Cryptocurrency Deal Financial resources Funding Shows Indications of Recovery
In the midst of a bear market, cryptocurrency deal financial resources funding has experienced a decline. Nonetheless, there could be a glimmer of hope on the horizon. Recent data implies that funding figures for August surpassed those of July, indicating a probable trend reversal.
Cryptocurrency VC Up … And Down
In August, the total cryptocurrency deal funding reached $660 Million, marking a 20% increase from July’s $550 Million. Regardless of this improvement, the present funding amount remains 57% lower than the figure for August 2022, which stood at $1.54 billion.
An analysis of the cryptocurrency project database RootData outlines that there were 73 publicly announced investment projects in the cryptocurrency VC space during August. Although while this is slightly lower than July’s 78 projects and August 2022’s 132 projects, the overall trend still suggests a decline in VC funding.
Web 3.0 projects received the largest share of funding, accounting for nearly a third of the total. DeFi projects followed with a 19% share, while infrastructure projects secured 14% of the funding.
The highest funding round in August was led by payment company Ramp, which raised $300 Million at a valuation of $5.8 billion. BitGo, a cryptocurrency custody firm, likewise secured $100 Million with a valuation of $1.75 billion. Other whole lot of funding recipients were Pendle Finance and Maple Finance, both focused on real-world asset tokenization.
Investments Still Pouring In
The latest cryptocurrency deal financial resources fund to raise financial resources these 30 days is Gam3s.gg, a Web 3.0 gaming platform. The company closed a $2 Million seed round led by Mechanism Financial resources and numerous other deal financial resources and angel investors. This funding will support the platform’s expansion and development into a leading “IGN for Web 3.0 gaming.”
In addition, decentralized exchange Brine Fi secured $16.5 Million in funding led by Pantera Financial resources.
Hot Take: The cryptocurrency deal financial resources landscape could be experiencing a recovery, with funding figures for August signaling a probable trend change. Although while the overall funding amount remains lower compared to the previous year, it is encouraging to see an increase from last 30 days. This implies that investors are still willing to facilitate promising projects in the cryptocurrency space regardless of market volatility.
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