Gate Research Institute: July financing fell to $3.68 billion, capital focuses on growth projects and mainstream asset reserves | 2025 July Web3 financing panorama interpretation

Summary

• According to the data released by the Cryptorank Dashboard on August 5, 2025, the Web3 industry completed a total of 132 financing rounds in July 2025, with a total financing amount of 3.68 billion USD, continuing the strong capital enthusiasm.
• From the perspective of the Top 10 financing projects, the financing landscape shows a clear trend of "headification" and "institutionalization." Among them, traditional financial paths such as Post-IPO and PIPE (Private Investment in Public Equity) are gradually becoming mainstream financing methods, indicating that Web3 is increasingly integrating deeply with traditional capital markets.
• Many projects have clearly stated that a portion of their financing will be used to purchase mainstream cryptocurrencies such as BTC, ETH, SOL as treasury reserves, and this trend is gradually becoming the new normal in the industry.
• Financing is mainly concentrated in CeFi (1.62 billion USD) and blockchain services (1.4 billion USD), showing a structural trend of "infrastructure priority, service supremacy, and application differentiation"; capital continues to bet on centralized service platforms with commercial closed-loop capabilities that can bridge Web2 and Web3.
• In terms of financing scale, early-stage projects inject vitality into the ecosystem, while leading projects build confidence. However, the most concentrated capital is still in growth projects ranging from 3 million to 20 million USD, accounting for as much as 47.5%. These projects are mostly in the late stage of product-market fit (PMF) and on the eve of expansion, making them the current investment focus in the market.
• From the perspective of financing rounds, the growth stage rounds are the most active, with Series A financing taking the lead, accounting for 44.4% of the total financing amount. Capital is shifting from "story-driven" to "growth validation," placing heavy bets on projects with clear market paths, mature technologies, and commercialization capabilities.
• At the investment institution level, Colosseum ranked as the 7th most active institution in July with 9 investments.

Financing Overview

According to data released by Cryptorank on August 5, 2025, the Web3 industry completed a total of 132 financing rounds in July 2025, with a total financing amount of 3.68 billion USD【1】. It should be noted that due to statistical criteria, there is a certain discrepancy between this amount and the total financing amount obtained by adding each item (approximately 3.77 billion USD); to maintain consistency in the analysis data criteria, this article uniformly adopts the original statistical data provided by the Cryptorank Dashboard.

Compared to the 119 financing deals totaling $5.14 billion in June 2025, the number of financing deals in July increased by 10.92% month-on-month, but the total amount decreased by 28.4%. This phenomenon of "increased volume but reduced price" is mainly due to several large financing deals in June, particularly prominent in areas such as compliant financial services, expansion of listed companies, and deep integration with traditional finance. Among them, Circle topped the list with $1.1 billion in IPO financing, with five deals exceeding $400 million; however, in July, there were only two deals over $400 million, the highest being MARA's $900 million post-listing financing obtained on July 28, which was also lower than the previous month's peak.

Looking back at the year-round trend, the financing heat at the beginning of 2025 briefly declined, maintaining between 1 to 1.2 billion USD in January and February. However, starting in March, the market quickly heated up, with financing exceeding 5 billion USD in March, and reaching a two-year high of 5.17 billion USD in June, showing characteristics of "centralization, high amounts, and institutionalization," indicating that the market is gradually maturing.

Although the financing amount in July has seen some adjustment, it remains at a high level overall, with continued improvement in financing activity, reflecting sustained market enthusiasm and solid investment confidence. The Web3 industry is entering a new phase of accelerated capital allocation and structural development.

In July 2025, the Top 10 financing projects in the Web3 industry showed a clear trend of "head consolidation" and "institutionalization" in their financing structure. This month's total financing amount in the top ten reached as high as $275 million, with individual financing amounts generally at the hundred million dollar level, significantly driving the overall financing amount. Among them, MARA ranked first with $950 million in post-IPO convertible bond financing, demonstrating the strong financing capability of cryptocurrency mining companies in the capital market; followed by Mill City Ventures III, which obtained $450 million in PIPE private placement, with funds to be used for establishing the Sui Treasury, reflecting the continued attention and deep participation of traditional financial institutions in the public chain ecosystem.

