Money raised will go towards furthering the project's expansion while completing the development of its DAO.
The funding round, led by Three Arrows and DeFiance Capital, was also joined by Andreessen Horowitz and Polychain Capital.
WBTC burns picked up in November, continuing into December.
Derivatives' role in bitcoin's rally is "muted" this time, said one trader.
O(1) Labs’ lightweight blockchain project Mina, formerly known as Coda Protocol, has raised $10.9 million.
The Singapore-based firm minted 2,316 WBTC Thursday afternoon.
Uniswap reported 41% of July’s decentralized exchange volume.
The funding comes at a time when DeFi has seen an explosion in growth.
Framework Ventures and Three Arrows Capital announced a $3 million investment in Aave, the firm behind the third-largest lending platform in DeFi.
Three Arrows has taken a large bet on GBTC but the halcyon days of the Grayscale premium flip may be numbered.
Three Arrows Capital now holds about 6.26% of the shares in the Grayscale Bitcoin Trust, or more than 20,000 bitcoins' worth.
Trading volume records in bitcoin’s options market were smashed on Monday as investors scrambled to hedge their positions amid the selloff.