Cryptocurrency Deal Financialย resources Funding Shows Indicationsย of Recovery
In the midst of a bear market, cryptocurrency deal financialย resources funding has experienced a decline. Nonetheless, there couldย be a glimmer of hope on the horizon. Recent data impliesย that funding figures for August surpassed those of July, indicating a probable trend reversal.
Cryptocurrency VC Up โฆ And Down
In August, the total cryptocurrency deal funding reached $660 Million, marking a 20% increase from Julyโs $550 Million. Regardlessย of this improvement, theย 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. Althoughย while this is slightly lower than Julyโs 78 projects and August 2022โs 132 projects, the overall trend still suggests a decline in VC funding.
Webย 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 wholeย lotย of funding recipients were Pendle Finance and Maple Finance, both focused on real-world asset tokenization.
Investments Still Pouring In
Theย latest cryptocurrency deal financialย resources fund to raise financialย resources theseย 30ย days is Gam3s.gg, a Webย 3.0 gaming platform. The company closed a $2 Million seed round led by Mechanism Financialย resources and numerous other deal financialย resources and angel investors. This funding will support the platformโs expansion and development into a leading โIGN for Webย 3.0 gaming.โ
Inย addition, decentralized exchange Brine Fi secured $16.5 Million in funding led by Pantera Financialย resources.
Hot Take: The cryptocurrency deal financialย resources landscape couldย be experiencing a recovery, with funding figures for August signaling a probable trend change. Althoughย while the overall funding amount remains lower compared to the previous year, it is encouraging to see an increase from lastย 30ย days. This impliesย that investors are still willing toย facilitate promising projects in the cryptocurrency space regardlessย of market volatility.
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