In terms of financing rounds and methods, Post-IPO and PIPE (Private Investment in Public Equity) have become mainstream, accounting for over 60% of projects, especially with a high concentration in the CeFi and blockchain services sectors. This indicates that publicly listed companies or companies preparing for listing continue to be favored targets for capital, and it also shows that Web3 is continuously merging with traditional financial markets. Several projects have explicitly stated that the financing funds will be used to purchase mainstream crypto assets (such as BTC, ETH, SOL), indicating that crypto assets are becoming an important part of corporate financial reserves, reflecting confidence in the long-term value of crypto assets.

In addition, this month saw a major financing deal with an acquisition transaction (QCEX was acquired by Polymarket) and a traditional Series B funding round (TWL Miner raised $95 million), injecting new variables and growth momentum into the market.

Overall, the Web3 financing market in July showed strong capital injection, high concentration, and a preference for mainstream asset allocation, indicating that the industry is entering a mature stage led by top projects, with a more stable funding structure.

According to data from the Cryptorank Dashboard, in July 2025, Web3 financing showed a trend of "strong institutions, heavy compliance, and significant infrastructure," with funds highly concentrated in CeFi and blockchain services, accounting for more than 70% of the total financing amount for the month. This pattern reflects the high recognition of capital for platforms that connect traditional finance with the crypto world, providing both compliance and ease of use.

CeFi Sector ($1.62 billion) continues to show strength, driven by multiple PIPE, Post-IPO, and merger transactions, exhibiting clear characteristics of institutional dominance and concentrated financing among leading players. Exchanges, custody services, and cryptocurrency asset management platforms remain key areas for capital investment, viewed as the core entry point for traditional users and large-scale capital into Web3.

At the same time, the value of the blockchain service track continues to stand out, attracting nearly $1.4 billion in investment. This track is seen as the "water seller" of the Web3 ecosystem, covering B-end basic services such as API interfaces, data analysis, node services, and security audits. As the complexity of Web3 increases, capital is optimistic about specialized and efficient developer and enterprise-level tools, believing they will become key to driving industry maturity and large-scale adoption.

In contrast, while the total financing amounts of Blockchain Infrastructure ($289 million) and Chain ($101 million) are not high, it demonstrates that investors still value the long-term potential of underlying technologies, continuously investing to address key issues such as scalability, security, and interoperability, thereby building a solid foundation for the entire ecosystem.

Compared to the fervor of infrastructure and centralized platforms, the financing enthusiasm for decentralized applications (dApps) is relatively muted and differentiated.

• DeFi has secured approximately $148 million in funding, accounting for only 4%. After experiencing initial high enthusiasm and risks, the market's attitude has become more cautious, with funds more inclined to support projects that have sustainable business models and strong risk control capabilities.
• GameFi and NFT combined raised only about 104 million dollars in funding, showing that these two once-hyped sectors have entered a cooling period, with capital focusing more on actual user experience and sustainable economic models.
• Social track only gained 1.6 million dollars, reflecting the challenges it still faces in user growth and commercialization pathways.
• Stablecoin sector has only raised 10 million USD, but due to the gradual clarification of stablecoin regulatory policies, it is regaining capital attention, and relevant application ecosystems are also beginning to take shape.

Overall, the financing trends of Web3 in July 2025 highlight a clear pattern: infrastructure first, service as king, and application differentiation. Capital is increasingly concentrated on centralized service platforms that possess the ability to create a business closed loop and bridge Web2 and Web3, while continuously supplying "ammunition" for infrastructure improvement. Although decentralized applications aimed at the C-end still hold potential, capital enthusiasm has significantly cooled, entering a stage of rational selection. This marks the transition of the Web3 market from the early "experimental phase" to a more mature commercialization development cycle.

According to the financing data of 103 Web3 projects disclosed in July 2025, the overall investment focus of the financing market is gradually shifting towards the mid-term growth stage, preferring projects with clear growth paths and implementation capabilities.

Among them, medium-sized projects with financing scales ranging from 3 million to 10 million USD are the most active, accounting for as much as 29%, usually corresponding to Series A or B rounds, indicating that a large number of Web3 projects have crossed the product/market fit (PMF) stage and are seeking funding to expand their teams and ecosystems. Capital shows the strongest interest at this stage.

Further analysis shows that the combined proportion of the two ranges of 3–10 million USD and 10–20 million USD reaches 47.5%, which fully reflects that the current market theme is "investing for growth." Investors are more inclined to increase their investment in projects that have already shown potential and have a preliminary validated business model, in order to help them establish competitive barriers and strive for a leading position in the track.

