Crypto Venture Capital Investments Increase by 20% in August
The crypto venture capital sector experienced a slight uptick in funding during August, despite the ongoing bear market. While the number of projects securing funds has decreased, the total amount of funding has risen. According to a report by Wu Blockchain, venture capital investments in the crypto space reached $660 million in August, a 20% increase from July. However, this figure is still significantly lower compared to the same period last year, down by 57%.
Preference for Web3, DeFi, and Infrastructure Projects
Web3 projects received the highest share of investments in August, followed closely by DeFi projects and infrastructure projects.
It is important to note that different sources present varying figures. For instance, DeFiLlama reported lower funding rounds and a smaller number of investment projects compared to RootData. Notable funding rounds in August included Ramp, BitGo, Pendle Finance, and Maple Finance.
VC Investments Continue Despite Slump in Q2 2023
Despite a decrease in venture capital investments for digital asset firms in Q2 2023, recent developments, such as the successful funding round of decentralized exchange Brine Fi, indicate a gradual revival and brighter future for the crypto industry.
Hot Take
Despite the overall downward trend, the increase in crypto venture capital investments during August suggests resilience and potential for future growth in the industry.
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