Germany Achieves Record High in Global Venture Capital Funding Amidst Declining Blockchain Market
Summary:
Germany reaches all-time high in global venture capital funding share in 2023, despite downturn in blockchain market. Report shows $355 million invested in 34 deals, with Germany attracting 2.4% of global blockchain funding and 2.5% of global deals. The country secures 9.4% of Europe-based blockchain funding and 10.3% of all European blockchain deals. Other continents experience decline in venture capital funding. Lack of innovation in the crypto space may be a contributing factor.
Germany has achieved a new record in global venture capital funding share in 2023, despite the overall decline in the global blockchain market, according to a report published by Crypto Valley Venture Capital (CVVC). The German blockchain sector received a total of $355 million in investment across 34 deals, representing a 3% increase compared to the previous year. Additionally, Germany attracted 2.4% of global blockchain funding and 2.5% of global deals, surpassing the figures from 2022. The country also secured a significant portion of funding within Europe's blockchain ecosystem, with 9.4% of Europe-based funding and 10.3% of all European blockchain deals. These positive results for Germany come at a time when venture capital funding is declining globally across all continents. According to the report, there was a 62% decrease in funding and a 44% decline in deals compared to the previous four-quarter period worldwide. A venture capital executive, Tony Cheng from Foresight Ventures, suggests that the funding downturn in the crypto space may be due to a lack of innovation, as many of the popular narratives such as zero-knowledge proofs, layer-2 solutions, and nonfungible tokens (NFTs) have already become saturated.
Published At
9/15/2023 9:25:07 AM
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