Blockchain platforms Peaq, Midas, and BOB have secured significant funding for expansion, signaling renewed investor interest in the web3 sector.
Peaq announced a successful Series A funding round on March 27, raising $15 million. The platform, designed as a layer-1 (L1) blockchain for decentralized physical infrastructure networks (DePINs), attracted investment from Generative Ventures, Borderless Capital, Spartan Group, HV Capital, CMCC Global, and Animoca Brands.
Peaq’s goal is to establish an “Economy of Things” network, decentralizing physical infrastructure and systems to provide a permissionless and borderless digital infrastructure for intelligent machines. Peaq provides backend functions to assist app builders, enabling access management, AI agents, and device data verification.
Its ecosystem includes supporting tools such as a machine platform and a decentralized physical infrastructure network accelerator, developed in partnership with Outlier Ventures. The funds raised will support the expansion of Peaq’s ecosystem, which currently encompasses over 20 DePINs across various industries including mobility, energy, connectivity, environment, agriculture, and digital infrastructure.
Midas, led by CEO Dennis Dinkelmeyer, secured $8.75 million in funding. The firm is developing a protocol for issuing real-world assets as ERC-20 tokens. Framework Ventures and BlockTower led the funding round, aiming to support Midas’s expansion efforts and further develop its asset tokenization protocol.
Midas will introduce mTBILL, a stablecoin enabling users to earn yield from U.S. Treasury bills on-chain, potentially disrupting the stablecoin industry. Dinkelmeyer emphasized Midas’s commitment to innovation, stating that the company is well-positioned to offer investors innovative products to keep capital on-chain through yield-bearing tokens while utilizing relevant DeFi applications.
Both Peaq and Midas are based in Berlin, showcasing growing investor confidence in blockchain technology for real-world applications and asset tokenization.
BOB, a hybrid layer-2 network, raised $10 million in seed funding. Led by Castle Island Ventures, the funding round received contributions from Mechanism Ventures, Bankless Ventures, as well as notable angel investors Dan Held and Domo, the creator of the BRC-20 token standard. Led by co-founder Alexei Zamyatin, BOB aims to introduce the first Bitcoin L2 solution with Ethereum Virtual Machine (EVM) compatibility. The London-based company is preparing to launch its Fusion program on March 27, offering early access to its platform to participants.
BOB’s unique approach of combining layer-2 solutions with Ethereum Virtual Machine compatibility represents a significant advancement in the blockchain space. This innovative project has garnered substantial support from investors, indicating a growing belief in its potential to revolutionize decentralized finance (DeFi) and blockchain interoperability.
With its successful fundraising efforts, BOB is poised to make waves in the industry, offering a solution that bridges the gap between Bitcoin and Ethereum ecosystems. By leveraging layer-2 technology, BOB aims to enhance scalability and reduce transaction costs while maintaining compatibility with Ethereum smart contracts.
The participation of prominent investors and industry experts underscores the confidence in BOB’s vision and its ability to address the challenges facing the current blockchain landscape. As the project moves forward with its Fusion program launch, anticipation is high for the impact it will have on the broader blockchain ecosystem.
Overall, the recent funding rounds for Peaq, Midas, and BOB highlight the growing momentum behind blockchain innovation and the increasing recognition of its potential to disrupt traditional industries. These developments mark an exciting time for the web3 sector as it continues to push the boundaries of what is possible with decentralized technologies.
