August 2023: A Snapshot of Cryptocurrency Investments
In August 2023, the cryptocurrency market saw several interesting developments. According to RootData, there were 73 publicly announced investment projects in the cryptocurrency venture capital (VC) space during this month.
While this number represents a 6% decrease from July 2023 (which had 78 projects) and a significant 45% drop from August 2022 (with 132 projects), it’s important to note that these figures may change as funding announcements occur at different intervals.
Infrastructure projects accounted for approximately 19% of the total funding share in August, marking a notable 32% decline compared to the previous month.
Total Funding Amount
In August 2023, the total funding amount reached $660 million, indicating a 20% increase from July 2023’s $550 million. However, this figure represents a significant 57% decrease from the same period in the previous year when the total funding amounted to $1.54 billion.
Notable Investment Rounds
Several notable investment rounds took place in August 2023:
- Ramp secured a $300 million funding round, led by Thrive Capital and Sands Capital, valuing the company at $5.8 billion.
- BitGo raised $100 million for strategic acquisitions.
- ZetaChain secured $27 million in funding for its cross-chain infrastructure project.
- ZTX announced a $13 million seed round for its collaborative project with Zepeto and Jump Crypto.
- Mahjong Meta completed a $12 million funding round for its Ethereum-based Web3 mahjong game.
- Binance Labs invested $10 million in Helio Protocol to facilitate its expansion to other networks.
Hot Take
August 2023 showcased a dynamic landscape for cryptocurrency investments, with a diverse range of projects securing substantial funding. This not only reflects the continued growth of the cryptocurrency space but also highlights the evolving priorities within the industry.
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