At the same time, over $20 million in large-scale financing remains active, accounting for more than 22% (including 50M+ projects). This type of funding mostly flows to leading CeFi enterprises, publicly listed companies, or merger and acquisition projects, highlighting the high recognition of capital for leading enterprises and the direction of deep integration with traditional finance.

In comparison, early financing of less than $1 million accounts for 15.5%, while the $1 million to $3 million range is 13.6%, indicating that although the market is becoming more rational and the financing difficulty for startup projects has increased, new teams and innovative ideas continue to emerge, providing momentum for the long-term healthy development of the ecosystem.

In summary, the Web3 financing market in July 2025 presents a typical "olive-shaped" structure: small at both ends and large in the middle. Early innovative projects inject vitality into the ecosystem, while leading projects build market confidence, and the real capital core is concentrated on growth projects ranging from 3 to 20 million dollars. Investment logic is also shifting from "storytelling" to "growth competition," with capital increasingly favoring teams that have a prototype, sustainable business models, and expansion potential.

According to the financing data of 67 Web3 projects disclosed in July 2025, the financing activities show a typical structural feature of "active growth rounds, with capital highly concentrated in Series A:"

• In terms of rounds , Seed, Series A, and Strategic rounds are the most active, accounting for 26.1% respectively, indicating that the market remains enthusiastic about early exploration and ecological collaboration layout, while maintaining a high level of attention on projects that are entering the growth stage and have validation capabilities.
• In terms of capital distribution, Series A round takes the lead, absorbing 44.4% of the total financing funds for the month, indicating that capital is concentrating its "main battleground" on projects that have completed Product-Market Fit (PMF) and possess rapid expansion potential. The Series B round also accounts for 20.9%, with the combined proportion of A and B rounds exceeding 65%, clearly indicating that capital preference is shifting towards more mature projects in the later stages.

In comparison, early-stage financing (Angel, Pre-Seed) accounts for a certain amount, close to 16%, but the total financing amount only accounts for less than 3% of the total, indicating that the "high-frequency small amount" early investment strategy continues to be prevalent, with higher investment thresholds and stricter screening of quality projects.

In addition, the strategic round has the same proportion of project quantity as the Seed and A rounds, but the proportion of financing amount is only 9.7%, indicating that this type of financing is more inclined towards small investments for ecological collaboration and resource complementarity, rather than mainstream capital investment directions.

Although projects with clearly marked financing rounds account for the majority, "Undisclosed" rounds still occupy a significant proportion. This also actually includes a large number of PIPE (Private Investment in Public Equity) and Post-IPO financing methods commonly seen in traditional financial markets, reflecting that Web3 projects are gradually integrating deeply with traditional capital mechanisms. At the same time, several undisclosed round financing projects have explicitly stated that the raised funds will be used to purchase mainstream crypto assets such as BTC, ETH, and SOL as treasury reserves. This type of "financial allocation" financing has not been included in the regular round statistics by Cryptorank Dashboard but is becoming a new trend.

Overall, the Web3 financing market in July 2025 shows a clear trend of "growth rounds dominating and institutional pathways deepening." Capital is no longer blindly chasing early narratives but is heavily betting on projects with market validation, compliance pathways, and business closed-loop capabilities, especially mid-to-late stage teams in Series A to B. At the same time, traditional financial tools represented by PIPE and Post-IPO are accelerating their integration into the Web3 ecosystem. The allocation of financing funds to crypto assets also reflects that their financial structure and strategies are moving towards diversification and maturity.

According to data released by Cryptorank on August 5, 2025, Colosseum ranked as the 7th most active Web3 investment institution in July with 9 investments, demonstrating its high frequency of engagement and broad coverage in early project layouts. Following closely are Coinbase Ventures (7 investments) and Animoca Brands (5 investments), which continue to play their roles as strategic investors in the industry, maintaining a focus on infrastructure development and content ecosystem expansion.

From the perspective of investment rounds, several institutions such as Amber Group, Susquehanna International Group (SIG), CoinFund, and Faction have participated in multiple lead investments, demonstrating their strong dominance in project valuation, resource introduction, and ecological collaboration. Among these, institutions like SIG and Amber Group, which have traditional financial backgrounds, are gradually playing a key accelerator role in the Web3 field.

