VC Roundup: ‘Web5,’ Metaverse sports and Bitcoin monetization startups generate buzz

cointelegraph.com:

A lot has happened in the Bitcoin (BTC) and cryptocurrency markets since our last edition of VC Roundup. The monumental collapse of the Terra ecosystem spilled over into other segments of the digital asset market, exposing over-leveraged traders, lending platforms and venture capital funds. In the process, Bitcoin’s price plumbed new lows, falling below the previous cycle’s peak for the first time in its history. 

Despite macro headwinds inflicting pain on the crypto markets, venture capital firms are still investing in the industry’s most promising startups. The latest edition of VC Roundup highlights funding deals for digital asset infrastructure providers, non-custodial crypto protocols, payment solutions and decentralized identity management companies.

PolySign’s quest to bring institutional-level crypto custody solutions to investors has received backing from several venture capital firms. The firm recently raised $53 million in Series C financing backed by Cowen Digital, Brevan Howard, GSR and more. In addition, the company secured a $25 million credit facility from venture firm Boathouse Capital. Although PolySign didn’t specify how the funding will be allocated, the Series C was closed around the same time that the firm acquired digital asset fund administrator MG Stover.

Related: Goldman Sachs downgrades Coinbase stock to ‘sell’

Bitcoin and Lightning Network payments platform Mash raised $6 million in seed funding in June as part of its ongoing efforts to remonetize the internet for developers and content creators. The funding round was co-led by Nic Carter’s Castle Island Ventures and Whitecap Venture Partners, with additional participation from Maple VC, Strategic Cyber Ventures, Aquanow and Spacecadet Ventures.