Welcome to the latest edition of Cointelegraph’s DeFi newsletter Miami .

The DeFi room is full of fundraising this week. Read on to learn where the Reddit co-founder-run venture capital company makes notable investments.

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The Proximity Protocol provides $ 800 million to develop the ecosystem

The Near Protocol smart contract platform announced the allocation of a $ 800 million global funding initiative to accelerate the growth of the DeFi ecosystem and incentivize network developers to develop products.

In addition to the US $ 350 million funding program announced by Proximity Labs on October 21.

According to the project’s press release, Near has distributed $ 45 million in protocol infrastructure funding to more than 120 projects, including Textiles, Quality and CronCat, among others. These and others have contributed to the growing total value of the platform, which is currently $ 150 million.

Instructions for upgrading the FATF to DeF and NFTs for the first time in two years Miami

The intergovernmental group, the Financial Action Task Force (FATF), released an updated guidance document this week on virtual asset providers with an inherent focus on DeFi and other sectors; the token area is unusable.

The FATF was launched in 1989 after the G7 summit and was founded with the aim of introducing guidelines and procedures for illegal money laundering activities. The grouping includes 37 countries, including the United States, China and the Russian Federation, as well as two regional organizations, the European Commission and the Gulf Cooperation Council.

According to the new guidelines, owners and operators with “influenced control in DeFi agreements” can fall under the FATF definition of a virtual asset service provider and are therefore subject to the requirements.

Related: 3 Reasons Curve Price (CRV) Is Tilting New 1-Year Highs

QuickNode raises $ 35 million in Series A funding

Blockchain infrastructure platform QuickNode raised $ 35 million in its Series A financing round this week, led by US investment firm Tiger Global and, among others, Seven Seven Six, Soma Capital, Arrington XRP Capital and Anthony Pompliano.

This is the second round of funding for the Miami-based project after a $ 5.3 million investment round in March this year.

Reddit co-founder Alex Ohanian – who participated in both rounds of fundraising through his VC fund Seven Seven Six – shared his expectations for the platform’s growth:

“We are excited to see firsthand the rapid growth of QuickNode as it enables more individuals and businesses to adopt blockchain technology with ease. QuickNode is another example of Miami Tech’s excellence. “

Immunefi raises $ 5.5 million to strengthen DeFi’s security offering

DeFi security firm Immunefi this week announced a $ 5.5 million round of funding from 11 venture capital firms including Blueprint Forest, Electric Capital, Framework Ventures, and Bitscale Capital, along with a single series.

Immunefi supports some of the leading DeFi protocols in the market like Synthetix, Chainlink, SushiSwap, and PancakeSwap, protects over $ 50 billion in assets to date, and has paid out $ 7.5 million bug bounty since its inception.

The company will use the capital to fuel its growing security service, ensure asset protection in smart contract logs, and provide financial incentives for hackers in the form of a bug bounty program.

Mitchell Amador, founder and CEO of Immunefi, spoke about the importance of DeFi protection:

“DeFi is unique in that vulnerabilities in the code can lead to a direct loss of user funds. Bug bounty programs are an open invitation for security researchers to find such vulnerabilities in exchange for rewards, and have proven to be one of the most effective ways to deal with critical security vulnerabilities. “

Immunefi recently offered to help uncover potential belt finance vulnerabilities and Polygon’s double spending bug, and ease the process between white hat hackers and related projects.

Token demonstration

Analytical data shows the total value of DeFi banned for the week increased 5.1% to $ 160.59 billion.

Data from Cointelegraph Markets Pro and TradingView shows the top 100 DeFi tokens by market capitalization remarkably good by past seven days.

Secret (SCRT) secured the top spot with an impressive 116.9%. Curve DAO token (CURVE) second with 60.96%, while Fantom (FTM) took third place with 33.19%. Fourth and fifth positions are claimed by THORChain (THOR) and Basic Attention Token (BAT). with 25.66% and 9.8%, respectively.

Analysis and hot topics of the last week:

Thank you for reading our roundup of this week’s most influential DeFi developments. Visit us again next Friday for more stories, insights, and education in this dynamically evolving space.