Overall, the leading capital in the current market remains active, and emerging capital is accelerating its integration with traditional capital. The frequent intersection of traditional financial institutions and crypto-native funds in the early investment stage is jointly driving the Web3 ecosystem towards a more mature and refined capital operation model.

Key Financing Projects to Focus on in July

Delabs Games

Introduction: Delabs Games is a studio focused on Web3 game development, founded by former Nexon executive James Joonmo Kwon in 2021. Since its establishment, the team has continuously developed multiple blockchain game products, including "Rumble Racing Star," "Space Frontier," and "Metabolts," dedicated to building a Web3 gaming experience that combines fun and playability from scratch. [3]

On July 21, Delabs Games announced the completion of $5.2 million in Series A funding, led by Hashed, bringing its total funding to $17.2 million.【4]

Investment Institutions/Angel Investors: Hashed, TON Ventures, Kilo Fund, IVC, Taisu Ventures, Arche Fund (Coin98), Yield Guild Games (YGG), Everyrealm, Jets Capital, etc.

Highlights:

1. Delabs is committed to breaking the centralized limitations of traditional games by leveraging blockchain technology to grant players ownership of game assets. Through the generative AI platform Verse8, it lowers the barriers to development and supports users and creators in building multiplayer game scenarios through natural language prompts, promoting community-driven content co-creation and economic circulation.
2. The first game "Boxing Star X" has validated the feasibility of the "light social + Web3" game business model, with monthly revenue exceeding $300,000 and an ARPPU of over $200. The global user count is about to surpass 2 million. Recently, the game ranked seventh in the DappRadar global gaming charts, surpassing well-known projects like "Axie Infinity". The next game "Ragnarok" has not yet been released, but the number of pre-registrations has exceeded 100,000, and market attention continues to rise.
3. The team has a "golden background" that integrates Web2 and Web3: Founder James Joonmo Kwon was the former CEO of Nexon, leading the creation of phenomenon-level games such as "MapleStory" and "Dungeon & Fighter"; Co-CEO JC Kim is a co-founder of Planetarium, deeply engaged in the blockchain gaming ecosystem, promoting the integration of traditional gaming and crypto technology. Its strong lineup of investors includes NFT influencer Dingaling, digital asset fund Grail, gaming accelerator Liquid X, co-founders of YGG, among others, providing the team with a powerful ecological resource network.

Gaia Labs

Introduction: Gaia is a decentralized artificial intelligence network aimed at redefining the way intelligence is built, distributed, and owned. Its peer-to-peer infrastructure allows anyone to run AI models and agents on a global network composed of independent nodes, ensuring the system's transparency, privacy, and resilience. Gaia Labs is the team responsible for the early development of the Gaia network.

On July 23, Gaia Labs announced the completion of a total of $20 million in seed and Series A funding, with this round led by ByteTrade, SIG Capital (Susquehanna), Mirana, and Mantle Eco Fund.

Investment Institutions: ByteTrade, SIG Capital (Susquehanna), Mirana, Mantle Eco Fund, EVM Capital, Taisu Ventures, NGC Ventures, Selini Capital, Presto, Stake Capital, FactBlock, G20, Amber, Cogitent Ventures, Paper Ventures, Republic Crypto, Outlier Ventures, MoonPay, BitGo, SpiderCrypto, Consensys Mesh, etc.

Highlights:

1. Gaia is building a globally leading decentralized AI inference network, with its core architecture based on a distributed node system, deploying a large number of independently operating AI nodes worldwide to create an open, transparent, and resilient intelligent network. Official data shows that the Gaia network currently has over 700,000 active nodes, has executed more than 17 trillion AI inference tasks, with nodes distributed across thousands of application chains and blockchain ecosystems, and has received support from over 1 million independent wallets.
2. The node mechanism is a technical highlight of the Gaia network. Each node can host AI models and independently perform inference tasks. Node operators can choose to run nodes on local devices, GPU servers, or even personal computers. Gaia Labs has integrated various mainstream open-source large language models (LLMs) as the "core models" of the network, including Meta's LLaMA series, Google's Gemma/CodeGemma, Microsoft's Phi series, and Alibaba's Qwen model, providing a diverse and high-performance model foundation for the AI network.
3. One of the key applications of this network is the Gaia AI Phone, an AI-native smartphone planned by Gaia Labs. This high-performance terminal, based on the Galaxy S25 Edge hardware, differs from other "AI phones" on the market in that all AI models and agents run locally on the device's chip. It does not rely on cloud computing or the uploading of user data, fundamentally ensuring data ownership and privacy security.
4. In terms of security and trust, the Gaia network introduces a "verifiable reasoning" mechanism to ensure the reliability of AI computation results through methods such as node staking. At the same time, Gaia Labs continuously improves the developer toolchain, providing an open AI agent framework and SDK, aiming to allow developers to easily develop and deploy AI applications on Gaia, just like using WordPress.

