON.fi, Coinflow, and Plural securing significant funding to further their growth and development.
