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<p class="is-style-lead">The Open Network and Drift Protocol emerged as the top two firms with the highest funds raised in the last seven days.</p> 
<p>Per a report by <a href="https://www.galaxy.com/insights/research/crypto-and-blockchain-venture-capital-q2-2024/" target="_blank">Galaxy</a>, 2024 has been a good year for the fundraising industry, as there has been a steady uptick in the funds raised. As of July 1, founders are reporting an active fundraising environment. </p> 
<p>Even though there was a drop in deal count from 603 in the first quarter to 577 in the second, capital invested paints a different picture with a rise to $3.2 billion in Q2 from Q1’s $2.5 billion.</p> 
<p>Data shows a 28% increase in capital invested quarter over quarter. When it comes to geographical location, <a href="https://crypto.news/?s=United+States" target="_blank">United States</a>-headquartered companies accounted for more than 40% of all deals in Q2. </p> 
<p>The United Kingdom followed suit with 10%, and Singapore enjoyed 8.7% of all deals.</p> 
<p>As for the most recent crypto VC funding rounds, crypto.news compiled the latest announcements from Sept. 15 to Sept. 21 using data obtained from <a href="https://crypto-fundraising.info/deal-flow/?start_date=2024-09-15&amp;end_date=2024-09-21&amp;sortby=raised&amp;sort=desc" target="_blank">Crypto Fundraising</a>. Let’s look at the companies that grabbed headlines with million dollar-plus rounds.</p> 
<h3 class="wp-block-heading" id="the-open-network-30-million">The Open Network, $30 million</h3> 
<ul class="wp-block-list"> 
 <li>TON is a layer-1 blockchain that was originally developed as the Telegram Open Network.</li> 
 <li>Now known as The Open Network (<a rel="" href="https://crypto.news/price/toncoin/">TON</a>), it raised $30 million this week and over $54 million since its inception in 2018.</li> 
 <li>Bitget and Foresight Ventures contributed to the latest fundraising effort. </li> 
</ul> 
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   <p lang="en" dir="ltr">"<a href="https://twitter.com/bitgetglobal?ref_src=twsrc%5Etfw" target="_blank">@bitgetglobal</a> and <a href="https://twitter.com/ForesightVen?ref_src=twsrc%5Etfw" target="_blank">@ForesightVen</a> have made a strategic $30 million investment in The Open Network (<a href="https://twitter.com/hashtag/TON?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank">#TON</a>) blockchain. This investment aims to enhance the development of Telegram-based projects, focusing on tap-to-earn games such as <a href="https://twitter.com/hamster_kombat?ref_src=twsrc%5Etfw" target="_blank">@hamster_kombat</a> and <a href="https://twitter.com/thenotcoin?ref_src=twsrc%5Etfw" target="_blank">@thenotcoin</a>." 💎<br><br>Via… <a rel="" href="https://t.co/qT9ChDhh4p" target="_blank">pic.twitter.com/qT9ChDhh4p</a></p>— TON 💎 (@ton_blockchain) <a href="https://twitter.com/ton_blockchain/status/1836368686329819451?ref_src=twsrc%5Etfw" target="_blank">September 18, 2024</a>
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<h2 class="wp-block-heading" id="drift-protocol-25-million">Drift Protocol, $25 million</h2> 
<ul class="wp-block-list"> 
 <li>Drift Protocol is a Solana-based DEX that offers spot trading, swaps and perpetual futures.</li> 
 <li>It closed a $25-million Series B funding round led by Multicoin Capital.</li> 
 <li>The firm has raised over $52.3 million so far.</li> 
</ul> 
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   <p lang="en" dir="ltr">Drift is excited to announce a $25M Series B led by <a href="https://twitter.com/multicoincap?ref_src=twsrc%5Etfw" target="_blank">@multicoincap</a> with participation from <a href="https://twitter.com/blockchaincap?ref_src=twsrc%5Etfw" target="_blank">@blockchaincap</a>, <a href="https://twitter.com/FoliusVentures?ref_src=twsrc%5Etfw" target="_blank">@FoliusVentures</a>, <a href="https://twitter.com/MaelstromFund?ref_src=twsrc%5Etfw" target="_blank">@MaelstromFund</a>, and <a href="https://twitter.com/primitivecrypto?ref_src=twsrc%5Etfw" target="_blank">@primitivecrypto</a>.<br><br>Drift is building the most capital-efficient DeFi platform — a SuperApp that offers all your favorite trading… <a rel="" href="https://t.co/YqcacmDviO" target="_blank">pic.twitter.com/YqcacmDviO</a></p>— BET on Drift (@DriftProtocol) <a href="https://twitter.com/DriftProtocol/status/1836752136614658325?ref_src=twsrc%5Etfw" target="_blank">September 19, 2024</a>
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<h3 class="wp-block-heading" id="helius-21-75-million">Helius, $21.75 million</h3> 
<ul class="wp-block-list"> 
 <li>Helius is a provider of RPC Nodes, APIs, webhooks and developer tooling.</li> 
 <li>Lead investors of the $21.75 million include HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One and Spearhead.</li> 
 <li>Helius has raised a total of $34.35 million so far.</li> 
</ul> 