Syntetika

Introduction: Syntetika is a decentralized platform that supports the tokenization and trading of various types of assets. The platform includes yield-generating crypto products, tokenized shares of private companies (including unlisted enterprises), and digital representations of real-world assets (RWA).【7】

On July 17, Hilbert Group announced that its tokenization platform and decentralized exchange Syntetika has completed a $2.5 million seed funding round.

Investors: Russell Thompson, Chief Investment Officer of Hilbert Group, John Lilic, Advisor at Hilbert and Head of Nordark, Alex Berto, Co-founder of Aave and Allez Labs, and Venture Capitalist.

Highlights:

1. Syntetika focuses on the issuance and trading of tokenized assets that comply with regulatory requirements, integrating blockchain infrastructure with regulatory compliance mechanisms. The platform introduces Galactica's zero-knowledge KYC (zkKYC) system, achieving enterprise-level audit capabilities while ensuring user privacy, and building a decentralized yet compliant coexistence of digital asset ecology. Its vision is to simplify the issuance, trading, and management processes of on-chain assets, enhancing the efficiency and security of traditional assets circulating on-chain.
2. Syntetika creates a tokenized asset issuance platform for institutions by integrating DeFi traffic with structured asset design capabilities. The first product is a tokenized version of the Hilbert Group's Bitcoin yield strategy, allowing users to earn additional returns while holding BTC. Leveraging Hilbert's expertise in quantitative finance, Syntetika aims to provide structured on-chain yield products for both institutional and individual users.
3. The platform has established a strategic advisory committee, which includes members such as Chiliz Chief Strategy Officer Max Rabinovitch, Blum CTO Vladimir Maslyakov, former Head of Tokenization at Citigroup Chirdeep Chhabra, and Polygon advisor John Lilic, to provide rich industry resources and strategic guidance for the platform's development.

Blockskye

Introduction: Blockskye is a blockchain-based corporate travel and payment platform designed to simplify booking, expense tracking, and reconciliation processes. By integrating with KAYAK for Business and PwC systems, the platform eliminates intermediaries and pays suppliers directly through its Blockskye Pay system.

On July 17, Blockskye announced the completion of a $15.8 million Series C funding round, led by Blockchange. This round of financing will be used to expand into the European, Latin American, and Asian markets, and to develop real-time payment products based on stablecoins.

Investment Institutions/Angel Investors: Blockchange, United Airlines Ventures, Lightspeed Faction, KSV Global, Lasagna, Litquidity Ventures, Longbrook Ventures, TFJ Capital, etc.

Highlights:

1. Blockskye leverages blockchain technology to simplify corporate travel processes, supporting flight bookings, expense management, and payment settlement, bypassing traditional intermediaries such as travel agencies and credit card networks, and directly connecting with suppliers like airlines. Current clients include PwC, TripAdvisor, and Diageo. With a new round of funding, the company plans to expand to more Fortune 500 companies and accelerate its growth in European, Latin American, and Asian markets.
2. Blockskye's real-time ownership tracking feature significantly optimizes resource allocation, helping agencies reduce spending by 84% and recover millions of dollars in unused tickets. The company claims that the platform can help businesses reduce overall travel costs by about 14.5%.
3. Blockskye is launching a new generation of payment products, focusing on a transaction-by-transaction settlement mechanism based on stablecoins. Unlike traditional enterprise payment systems that rely on batch processing, Blockskye achieves real-time settlement at the transaction level, ensuring that the flow of funds is transparent, controllable, and without delays, bringing structural changes to enterprise payment systems. Blockskye is not limited to "adding chains" to credit card or invoicing systems, but is committed to fundamentally restructuring enterprise travel and payment infrastructure, creating a true full-stack travel operating system driven by data synchronization and smart contracts.

