Crypto Startups Garner $100 Billion in Funding Since 2014; U.S. Leads as Main Investor
Summary:
Since May 2014, cryptocurrency startups have raised over $100 billion in funding. Peaks were seen in October 2021 ($7 billion) and February 2022 ($3.67 billion). As of June 16, 2024, total funding stands at $101.35 billion. Data showcases that nearly half the funding comes from US investors, followed by the UK (7.7%) and Singapore (5.7%). Several high-profile funding deals occurred between late 2023 and mid-2024, including large raises by Together.AI, Wormhole, and Swan Bitcoin.
Since May 2014, cryptocurrency startups have garnered more than $100 billion in funding. Whilst the journey has seen many ups and downs amid unpredictable regulatory environments and unstable markets, both the highest and lowest levels of funding have steadily risen over the past four years. As per DefiLlama, a TVL aggregator, the total funding accumulated by the cryptocurrency industry by June 16, 2024, amounted to $101.35 billion. The modest beginnings of this venture saw a humble $17.14 million being invested in May 2014, when Bitcoin was just five years old and Ethereum was yet to be launched. Fast-forwarding to May 2024, the same industry witnessed a whopping $280.25 million in funding, a figure substantially larger than a decade ago, but still dwarfed by the prior month's amount of $777.11 million, according to DefiLlama's data.
Crypto startup funding reached its pinnacle in October 2021, raking in more than $7 billion. February 2022's contribution of $3.67 billion remains the second-highest recorded to date. Recent findings from 2023 highlight that nearly half of all cryptocurrency funding originates from U.S. investors, with the remaining portion evenly distributed amongst several nations. The top contributors following the U.S. were the UK (7.7%) and Singapore (5.7%), as revealed by Q2 data from 2023. As related in a recent report by Cointelegraph, a slew of notable fundraising deals occurred between late 2023 and mid-2024.
Both Together.AI and the Wormhole cross-chain protocol secured impressive accumulations of $225 million in the latter half of 2023. Simultaneously, open-source cloud storage company Totter and Eigenlayer secured $101 million and $100 million, respectively. Further noteworthy profits included a $165 million raise by Swan Bitcoin and Blockchain.com's $110 million. It’s expected that Spot Ethereum ETFs will begin trading by July 2, according to a Bloomberg analyst.
Published At
6/16/2024 7:46:24 PM
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