Web3 Startups Raise $185 Million in Funding, Despite Decrease from Last Year

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To assist users in keeping track of their cryptocurrency transactions for the purpose of tax filing, cryptocurrency exchange Binance has launched a tax reporting tool. The release states that customers can get a tax summary report from Binance Tax that contains any gains or losses that have occurred in their accounts throughout the year. This occurred one month after Binance declared its involvement in a group addressing global sanction compliance. The Securities and Exchange Commission (SEC) in Thailand recently declared its intention to strengthen regulations for the cryptocurrency sector. Exchanges have been the focus of investigations by regulators in the Netherlands and South Korea for not sticking to local requirements.

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Guidelines on which blockchain-based iterations of conventional securities, known as security tokens, will qualify for regulation were published by South Korea’s Financial Services Commission (FSC). Stablecoins, which are digital currencies linked to the value of other currencies like the US dollar, will probably not be considered securities, according to the guidance. Security tokens are certainly not applicable to digital assets that have no issuer and do not have to “fulfill the duties corresponding with the investor’s rights.”

According to data from DeFiLama, startups secured $185 million in total from investors this week, a significant decrease from the $578 million that developing Web3 companies secured during the same time period last year. That represents a decrease from the $578 million in emerging Web3 company funding secured during the same time last year. Only three businesses received outside funding at the same time last year: Dune Analytics, Phantom, and FTX. Government organizations are connected to Web3 technology via the blockchain company SIMBA Chain. According to the chief executive of SIMBA, the government is expressing a “strong desire” for the technology. Tokenizing its budget and enhancing its bookkeeping have been the goals of the chain’s collaboration with USAF. 

Developer of Web3 infrastructure Block Joy received a $12 million Series A. Centralized exchanges like Binance and Crypto.com have customers already. There will soon be new networks like Ethereum 2, Cosmos, and Solana. The business has set aside the incoming funds to create items that aim to reduce the costs of business operations. The $9.2 million Series A financing for the cryptocurrency mining business Pow.re was led by Haru United and included contributions from Trinito Corporation, RFD Capital, and others. As a result of the investment, the company’s valuation increased to $150 million, making it among the biggest crypto-mining businesses in the world.

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