Chinese blockchain company Rangers Protocol raises funds at $63m valuation

Photo: Unsplash

China-based blockchain infrastructure startup Rangers Protocol, which has just rebranded from Rocket Protocol, has raised a funding round that values the company at $63 million.

Investors include Pantera Capital, Framework Ventures, Huobi Ventures Blockchain Fund, Alameda Research, Hashkey Capital, SevenX Ventures, Spark Digital Capital, Incuba Alpha Holdings, Consensus Lab, Morningstar Ventures, Yuanyuzhou Ventures, and AU21Capital, among others.

Rangers Protocol said in a statement that Polkastarter, a cross-chain decentralised exchange, has also conducted in-depth cooperation with the company as a strategic partner.

The Rangers Protocol platform integrates cross-chain protocol, nonfungible token (NFT) protocol, and Ethereum virtual machine (EVM) protocol. The company claims to allow developers to freely try content and applications in the Rangers Protocol ecosystem without permission.

Rocket Protocol, the first version of Rangers Protocol, was “built based on the founding team’s estimation that the NFT market will explode”.

“They believed the dependence of complex decentralised applications on the underlying facilities was about to grow stronger,” the firm said.

The rebranding of the company will include upgrades to new NFT and EVM platforms, it added.

Rangers Protocol will also establish community organisations, such as the Ecosystem Governance Foundation, Developer Community, and Pioneer Investment Alliance, to “create a fair and open environment for pioneer developers”.

Blockchain investors have laid their eyes on Asia, a region where the total deal value and count in the sector are on track to meet or surpass 2020’s figures.

Just recently, Hong Kong-listed BC Technology Group, the parent firm of regulated digital asset platform OSL, raised about $70 million from Singapore’s sovereign wealth fund GIC.

In Southeast Asia, Singapore dominated deal flows, recording 28 of 35 crypto and blockchain transactions this year, showed Pitchbook data.

Coinomo, the company that runs the Southeast Asia-focused cryptocurrency exchange OMO, has recently secured an undisclosed amount in a financing round led by Vertex Ventures.

Other deals in the region include Indonesian crypto exchange startup Pintu raising $6 million in a Series A round led by Pantera Capital, and global cryptocurrency exchange Luno exploring a partnership with Indonesian conglomerate Lippo Group to set up a joint venture in the country, or Binance-backed local operator Tokocrypto looking at a public market debut.

Ranger Protocol’s funding comes even as China has been trying to rein in cryptocurrencies.

In May, China banned financial institutions and payment companies from providing services related to cryptocurrency transactions and warned investors against speculative crypto trading. China accounts for over half of global bitcoin production, but some miners have been considering moving elsewhere following the clampdown on bitcoin mining and trading last month.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.