Private accounts, tokenization and healthcare infrastructure are attracting investor attention

Blockchain-based startups continue to raise funding during the current bear market, with MetaMask partner Blockaid raising $33 million in October. However, global funding in the cryptocurrency industry has fallen to levels last seen in 2020, reaching $2.1 billion in 297 deals in the third quarter of 2023, according to Messari. As is often the case in bear markets, investors are taking a closer look at projects before investing, apparently looking for tangible real-world applications.

As part of October’s top stories, Nature Science Journal examined applications of blockchain technology and praised decentralized autonomous organizations (DAOs) for their potential to support underfunded scientific research. Cointelegraph’s venture capital (VC) roundup includes projects that raised capital in October.

Untangled Finance raises $13.5 million to bring private lending on-chain

London-based fintech firm Untangled Finance has raised $13.5 million to accelerate its efforts to launch institutional lending with an integrated on-chain settlement mechanism. Fasanara Capital was the lead investor in the round. The platform’s protocol focuses on tokenizing real-world private lending assets such as invoices and SME loans into structured on-chain lending pools. These funds, in turn, facilitate the issuance of collateralized notes to both DeFi and TradFi investors, Untangled said in a statement. The protocol focuses on private lending markets, where it sees the greatest utility for DeFi. Through the funds, Untangled plans to access more than 130 verified asset originators in 60 countries.

Nocturne raises $6 million in a seed round for private accounts on Ethereum

Nocturne, a protocol that enables private on-chain accounts, announced a $6 million seed funding round co-led by Bain Capital Crypto and Polychain Capital and joined by Vitalik Buterin and other members of the Participate in the Ethereum community. Other investors include Bankless Ventures, HackVC and Robot Ventures. According to a statement, the company plans to launch on mainnet in the coming weeks. Nocturne offers a solution that combines hidden addresses, zero-knowledge proofs, and account abstraction to enable private accounts on public blockchains. The seed round will accelerate the production and deployment of Nocturne Protocol across multiple ecosystems. A portion of the round will also go toward legal work as the team continues to adapt to changing regulatory requirements.

1/ We are pleased to announce our $6 million seed round co-led by @BainCapCrypto and @polychain with participation from @VitalikButerin and other members of the Ethereum community.

This round will fund the deployment and further development of private accounts on Ethereum. pic.twitter.com/ve25yJp6iI

— Nocturne (@nocturne_xyz) October 25, 2023 1/ We are pleased to announce our $6 million seed round co-led by @BainCapCrypto and @polychain with participation from @VitalikButerin and other members of the Ethereum community give.
This round will fund the implementation and further development of private accounts on Ethereum.

Account Labs Secures $7.7 Million in Funding for UniPass Wallet App

Web3 wallet provider Account Labs has announced that it has raised $7.7 million from lead investors Amber Group, MixMarvel DAO Ventures and Qiming Ventures, among others. This announcement coincides with the launch of the company’s first consumer app, UniPass Wallet, on Polygon. According to Account Labs, the UniPass Wallet app leverages account abstraction to allow users to create and access a self-managed Web3 wallet with just a Google Account and fund it with any Mastercard or Visa card. Account Labs was formed in May 2023 from the merger of hardware wallet developer Keystone and software wallet developer UniPass. The company hopes to respond to the demand for stablecoin transactions in the Southeast Asia region.

Rymedi raises $9 million to expand blockchain-based healthcare infrastructure

Rymedi, a blockchain-based healthcare data exchange platform, has announced a $9 million Series A round to expand its reach. The round was co-led by RW3 Ventures and White Star Capital, with participation from Blockchange Ventures, Avalanche’s Blizzard Fund and strategic healthcare angel investors. Rymedi says it serves more than one million patients at more than 1,200 locations in the United States, Africa and Australia. The funds will be used to increase data security and patient access to medical records. “We are always looking for great teams that use blockchain technology to solve real-world problems and have the potential to address global markets,” said Pete Najarian, managing partner at RW3 Ventures, in a statement.

Waterfall receives $2 million to launch mainnet

Layer 1 protocol Waterfall Network has raised $2 million ahead of its mainnet launch, scheduled for the first quarter of 2024. The financing was provided by the infrastructure provider Bytrade Lab. Bytrade Lab has become an investor and primary user of Waterfall Network after a six-month trial of the company’s technological infrastructure, according to a statement. The protocol is compatible with the Ethereum Virtual Machine (EVM) and uses a technology called Directed AsymmetricGraph or “DAG,” which is said to enable unlimited scalability. Waterfall is also working with BlueWave Corporation to develop its smart contract platform.

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