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   <p lang="en" dir="ltr">friends and enemies,<br><br>announcing our latest raise from the best of the best<br><br>we have one purpose: accelerate crypto &amp; solana app devs<br><br>we're solving big problems in distributed systems at immense scale and speeds with the best engineers around — come join us<br><br>now back to work <a rel="" href="https://t.co/0XCVIvPonv" target="_blank">pic.twitter.com/0XCVIvPonv</a></p>— mert | helius.dev (@0xMert_) <a href="https://twitter.com/0xMert_/status/1836578165977915858?ref_src=twsrc%5Etfw" target="_blank">September 19, 2024</a>
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<h3 class="wp-block-heading" id="hemi-labs-15-million">Hemi Labs, $15 million</h3> 
<ul class="wp-block-list"> 
 <li>Hemi Labs is a layer 2 protocol focusing on security and interoperability across Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>).</li> 
 <li>The firm raised $15 million from investors including Binance Labs, Breyer Capital, Big Brain Holdings, Crypto.com, etc.</li> 
</ul> 
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   <p lang="en" dir="ltr">The Hemi team is proud to announce the closing of its $15M strategic seed round, led by <a href="https://twitter.com/BinanceLabs?ref_src=twsrc%5Etfw" target="_blank">@binancelabs</a>, <a href="https://twitter.com/BreyerCap?ref_src=twsrc%5Etfw" target="_blank">@breyercap</a>, and <a href="https://twitter.com/BigBrainVC?ref_src=twsrc%5Etfw" target="_blank">@BigBrainVC</a>. Excited for what's to come!<a rel="" href="https://t.co/E1zxMW6VqC" target="_blank">https://t.co/E1zxMW6VqC</a> <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank">#bitcoin</a> <a href="https://twitter.com/hashtag/ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank">#ethereum</a> <a rel="" href="https://t.co/P4T1apIE3j" target="_blank">pic.twitter.com/P4T1apIE3j</a></p>— Hemi Network (@hemi_xyz) <a href="https://twitter.com/hemi_xyz/status/1836392405328638427?ref_src=twsrc%5Etfw" target="_blank">September 18, 2024</a>
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<h3 class="wp-block-heading" id="pipe-network-10-million">Pipe Network, $10 million</h3> 
<ul class="wp-block-list"> 
 <li>Pipe Network, is an incentivized internet infrastructure, clinched $10 million from Multicoin Capital.</li> 
</ul> 
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   <p lang="en" dir="ltr">Permissionless Labs Inc closes $10 million in funding to build out <a href="https://twitter.com/pipenetwork?ref_src=twsrc%5Etfw" target="_blank">@pipenetwork</a> The round was led by <a href="https://twitter.com/multicoincap?ref_src=twsrc%5Etfw" target="_blank">@multicoincap</a> <a rel="" href="https://t.co/dEQupkAjih" target="_blank">https://t.co/dEQupkAjih</a></p>— Pipe Network (@pipenetwork) <a href="https://twitter.com/pipenetwork/status/1835705527416111326?ref_src=twsrc%5Etfw" target="_blank">September 16, 2024</a>
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<h3 class="wp-block-heading" id="yellow-network-10-million">Yellow Network, $10 million</h3> 
<ul class="wp-block-list"> 
 <li>Yellow is a blockchain product and infrastructure company.</li> 
 <li>Investors like Consensys, GSR, Global, Gate.io Labs, ZBS Capital and others contributed toward the startup’s $10 million fundraising round.</li> 
</ul> 
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   <p lang="en" dir="ltr">⚡️ <a href="https://twitter.com/Yellow?ref_src=twsrc%5Etfw" target="_blank">@Yellow</a> has announced the closure of its $10M seed funding round<br><br>Yellow Network, a decentralized clearing network for digital assets, raises $10M in seed funding led by <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" target="_blank">@Ripple</a> Co-Founder and Silicon Valley pioneer <a href="https://twitter.com/chrislarsensf?ref_src=twsrc%5Etfw" target="_blank">@Chrislarsensf</a>. Additional round participants included… <a rel="" href="https://t.co/VrBjZgOUZ7" target="_blank">pic.twitter.com/VrBjZgOUZ7</a></p>— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) <a href="https://twitter.com/Crypto_Dep/status/1836315797964063063?ref_src=twsrc%5Etfw" target="_blank">September 18, 2024</a>
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<h3 class="wp-block-heading" id="additional-funding-rounds-under-10-million">Additional funding rounds under $10 million</h3> 
<ul class="wp-block-list"> 
 <li><strong>TrueX</strong>: The non-custodial, stablecoin-native exchange officially launched with $9 million in funds courtesy of RRE Ventures, Paxosm Accomplice, Hack VC, Solana Foundation and Aptos.</li> 
 <li><strong>Fermah</strong>: CSX, Lemniscap, Bankless Ventures and LONGHASH Ventures are among the backers of a $5.2-million round</li> 
 <li><strong>Vana</strong>: Coinbase Ventures, Manifold, GSR, DeFiance Capital and Auros participated in a $5-million fundraising effort.</li> 
 <li><strong>Cudis</strong>: The startup collected $5 million from Draper Associates, Anthony Scaramucci’s SkyBridge Capital, Penrose, Block Patch, Trinito and other investors.</li> 
</ul> 
<p>For last week’s column, <a rel="" href="https://crypto.news/crypto-vc-funding-huma-financial-38m-fuse-gets-12m/">click here</a>.</p> 
<p> Read more: <a rel="" href="https://crypto.news/sec-options-trading-blackrock-ishares-bitcoin-trust/"> SEC greenlights options trading for BlackRock’s iShares Bitcoin trust </a> </p>

Crypto VC funding: The Open Network raises $30M, Drift Protocol brings in $25M

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