Insights Trends Crypto Startup Funding Exceeded $100 Billion

Crypto Startup Funding Exceeded $100 Billion

June 17, 2024 Trends
BITmarkets | Crypto Startup Funding Exceeded $100 Billion

Since the end of May 2014, more than $100 billion has been raised for cryptocurrency startups.

Reflecting on the past, the industry has experienced highs and lows amid regulatory uncertainty and market volatility.

However, over the last four years, both the ceiling and floor of funding have increased despite ongoing fluctuations.

Data from TVL aggregator DefiLlama indicates that as of June 16, 2024, total funding for the cryptocurrency industry stands at $101.35 billion.

In May 2014, five years after the creation of Bitcoin and a year before the launch of Ethereum, the recorded funding for cryptocurrency startups was a modest $17.14 million.

A decade later, in May 2024, industry funding reached $280.25 million for the month — significantly higher than ten years prior but much lower than April’s figure of $777.11 million.

The peak of cryptocurrency startup funding occurred in October 2021, with over $7 billion raised. The next highest month was February 2022, with $3.67 billion.

Research from 2023 reveals that nearly half of all cryptocurrency funding originates from U.S. investors.

The remaining funding is distributed among various countries, with the United Kingdom (7.7%) and Singapore (5.7%) taking second and third places, according to Q2 2023 figures.

Major crypto news outlets have reported a series of high-profile funding deals between late 2023 and the first half of 2024.

Together.AI and cross-chain protocol Wormhole each secured $225 million in late 2023, while open-source cloud storage firm Totter and Eigenlayer raised $101 million and $100 million, respectively.

Other significant funding rounds included Swan Bitcoin’s $165 million and Blockchain.com’s $110 million.

Sources:

https://cointelegraph.com/news/crypto-startup-funding-eclipses-100-billion

https://defillama.com/raises

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