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Avalanche raises $250M ahead of Avalanche9000 launch

The locked-token sale saw participation from more than 40 companies.

Layer-1 blockchain Avalanche announced the closure of a $250 million private locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital on Dec. 12. 

More than 40 companies joined the token sale including SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, FinTech Collective and others. 

The raise comes ahead of the launch of the “Avalanche9000” network upgrade, purported to be the most significant upgrade in Avalanche’s history. 

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Partior Series B funding reaches $80M on Deutsche Bank investment

Deutsche Bank joins fellow investors Peak XV Partners, JP Morgan, Jump Trading Group, Standard Chartered, Temasek and Valor Capital Group.

German banking conglomerate Deutsche Bank joined the second Series B funding round held by blockchain firm Partior, bringing its total funding raised across the series to $80 million.

Founded in 2021, Partior began Series B fundraising in June 2024 after closing a successful Series A round at $31 million in 2022. To date, the firm boasts more than $111 million raised across both series. 

Its A series was reportedly led by Standard Chartered Bank, with the participation of founding shareholders JPMorgan Chase, DBS Bank and Temasek. The Series B round was led by Peak XV Partners. 

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Ex-Pimco, Millennium execs set up crypto advisory business

After leaving crypto liquidity firm GSR in 2023, former Millennium and Pimco executives are coming back to crypto by launching a dedicated advisory firm.

Two former executives at major American investment management firms, Millennium Management and Pacific Investment Management Co (Pimco), are reentering the cryptocurrency space amid a major market rally.

Millennium’s ex-portfolio manager Benoit Bosc and Pimco’s former executive vice president Michael Bressler left their posts to set up a new crypto consultancy firm, x2B, Bloomberg reported on Nov. 11.

Expected to launch in November 2024, x2B will advise crypto projects on sectors like fundraising, tokenomics and market-maker strategy, exchange listing and treasury management.

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Bitget Wallet launches $20M grant for Telegram Mini Apps

Despite TON’s TVL dropping more than 50% since July, Bitget Wallet and Foresight Ventures have given another boost to Telegram’s Mini App ecosystem.

Bitget Wallet, a non-custodial cryptocurrency wallet by Bitget exchange, continues promoting crypto adoption on Telegram by launching a new funding initiative for Telegram Mini Apps.

Crypto investment firm Foresight Ventures and Bitget Wallet on Nov. 11 jointly launched a new $20 million support program for Telegram Mini Apps, according to an announcement shared with Cointelegraph.

The new funding program aims to support the development of new projects in Telegram’s Mini App ecosystem and create new opportunities for developers and projects.

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Republicans won the Senate, but 2 crypto races are still up for grabs

Democrat Ruben Gallego was leading in a race for Arizona’s Senate race, while Republican Sam Brown trailed in Nevada. 

Republican lawmakers in the United States have already flipped enough seats to secure a slim majority in the Senate for 2025, but the outcome for two candidates who received support from crypto-backed political action committees (PACs) and executives has yet to be determined.

As of Nov. 8, Republican Kari Lake was trailing Democrat Ruben Gallego in the race for an Arizona Senate seat. Lake has claimed to be a “pro-crypto candidate,” pledging to support some of Donald Trump’s policies on digital assets and Bitcoin (BTC), but did not appear to have received any campaign contributions from industry leaders or support from crypto-backed PACs.

The Fairshake PAC and its affiliates spent more than $10 million on media buys supporting Gallego, who led in the race against Lake with roughly 77% of votes counted at the time of publication. The Arizona lawmaker currently represents the state’s 3rd congressional district and voted in favor of the Financial Innovation and Technology for the 21st Century Act while in office.

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

After US election wins, the crypto industry looks to the 2026 midterms

Contributions from Coinbase and statements from executives suggested that crypto companies were likely to keep pouring money into future US elections. 

Though reporting varies and may still come in after all the elections are called, many experts said crypto interest groups and political action committees (PACs) spent more than $100 million through campaign contributions and media buys supporting or opposing political candidates in the United States — a strategy that is unlikely to change after 2024.

As of Nov. 7, more than 200 candidates running for the House of Representatives, Senate, and White House who had expressed support for digital assets and blockchain had won their respective 2024 races. Among some of the biggest wins crypto leaders claimed would be good for the industry included Republican Donald Trump for US President and Bernie Moreno for one of Ohio’s Senate seats. 

“The Ohio race was actually incredibly impactful and really proved just how powerful the crypto lobby is now,” Exodus chief legal officer Veronica McGregor told Cointelegraph, adding: 

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Solana rally follows Bitcoin price as SOL data points to traders’ $200 target

Solana gains alongside Bitcoin’s US election-related rally, and data hints that SOL price could hit $200. 

Solana’s native token SOL (SOL) opened the day with a 5.3% gain to trade slightly above $167. The move accompanied Bitcoin’s (BTC) US election day rally to $70,550, and for many traders, the desired target for SOL rests closer to $200. 

Currently, onchain data and derivatives market metrics suggest that SOL’s rally could continue in the short-term. 

Solana continues to lead in decentralized exchange (DEX) volumes, a clear indicator of user activity and transaction fees, both of which are crucial for fostering sustainable growth and encouraging further project and trader adoption.

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Sequoia to make $100M windfall from Stripe’s Bridge acquisition: Report

Sequoia Capital owns 16% of Bridge, which is set to be acquired by payments platform Stripe for $1.1 billion. 

Venture capital firm Sequoia Capital, which owns 16% of stablecoin platform Bridge, could rake in over $100 million from Stripe’s $1.1 billion acquisition deal of the firm. 

Sequoia made a $19 million investment in the crypto firm’s Series A round, which took place within the last year, Bloomberg reported on Oct. 29, citing people familiar with the matter. 

Other VC firms are also set for hundreds of millions of dollars in windfall from their stakes in Bridge, including Ribbit Capital, Haun Ventures, Index Ventures, and Bedrock Fund Management.

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

Fireblocks launches $1M grant program to boost PYUSD developer adoption

As part of the program, developers can apply for up to $60,000 in grant funding to support their projects.

Digital assets management platform Fireblocks has announced the launch of a $1 million grant program for companies building blockchain-based projects using the PayPal USD (PYUSD) stablecoin. 

Qualifying projects will be eligible for up to $60,000 in grants as part of the program, which was extended on Oct. 24 after an extensive beta period with payment companies KoraPay and Bridge. 

“Our pilot has already shown the transformative impact PYUSD can have, and we look forward to seeing businesses create real-world use cases that take advantage of what stablecoins can offer,” said Ran Goldi, the senior vice president of payments and networks at Fireblocks, in an announcement.

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks

AI startups draw record $11.8B funding in Q3

According to Stocklytics, AI startups accounted for 30% of total venture capital funding in the third quarter of 2024.

Despite a general decline in venture capital funding, artificial intelligence startups saw another quarter of strong cash injections. 

According to data compiled by analytics company Stocklytics, AI startups raised $11.8 billion during the past 90 days, accounting for 30% of total venture capital funding in the third quarter of 2024. 

The surge occurred despite the United States increased export restrictions on AI chips, valuation uncertainties, and earlier disappointing earnings from startups, creating a mixed landscape for investors.

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Crypto Battle Looms at SEC: Trump’s Team Set to Clash With Gensler’s Picks