Waves Platform Valuation, Funding & Investors

Serum is a decentralized exchange protocol built on the Solana blockchain enabling on-chain order books and automated market makers. Developed by Project Serum in collaboration with FTX and Alameda Research, it supports cross-margin trading, perpetual futures, and lending with high throughput exceeding 50,000 transactions per second. Serum powers DeFi applications for crypto trading communities globally.

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.

Finexity AG operates a OTC trading venue for tokenized Private Market-Investments, directly connecting issuers with trading partners such as banks, independent asset managers, and financial intermediaries. Its platform enables efficient access to a broad range of tokenized Private Market-Investments - including Private Equity, Private Credit, Real Estate, Infrastructure, and Collectibles -covering the entire value chain from structuring and tokenization to placement, trading, and settlement.

Zora operates an Ethereum-based protocol and marketplace for minting and trading non-fungible tokens representing digital art, music, videos, and collectibles. Creators set programmable royalties on secondary sales, while collectors access auctions, fixed-price listings, and collaborative ownership models. The platform integrates with major wallets and supports gasless minting through ZORA token. Zora powers NFT drops for artists like Tezos and music labels such as UnitedMasters. Headquartered in Los Angeles, California, the company launched its protocol in 2021 after initial development in 2020.

Rhino Bitcoin Inc is a Nevada corporation and Bitcoin financial services company focused on making everyday banking and financial management accessible. It integrates traditional banking functions within a secure, user-friendly platform centered on Bitcoin and maintains an active Bitcoin treasury strategy. The Company offers account funding and withdrawal in USD and Bitcoin, Bitcoin trading, custody services, remittances, discounted gift card purchasing, retirement accounts, Bitcoin collateralized loans, bill payments, and direct deposit. Its primary revenue comes from trading activities earning a spread on client exchanges between Bitcoin and U.S. dollars, and it operates in the United States, Malaysia, and Hong Kong.

PT Indokripto Koin Semesta Tbk is a holding company that invests in Subsidiaries engaged in the Futures Exchange and Crypto Asset Exchange. In addition, the Company also provides management consulting services to Subsidiaries such as business planning, business and investment strategies, company operational management and corporate financial consulting.

Thetanuts Finance is a DeFi protocol offering structured products and customizable vaults for yield generation on volatile assets. It provides treasury management solutions for DAOs and retail traders, simplifying options trading through automated strategies that monetize volatility with risk controls. Built on Ethereum, the platform supports token deposits for optimized returns via covered calls and other derivatives.

ether.fi is an Ethereum-based liquid restaking protocol built on EigenLayer that lets users restake ETH and earn rewards while retaining noncustodial control of their assets, receiving the tradable eETH token in exchange for maintaining liquidity. It differentiates itself by supporting redemptions alongside deposits, rather than the one-way lock-ups common among other restaking protocols. The protocol launched its platform in March 2023 and has since grown to hold billions of dollars in total value locked.

Form3 is a London-headquartered payment processor offering cloud-based APIs for real-time payments across UK Faster Payments, SEPA Instant, and US FedNow schemes. The platform handles clearing and settlement for banks and fintechs including Revolut and Starling Bank. Built on AWS microservices, Form3 processes billions in transaction volume annually with 99.99 percent uptime.

Singapore-headquartered InfStones provides blockchain-as-a-service through its universal platform that manages thousands of nodes across more than 50 public blockchains including Ethereum and Polkadot. The company delivers high-performance infrastructure to institutional clients worldwide such as exchanges and DeFi protocols. Founded in 2018, InfStones maintains offices in Singapore, the United States, and other locations spanning two continents to support global operations.

Ledn is a financial services provider building products for digital asset savings and lending. The Toronto-headquartered firm offers bitcoin-backed loans allowing dollar access without selling holdings, B2X loans to increase bitcoin exposure, and interest-bearing savings accounts for bitcoin and USDC. Founded in 2018, Ledn emphasizes transparent, collateralized finance at ledn.io.

Elliptic is a London-headquartered provider of blockchain analytics and cryptocurrency compliance software. Its platform monitors transactions across Bitcoin, Ethereum, and 100-plus chains for illicit activity, offering wallet screening, risk scoring, and investigation tools to exchanges, banks, and regulators. Clients include Coinbase and major financial institutions worldwide.

Musicow is a Seoul-based marketplace for trading fractional copyrights in K-Pop songs. Investors buy and sell stakes via public auctions or fixed-price listings, with royalties distributed proportionally. The platform verifies ownership through blockchain and partners with Korean labels for catalog access. Launched in 2021, Musicow democratizes funding for idol groups and producers in the $10 billion K-Pop sector.

A5X is a São Paulo-based financial marketplace operator providing electronic trading, clearing, settlement, and post-trading infrastructure for Brazil's capital and money markets. The platform facilitates transactions in equities, fixed-income securities, derivatives, and foreign exchange through high-speed matching engines and risk management tools. It connects institutional investors, brokers, and market makers with straight-through processing capabilities. Launched to foster competition alongside B3, A5X emphasizes low-latency execution and regulatory-compliant reporting for domestic financial institutions.

Minterest is an Ethereum-based decentralized lending protocol establishing interest rate markets for ERC-20 tokens, where protocol-captured fees from loans, flash loans, and liquidations fund automated buybacks of the MNT governance token for user distributions and sustained DeFi yields.