Coinswitch's Web3 investment department, Coinswitch Venturess, announced a joint venture with Web3 venture capital company GravityX Capital to launch the Web3 acceleration project LevitateX.

On August 15th, Leung Tak-ming, the senior manager of digital entertainment at Cyberport, said that Cyberport currently has more than 170 Web3.0 startups. Previously, the Hong Kong government's budget allocated HK$50 million to Cyberport to accelerate the development of Web3.0. Cyberport will announce more details about the direction and specific plans of the allocation this week.

Coinbase CEO Brian Armstrong has sold almost 27,600 COIN shares, generating $2.9 million and bringing the total number of shares sold to 681,672, or 86% of his pledge to sell 2% of his company stake to fund other startups.

According to a report by Galaxy Research, venture capital firms are becoming increasingly disinterested in the crypto industry, despite the recent rise of Bitcoin and Ethereum. During Q2 of this year, crypto and blockchain firms received $2.3 billion in investments from venture capital firms, a significant decrease from the $8 billion invested during the same period last year.

ChainGPT has launched ChainGPT Pad, an IDO platform connecting early-stage startups with the $CGPT community for initial DEX offerings. The platform includes an incubation program with expert mentors to support qualifying projects, and features such as a two-round structure for IDOs, a staking and point system, a fair tier system, and a flexible refund policy. Three startups, DexCheck, TradeTomato, and Solidus AI Tech, are set to launch their IDOs through the ChainGPT Pad.

The Indian government has imposed a 28% Goods and Services Tax (GST) on the online gaming industry, which includes horse racing and casinos, without distinguishing between games of skill and games of chance.

CV Labs, a leading innovation center in Crypto Valley, has announced a strategic partnership with the EY Startup Academy to provide selected startups with resources, guidance, and opportunities to optimize their business models and achieve sustainable growth in the blockchain industry.

July 3 (Cointime) - The funding drought is permeating startups across different stages. A total of 325 seed funding deals were struck in H1 2023, a dramatic fall from the 936 in the same period in 2022 and 921 in H1 2021, according to Tracxn’s data. Other early-stage funding rounds, chiefly Series A and Series B, dwindled to 108, compared to 296 and 211 in the equivalent periods in 2022 and 2021, respectively. Late-stage funding also suffered, slumping to 36 deals from 137 and 114 during similar periods the prior years.

June 29 (Cointime) - LBank Labs, known for its protocol and exchange-agnostic approach, is committed to supporting projects through direct funding, acceleration, incubation, and extensive networking. With $100 million assets under management (AUM), the venture capitalist arm of global cryptocurrency exchange LBank has a strong track record of nurturing startups and helping them thrive. Besides direct investments in projects, the team aims to build a strong fund network via investing in global top funds to support portfolios from the network in both financial and resource value-add. Czhang Lin, an IC board member of Labs, is also personally LPs to NGC, Blockchain Founders Fund and Lemniscap, where Eric He, Co-Founder of LBank is LP to SevenX Ventures fund I, II and FOF, and IOSG Ventures.