The Strategist

Analysts: Major cryptocurrency funds raise $3.6B in funding

07/21/2023 - 09:31

According to Binance Research's Cryptocurrency Market Report for the first half of 2023, the ten largest cryptocurrency-focused funds generated $3.61 billion in financing.

"Overall Bitcoin deal activity decreased in the first half of 2023, which was also accompanied by a decrease in venture capital funding. However, notable VCs and bitcoin fans voiced hope. They emphasized continuous research and development in the area, anticipating that the price-innovation cycle will persist and present chances for Web3 technology developmentā€¦ In the first half of 2023, the top 10 funds raised $3.61 billion in financing," according to the poll.

According to Binance Research, projects that collected money to build and grow their businesses also received a sizable amount of investment in addition to funds focusing on cryptocurrencies.

"Infrastructure projects like mining platforms, blockchain bridges, lending, and hardware development appear to be receiving more attention from venture capitalists (VCs). However, as a result of altered market circumstances, we have observed a significant reduction in the average investment volume as compared to 2022," the company added.