Limitless

Introduction: Limitless is a decentralized prediction market platform where users can place bets on real-world events, with a mechanism similar to binary options. The platform generates daily markets based on public price data, its structure is akin to zero-day-to-expiration (0DTE) options, offering a high-frequency, short-cycle trading experience that helps users capture rapidly changing market opportunities.

On July 1, Limitless announced the completion of a $4 million strategic financing, bringing the total financing amount of the project to $7 million. [12]

Investment Institutions: Coinbase Ventures, 1confirmation, Maelstrom, Collider, Node Capital, Paper Ventures, Public Works, Punk DAO, WAGMI Ventures, etc.

Highlights:

1. Limitless combines order book trading with innovative liquidity mechanisms to provide an efficient and flexible trading experience. The platform is designed with a dual order book system (Yes/No) for each market, supporting market orders and limit orders; it enhances capital utilization efficiency through a mechanism of share consolidation and splitting; and establishes a daily USDC reward program to incentivize liquidity providers (LP) to place orders close to the midpoint price, thereby narrowing the bid-ask spread. Market outcomes are provided by the Pyth Network oracle, and the platform also opens up API and smart contract interfaces for developers to integrate and use.
2. Limitless has grown to become the largest prediction market on the Base chain, with total contract bets exceeding 250 million USD. Users can make prediction trades regarding the price movements of specific assets in the coming minutes, hours, or days, providing an easy, accessible high-frequency trading method that significantly lowers the participation threshold.
3. Limitless has launched a user incentive points program in preparation for the Token Generation Event (TGE). Users can accumulate points through trading, providing liquidity, and inviting friends to participate on the platform, with the chance to receive future token airdrops. As one of the first prediction market platforms to reward early users with a token mechanism, Limitless is attracting a large number of core users to participate actively.

Summary

In July 2025, the total financing in the Web3 industry reached $3.68 billion, completing 132 financing rounds, showing a sustained capital enthusiasm. This month's financing exhibited trends of "head dominance" and "institutionalization," with traditional financial paths such as Post-IPO and PIPE increasingly becoming mainstream, marking the deep integration of Web3 with traditional capital markets. Notably, more projects are using financing funds to purchase mainstream crypto assets as treasury reserves. Funds primarily flowed to CeFi ($1.62 billion) and blockchain services ($1.4 billion), highlighting a structural trend of "infrastructure priority and service supremacy," while financing in the application layer was relatively tepid. The market focus has shifted to the mid-stage growth phase, with projects ranging from $3 million to $20 million accounting for as much as 47.5%, and Series A financing being the most active, indicating that capital is shifting from "story-driven" to "growth validation," with investments becoming more precise and strategic.

This month's key financing projects further confirm the trend of the Web3 market moving towards maturity and diversification. Delabs Games demonstrated breakthroughs in user experience and business models in Web3 gaming, emphasizing player ownership and AI empowerment. Gaia Labs represents the rise of decentralized AI infrastructure, connecting the real world through innovative applications like AI smartphones. The financing of Syntetika and Blockskye highlights the enormous potential of tokenized assets (RWA) and blockchain in enterprise-level applications (such as travel payments), as well as the emphasis on compliance and real-time settlement. Limitless, as a prediction market, reflects the ongoing attention to innovation in on-chain financial instruments and user incentives. Overall, the Web3 financing market is entering a more mature commercialization development cycle led by top projects.
Reference Materials:

1. Cryptorank , https://cryptorank.io/funding-analytics
2. Cryptorank, https://cryptorank.io/funding-rounds
3. Delabs Games, https://delabs.gg/
4. GamesBeat, https://gamesbeat.com/with-5-2m-series-a-delabs-games-levels-up-web3-ambitions/
5. Gaia, https://www.gaianet.ai/
6. Gaia, https://www.gaianet.ai/blog/gaia-labs-raises-20m-series-a/
7. Syntetika, https://syntetika.io/
8. Hilbert Group, https://hilbert.group/en/hilbert-group-closes-heavily-oversubscribed-seed-round-for-syntetika-tokenisation-and-decentralised-trading-platform/
9. Blockskye, https://www.blockskye.com/
10. The Block, https://www.theblock.co/post/363173/blockskye-funding-blockchain-corporate-travel
11. Limitless, https://limitless.exchange/simple/markets/59
12. Cointelegraph, https://cointelegraph.com/press-releases/limitless-raise-4m-strategic-funding-launch-points-ahead-of-tge

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