Crypto Venture Capital Funding Surpasses $1B for Two Months, Blockchain Infrastructure Leads in 2024
Summary:
Crypto venture capital funding exceeded $1 billion for two consecutive months for the first time since October-November 2022, with key investments in companies like Securitize and Monad. Blockchain infrastructure led the funding sectors in 2024, while decentralized autonomous organizations had the least funding. Pantera Capital and Paradigm are aiming for significant new fund raises. Over $100 billion has entered the blockchain industry since June 2014.
For two consecutive months this year, the cryptocurrency sector has secured over $1 billion in venture capital backing. In April, 161 investment rounds brought the sector a total of $1.02 billion, slightly down from March's $1.09 billion accumulated over 186 rounds, according to data from RootData. A back-to-back monthly funding over $1 billion has not occurred since the period of October-November 2022. RootData also highlighted significant investments such as BlackRock’s $47 million contribution to Securitize, a company that tokenizes real-world assets, and $225 million poured into a potential "Solana killer" layer-1 blockchain called Monad, backed by Paradigm and Coinbase Ventures. Auradine and Berachain, respectively a blockchain infrastructure startup and a Cosmos-based layer-1 blockchain, also secured $80 million and $100 million funding. Out of all sectors, blockchain infrastructure firms reportedly attracted the highest venture capital in 2024, totaling $1.7 billion, followed by decentralized finance protocols which obtained $626 million. Thus far in 2024, decentralized autonomous organizations gained the least support, raising a mere $3 million. So far this year, the cryptocurrency and blockchain sector has received over $3.67 billion through 604 funding rounds. If the trend continues, this figure could surpass the $9.3 billion raised in 2023. To date, the blockchain industry has obtained over $100 billion in funding across 5,195 rounds since June 2014, reveals data from DeFiLlama. Noteworthy is also the fact that VC firms Pantera Capital and Paradigm aim to raise $1 billion and $850 million respectively for new cryptocurrency funds. Should Pantera Capital secure $1 billion, it would become the largest raise the cryptocurrency sector has seen since May 2022, when Andreessen Horowitz (a16z) set a record by raising $4.5 billion. Despite declaring a $7.2 billion raise in May for several sectors, a16z had decided not to increase its cryptocurrency fund.
Published At
5/6/2024 5:49:24 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.