In a week marked by a funding drought in the cryptocurrency sector, three leading crypto firms have secured significant funding rounds, totalling over $90 million. According to Blockworks, Blockchain.com, BC Technology Group, and Fnality all raised substantial amounts.
Blockchain.com, a crypto exchange and wallet service, raised $110 million in a Series E round led by Kingsway. This funding round is the fourth-largest of the year according to DeFiLlama data. In the wake of this funding, Manny Stotz, CEO of Kingsway, and Nicolas Brand, partner at Lakestar, will join the company’s board of directors.
BC Technology Group, a Hong Kong-based company that owns the crypto exchange OSL, secured $91 million from a share subscription by crypto firm BGX. In August, OSL became one of the first exchanges to acquire Hong Kong’s new license for retail crypto trading.
Fnality, a fintech firm specialising in tokenizing traditional financial assets, announced a $95 million round led by Goldman Sachs (NYSE: GS) and BNP Paribas (EPA: BNP). The firm is part of a growing trend of financial institutions interested in tokenization.
These funding rounds come amid consecutive quarterly declines in venture capital dating back to the start of 2022, indicating a funding slump in the crypto sector.