Web3, media and entertainment brand Doodles has closed its first funding round of $54 million. 

Placing a $704m valuation on the company, it was led by Seven Seven Six with participation from 10T Holdings, Acrew Capital and FTX Ventures.

Founded in 2021 by Dapper Labs alumni Evan Keast and Jordan Castro, along with world-renowned artist Scott Martin (Burnt Toast), the investment will enable Doodles to scale its growth strategy and monetize its IP globally through ventures in music, culture and entertainment industries. 

The company recently appointed legendary musician and producer Pharrell Williams as chief brand officer and Julian Holguin, the former president of Billboard, to lead the brand. 

With expansion in mind, Doodles will be scouting top talent across various sectors such as creative, operations, and blockchain to help facilitate operations and streamline their roadmap. Additionally, Doodles will be funding product development via acquisitions and proprietary technology, media, and collector experiences.

“With this capital, we aim to continue developing a new generation of engaging experiences and content using blockchain technology, including NFTs,” said CEO Holguin. 

“We’re thrilled to have Seven Seven Six believe in our vision to build the largest and most coveted web3 media brand worldwide, bridging consumer, culture, and entertainment. Our mission is to redefine what it means to be a world class intellectual property.”

Katelin Holloway, founding partner at Seven Seven Six, added: “We believe Doodles is developing the next digital frontier of how we experience and create content, unlocking the real value behind NFTs.

“Reimagining storytelling through the blockchain, Doodles is changing the way the world connects and interacts. We’re so excited to partner with Doodles and the team as they continue transforming what the next generation of entertainment and media looks like.”

In the next six months, Doodles will launch several products, including their mainstream NFT experience meant for mass adoption.

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Cryptocurrency shorts

NEAR Foundation, the Swiss non-profit that oversees the governance and development of the NEAR protocol, has partnered with venture capital fund GFS Ventures to launch a blockchain hub in Vietnam. The centre will be dedicated to ongoing blockchain innovation, education and talent development throughout the region. 

A consortium of broker-dealers, global market makers and venture capital firms have launched a new cryptocurrency exchange named EDX Markets (EDXM). Backers include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial. 

International payments network SWIFT – the Society for Worldwide Interbank Financial Telecommunication – has partnered with FinTech Symbiont to provide more accurate data for financial firms through blockchain technology. Vanguard, Citigroup, American Century Investments, and Northern Trust are among the companies participating in the pilot.

Crypto options trading startup Synquote has raised $2.8m from Initialized and Polygon. The company will look to expand its platform for trading derivatives contracts in tokens.

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Crypto prices

The overall market cap of the more than 20,900 coins is at $998 billion at the time of writing (7am UK), a 6.6% decrease in the last 24 hours.

For round-ups of recent cryptocurrency news developments, click here.

For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.