November Sees Unprecedented Surge in Crypto Venture Capital
In November, the crypto venture capital sector experienced an exceptional leap with funding reaching a record-breaking $1.2 billion. This represents a staggering 179% increase from October’s $430 million and a 90% rise compared to the previous year’s $630 million.
Rise in Investment Ventures
RootData’s analysis reveals an interesting dynamic in the number of investment projects. November saw 92 investment ventures in the crypto sphere, marking a 21% increase from October’s 76 projects. However, this number reflects a 17% decrease compared to the same month of the previous year, which had 111 projects.
Distribution of Investments
Within the crypto market, infrastructure projects claimed the largest share of funding, accounting for approximately 30% of the total investment. Defi initiatives followed closely behind, attracting around 13% of the total investment.
Notable Funding Events
Phoenix Group, an Abu Dhabi-based enterprise specializing in Bitcoin mining and custody services, successfully raised $370 million through an IPO. The IPO will go live on the Abu Dhabi Securities Exchange on December 5th.
Fnality, a blockchain payment company, announced securing $95 million in a Series B funding round. The round witnessed notable participation from industry giants such as Goldman Sachs and BNP Paribas, along with other key players like DTCC, Euroclear, Nomura Securities, and WisdomTree.
Bitfarms, a Canadian Bitcoin mining firm, disclosed its successful raise of $44 million through a private placement. This further demonstrates the robust growth and investor confidence in the crypto venture capital space during November 2023.
Hot Take: Crypto Venture Capital Skyrockets in November
In November, the crypto venture capital sector experienced an extraordinary surge, with funding reaching an unprecedented $1.2 billion. This represents a significant increase from the previous month and the previous year. The number of investment ventures also saw a notable rise, although it declined compared to the previous year. Infrastructure projects and defi initiatives were the top recipients of investments. Major funding events included Phoenix Group’s successful IPO, Fnality’s Series B funding round, and Bitfarms’ private placement. These achievements highlight the growing confidence and interest in the crypto venture capital space.
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