Jannat Ara

Blockchain Platforms Peaq, Midas, and BOB Secure Substantial Funding for Expansion

This week marked a significant milestone for the blockchain industry as three specialized blockchain platforms, Peaq, Midas, and BOB, secured substantial venture capital funding, signaling a resurgence of investor interest in the web3 sector.

Peaq: On March 27th, Peaq, a layer-1 (L1) blockchain dedicated to decentralized physical infrastructure networks (DePINs), announced a successful Series A funding round, raising $15 million. The funding round was led by Generative Ventures and Borderless Capital, with participation from prominent investors such as Spartan Group, HV Capital, CMCC Global, and Animoca Brands.

With a mission to establish an “Economy of Things” network, Peaq aims to decentralize physical infrastructure and systems, providing a permissionless and borderless digital infrastructure for intelligent machines. The platform offers backend functions for app builders, including access management, AI agents, and device data verification. Peaq plans to utilize the raised funds to expand its ecosystem, which currently hosts over 20 DePINs spanning industries such as mobility, energy, connectivity, environment, agriculture, and digital infrastructure.

Midas: Midas, led by CEO Dennis Dinkelmeyer, secured $8.75 million in funding for its protocol that tokenizes real-world assets as ERC-20 tokens. Framework Ventures and BlockTower spearheaded the funding round, enabling Midas to further develop its asset tokenization protocol. Additionally, Midas will introduce mTBILL, a stablecoin allowing users to earn yield from U.S. Treasury bills on-chain, potentially disrupting the stablecoin industry.

Commenting on the funding, Dennis Dinkelmeyer emphasized Midas’s dedication to innovation, aiming to keep capital, especially stable capital, on-chain through yield-bearing tokens while leveraging decentralized finance (DeFi) applications.

BOB: In a separate development, Build on Bitcoin (BOB), a hybrid layer-2 network, raised $10 million in seed funding led by Castle Island Ventures. Other participants included Mechanism Ventures, Bankless Ventures, and notable angel investors Dan Held and Domo. BOB, spearheaded by co-founder Alexei Zamyatin, aims to introduce the first Bitcoin layer-2 solution with Ethereum Virtual Machine (EVM) compatibility. The London-based company is preparing to launch its Fusion program, offering early access to its platform.

The successful funding rounds for Peaq, Midas, and BOB underscore growing investor confidence in blockchain technology’s potential for real-world applications, asset tokenization, and innovative layer-2 solutions, highlighting the industry’s continued evolution and maturation.

Powered by Crypto Expert BD

Follow us on Twitter: https://x.com/CryptoExpert_BD

Join our Telegram channel: https://t.me/CryptoExpert_BD

Leave a Comment