Venture capitalists funded very few cryptocurrency projects in December 2022, with only $670 million going to crypto startups.
Web3 companies received more than $3.5 billion at the same time last year, according to Crypto Rank data.
The confusion caused by FTX’s demise hasn’t helped projects looking to close funding deals in the first week of 2023. And the amount of money raised by those who have succeeded is relatively small.
Ondefy, a DeFi meta-aggregator, is one of the companies that has received funding in the first week of the new year.
AngelDao, Paraswap, Stacker Ventures, Caballeros Capital, White Loop Capital, Cryptoast, YellowSpoon, Tenzor Capital, Stake Capital, and HyperGrowth all contributed $1 million to the protocol.
Ondefy, founded in 2021 by Gauthier Vila, aims to make DeFi applications more accessible to retail users.
The proceeds will be used to expand the Ondefy team and improve the user experience, according to a blog post by the company.
“We are also partnering with numerous projects to enable them to provide their communities with simple fiat access to their tokens,” the company stated.
Another company that received funding this week was MSafe, a multi-signature wallet solution for the Aptos and Move ecosystems.
Jump Crypto led the $5 million seed round for the San Francisco-based startup. Circle Ventures, Coinbase Ventures, and Superscrypt (founded by Temasek) were among the other investors.
“We aspire to be a one-stop destination for institutions, enterprises, and individuals to manage and grow their digital assets, beginning with the multi-sig non-custodial wallet,” Wendy Fu, founder, and CEO of MSafe, said in a statement.
Assure Wallet, a Web-based trading management platform, was the final company to announce funding this week.
Although the investors in the round have not been disclosed, the startup announced on Twitter that it had closed a $1.4 million pre-A round of financing and would use the funds to optimise the product and improve the user experience.
Assure did not respond to the request for clarification right away.