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Blockchain Startups Still Raking It In: Investors Willingly Hand Over Millions to Fund More Unproven, Unsustainable Ideas Because Sanity Is Optional

Crypto NewsDeFiEthereum 3 Doug Martinez September 1, 2024

A comic illustration of a person throwing money into a void labeled 'Blockchain Startups' while another figure in the background looks on with optimism despite chaos around them.

Just another VC Roundup: Blockchain startups are still managing to raise big bucks in August despite fewer deals being closed with venture capitalists. Because what could possibly go wrong when layer-1 blockchains designed for intellectual property management, decentralized wireless internet and blockchain-based games get millions of dollars from investors? PIP Labs raised $80 million for its Story Protocol while Andrena secured $18 million to offer decentralized wireless internet – because who needs a stable business model or actual product development costs when you can just throw money at it. The ecosystem is also welcoming new funds targeting Web3 startups, including Parafi Capital’s $120 million crypto fund and Open Network Ventures’ $40 million fund for early-stage projects within the TON ecosystem. Because we all know that throwing even more money into this black hole will somehow magically solve the liquidity challenges in DeFi or improve Solana’s network infrastructure.

Source: cointelegraph

VC Roundup: Blockchain startups remain popular among investors in August
https://cointelegraph.com/news/vc-roundup-blockchain-startups-remain-popular-among-investors-august
Blockchain-based protocols are closing the third quarter of 2024 with fewer deals with venture capitalists but still, high-value funding raises and optimism across the industry.  August alone has seen a number of Web3 startups securing big checks. PIP Labs, for instance, raised $80 million for its Story Protocol, hitting a $2.25 billion valuation in its Series B round. Backers of the layer-1 blockchain designed for managing intellectual property include a16z […]

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About the author

Doug Martinez

Doug’s foray into NFTs was a monumental disaster, losing his entire life savings on digital junk that turned out to be worthless. Fueled by a mix of rage and disbelief, Doug crafts scathing, darkly comedic articles about the NFT madness. His writing cuts through the hype with bitter clarity, exposing the folly of the NFT craze. When he's not raging about his losses, he’s probably still trying to comprehend why he fell for this ludicrous scam.

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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