Shrapnel Valuation, Funding & Investors

Mocaverse is a Hong Kong Web3 identity, loyalty and engagement platform developed by Animoca Brands from 2022. Its Moca ID product gives users a portable digital identity that can connect activity across games, entertainment projects and online communities. The platform's Realm Points and related loyalty tools let users earn reputation and benefits through participation and redeem them across partner experiences. Game publishers, creators and other Web3 projects use the network to acquire users, coordinate campaigns and recognize activity across otherwise separate applications. Consumers use one identity to access content, rewards, digital assets and community programmes. Mocaverse's economics include digital assets, token-linked programmes, partnerships and services provided to projects in the Animoca network and the broader Web3 market. Polygon Ventures joined the USD 11.888888 million second financing tranche announced in December 2023 after an initial USD 20 million tranche.

Mythical Games is a Sherman Oaks-headquartered studio publishing blockchain-enhanced video games like Blankos Block Party and NFL Rivals. Its Mythical Platform provides developers with Mythos Chain blockchain and MYTH token integration for true in-game asset ownership and secondary marketplaces. The company powers economies in titles across mobile, PC, and console with secure NFT transactions.

Gala Games is a privately held blockchain entertainment company founded in 2019 by Eric Schiermeyer and Michael McCarthy. It develops and publishes games in which players can hold, trade and use blockchain-based in-game assets. The company operates GalaChain, its own network for games and decentralized applications, and uses the GALA token for transactions, rewards and ecosystem activity. Its catalog has included titles such as Mirandus, Spider Tanks and Town Star, while related Gala businesses extend the ecosystem into music and film. Players are the principal customers, and the business earns revenue from game content, digital-item sales and ecosystem services. DWF Labs has treated Gala as a portfolio relationship and on May 22, 2024 said it purchased 28 million GALA tokens on the open market after a security incident to reduce selling pressure. That purchase was a secondary-market support transaction rather than a primary company financing.

Sky Mavis is a Ho Chi Minh City-headquartered blockchain gaming studio behind Axie Infinity, a play-to-earn game with over 2.5 million daily active users on Ronin sidechain. The company develops NFT marketplaces, decentralized wallets, and metaverse tools using Ethereum-compatible infrastructure, enabling token economies with AXS and SLP assets. Founded in 2018 by Vietnamese entrepreneurs, Sky Mavis raised strategic investments from Andreessen Horowitz and has expanded to web3 titles like Pixels on mobile platforms.

Humanity Protocol is a blockchain-based identity verification network developing Proof of Humanity mechanisms. It offers developers tools for sybil-resistant authentication using palm scan biometrics combined with zero-knowledge proofs. Users maintain full control over their biometric data and digital identities without centralized storage. The protocol operates on its own layer-1 blockchain, emphasizing privacy-preserving human verification for decentralized applications. Deployed in web3 ecosystems, it addresses fraud in DeFi, NFTs, and governance systems.

NHN operates IT-related businesses across Korea, Japan, the United States, and China. Its activities include gaming, payment services, advertising, commerce, technology services, and digital content operations.

MobileCoin is a privacy-focused cryptocurrency network built on a Stellar Consensus Protocol variant for instant peer-to-peer mobile payments. It enables wallets integrated into messaging apps like Signal for seamless transactions using the MOBILE token. Founded in 2017 by Josh Goldbard and Shane Glynn, the San Francisco-headquartered project emphasizes fast confirmations under one second and low fees. MobileCoin supports atomic swaps and uses elliptic curve cryptography for shielded transactions. The platform launched mainnet in 2020 and partnered with Signal for in-app payments reaching millions of users worldwide.

OSL Group Ltd is an investment holding company. Along with its subsidiaries, the company operates an insured and SFC-licensed digital assets and blockchain platform business in the Asia-Pacific region, which mainly includes an OTC trading business to trade digital assets with corporate and individual customers, and the provision of automated digital assets trading services through its proprietary platforms. It provides a comprehensive range of services, including brokerage, custody, exchange, and SaaS. The group's platform caters to institutional, professional, and retail investors, facilitating them to manage their digital assets. Geographically, it operates in Hong Kong, Australia, Japan, Singapore, and Mainland China.

