Bittime - API3, a provider of DeFi for blockchain, has raised $4 million in a funding round led by DWF Labs. The funds will be used for expansion and wider adoption of API3.
API3 Secures $4 Million in Funding
API3, a service that provides DeFi data feeds to blockchain- based smart contracts without relying on third parties, has raised $4 million in a funding round led by DWF Labs. DWF Labs, a multi-stage market maker and Web3 investment firm , led the funding round and contributed $2 million.
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Other funding came from Spartan Group, which contributed $1 million. Laser Digital, a digital assets business backed by Nomura, and Caladan (formerly known as AlphaLab) each contributed $500,000. The funds raised will be used to provide liquidity to API3 to help execute its ongoing growth strategy. API3 will use the funds for marketing efforts and business development initiatives.
API3's Total Secured Value (TSV) Jumps from $20 Million to Over $1 Billion
API3 says their total secured value (TSV) has increased by 4900% from $20 million to over $1 billion. The data feed company said it has integrated with new chains including the Optimism Superchain, X-Layer, and Worldcoin ecosystems.
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“API3's transformative impact on how decentralized applications use oracles has been demonstrated by the substantial growth in the total value they secure,” said Andrei Grachev, managing partner at DWF Labs.
“We look forward to building a strong collaboration to move forward and contribute towards a future where real-world data can be accessed and verified seamlessly on the blockchain,” said Grachev.
API3 and DAO Structure
API3 operates under a decentralized autonomous organization (DAO) structure. It is a digital management structure governed by smart contracts with decisions recorded and made on the blockchain .
Fundraising Soars to $2.4 Billion in Q1 2024
The crypto market is experiencing a significant increase in fundraising, reaching $2.4 billion in the first quarter of 2024. The latest data from PitchBook, a leading data provider for private and public market investors, shows a substantial increase in investment activity in the cryptocurrency sector compared to the previous quarter.
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The market upsurge witnessed during Q1 played an important role in driving the investment surge. PitchBook reported a total of 518 deals worth $2.3 billion closed in the first quarter of this year. This reflects a remarkable 40.3% increase in investment compared to the previous quarter.
How to Buy Crypto on Bittime
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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