Crypto Startup Funding Breaks $100 Billion Mark

0
15

Cryptocurrency Startup Funding Surpasses $100 Billion Milestone

The cryptocurrency industry has surpassed a significant milestone, with startup funding exceeding $100 billion since May 2014. This achievement comes after a decade marked by both booms and busts, navigating regulatory uncertainties and market volatility. Despite these challenges, the overall trend reflects a rising ceiling and floor for investment in the crypto space.

Data from DefiLlama, a platform that tracks total value locked (TVL) in decentralized finance (DeFi) protocols, reveals that as of June 16, 2024, the total funding for cryptocurrency startups has reached $101.35 billion. This marks a dramatic increase compared to May 2014, just five years after Bitcoin’s creation and a year before Ethereum’s launch. Back then, the first month of recorded cryptocurrency startup funding only reached a modest $17.14 million.

Fast forward ten years to May 2024, and monthly funding totals paint a very different picture. While significantly higher than the initial figures from 2014, the industry secured $280.25 million in funding, falling short of the previous month’s impressive $777.11 million.

October 2021 stands as the peak month for cryptocurrency startup funding, with a record-breaking sum exceeding $7 billion raised. No other month comes close to this achievement, with February 2022’s $3.67 billion ranking as the second-highest on record.

Recent research from 2023 indicates that nearly half of all cryptocurrency funding originates from investors based in the United States. The remaining portion is distributed across various countries, with the United Kingdom (7.7%) and Singapore (5.7%) claiming the second and third-largest investment shares according to Q2 2023 figures.

Cointelegraph’s recent reports highlight a surge in high-profile funding deals secured between late 2023 and the first half of 2024. These include significant investments like $225 million each for Together.AI and cross-chain protocol Wormhole in late 2023. Additionally, open-source cloud storage provider Totter and Eigenlayer secured $101 million and $100 million respectively. Other notable raises include Swan Bitcoin’s $165 million and Blockchain.com’s $110 million.

Source Link
Author: Sb

This post was originally published on cryptonewsfarm.com

Comments are closed.