Securitize Holdings Inc provides a platform for tokenized real-world assets specializing in tokenizing real-world assets (RWAs) like funds, equities, and fixed income on blockchain networks. The company operates across two primary verticals: i) Tokenization: It consists of on-chain infrastructure and tokenization & distribution, ii) Asset Servicing: It covers post-issuance transfer agent and fund management services. The majority of the company's revenue is derived from the Tokenization vertical.

World Liberty Financial is a blockchain-based financial platform that develops products for institutions and individual cryptocurrency users. Its USD1 product is a United States dollar stablecoin designed for payments, settlement and on-chain liquidity, while WLFI is the platform's governance and utility token. WLFI Markets lets users supply assets and borrow against collateral through infrastructure provided by Dolomite. The company also develops wallet, bridge and conversion tools and an AgentPay software-development kit for policy-controlled payments by artificial-intelligence agents. Users interact with the ecosystem through stablecoin transfers, lending, borrowing, staking and governance. Protocol activity, token economics and partnerships with financial and blockchain institutions support the platform's commercial model. DWF Labs announced a USD 25 million private purchase of WLFI governance tokens on April 16, 2025 as part of a strategic relationship.

Space Labs is a technology company that builds blockchain-based systems, including infrastructure, smart contracts, and custom protocols for real-world applications.

Helium is a decentralized wireless network for IoT devices using blockchain incentives. San Francisco-headquartered since 2019, it operates 1 million hotspots worldwide providing LoRaWAN coverage in 190 countries. Network operators earn HNT cryptocurrency through Proof-of-Coverage validation via radio challenges. The platform supports sensors for asset tracking and environmental monitoring, with 100 billion data packets transferred yearly. Helium raised $250 million via ICO and partners with T-Mobile for 5G expansion in the U.S.

Multichain is a cross-chain router protocol delivering real-time interoperability for blockchain networks. It facilitates seamless asset transfers and communication across multiple chains through multichain.org.

ZYBER 365 is a Web3 operating system developer focusing on sustainable AI chains. The platform ensures cyber-secure, decentralized computing with energy-efficient consensus. It supports dApps in DeFi and NFTs. Launched in 2023 from Malta, ZYBER 365 adheres to environmental standards in blockchain operations.

Andalusia Labs is a blockchain infrastructure provider building tools for decentralized economic systems. The company develops protocols for token issuance, liquidity management, and cross-chain interoperability, supporting web3 applications in DeFi and digital asset markets.

Axelar Network is a privately held technology company active in crypto & web3 platforms. Axelar Network is a decentralized interoperability platform launched in 2020 that connects disparate blockchain ecosystems, applications, and users through a suite of protocols, tools, and APIs. Developers leverage it to enable cross-chain composability, liquidity transfer, and dApp functionality across Cosmos, EVM, and other chains from a single integration point. The product serves B2B customers through software, digital infrastructure or an online application. The company's commercial model is based on usage-based fees, depending on the feature or transaction used. Its operating role is to build and maintain the product rather than to manage a third-party investment fund. Morningstar Ventures identifies Axelar Network as a portfolio company and provides a first-party record of the investor's financing. The public evidence supports the company's product role and investment relationship while leaving any undisclosed headquarters, founding date and ownership terms unset.

Bitfury Group is an Amsterdam-headquartered full-stack blockchain company providing hardware and software infrastructure. It manufactures ASIC miners, develops the Exonum blockchain framework, and operates large-scale mining facilities in Georgia, Iceland, and Sweden. Founded in 2011, Bitfury serves governments and enterprises with secure asset transfer solutions.

Shift Up Corp is a game design and development studio that covers a wide range of areas from game production to promotional videos and music production, based on illustrations and solid planning and programming capabilities.