Project Faro leads $408.55 million crypto funding week

The bank-backed stablecoin venture drew commitments from institutions including Goldman Sachs, Citigroup, Santander and Deutsche Bank, according to a Nov. 10 Bloomberg report cited by crypto.news. Project Faro plans to use the funds for five years of operating costs; the amount is committed financing, not a confirmed payment. Its 21-member consortium expects to establish the issuer in the United States and launch a dollar stablecoin for payments and digital-asset settlement in the first half of 2027. A euro token is planned later.

Index Industries raised $50 million in a seed round led by Lightspeed Venture Partners, with Polychain Capital, Galaxy Ventures and Wintermute Ventures participating. Founded by former Polychain president Josh Rosenthal and Longmark CEO Brian Hardecker, the company is developing a U.S. home-price index and infrastructure for housing-linked investment products. Its planned USHP product is to launch on Ethereum in 2026 and expand to Solana in 2027. The company says the referenced securities are unregistered in the United States and cannot be offered to U.S. persons without registration or an applicable exemption.

Alta’s $47.5 million Series A, led by Index Ventures, brought its disclosed cumulative funding to $80 million. The San Francisco company, formerly known as Metal, is building blockchain infrastructure with privacy, identity and programmable compliance features for regulated financial institutions. Its services are intended to support cross-border payments, foreign exchange and treasury management. Airwallex is an investor and early design partner. Only Alta’s Series A—not its earlier $32.5 million seed funding—was counted in the weekly total.

Other disclosed rounds included Griffin’s $20 million Series B and Marble’s $11 million seed round. DECA Labs reported $12 million in cumulative funding, which was excluded from the tally. Seva Money raised $5 million, while Quranum Protocol announced $4.5 million in strategic funding. DefiLlama’s database also recorded public token sales of $300,000 for vibe/vibe and $250,000 for Mori Finance. Kailash, Spout and Lithium disclosed funding without stating amounts. Project Faro, Index and Alta together represented nearly 90% of the weekly total. The inventory was drawn from DefiLlama and checked against company announcements, investor disclosures and reporting.