Top Crypto VC Deals: Q1 2024 & Late 2023 Review

The cryptocurrency industry has seen an increase in venture capital activity in early 2024, which may indicate a resurgence of investor optimism after a bear market. According to Chainalysis’ “The 2024 Crypto Spring Report,” Q1 2024 experienced a quarter-over-quarter rise in crypto investments, the first since early 2023. This shift in dynamics could signal a change in the investment landscape for cryptocurrencies. Throughout 2023, there was a significant decline in capital raised by cryptocurrency companies, aligning with the crypto winter that began in 2022. In Q2 2023, quarterly crypto funding volumes dropped below $2.0 billion, following a peak of nearly $10 billion in Q4 2022. Q1 2024 saw an uptick, nearing $2.5 billion in crypto VC volumes. The median deal size has recovered and consistently remained around $10 million since a sharp decline in Q4 2022.

Although overall VC activity in the crypto industry declined in 2023, there were several noteworthy deals totaling over $100 million. Notably, Wormhole, a blockchain interoperability project, and Together.ai, the Decentralized Physical Infrastructure Network (DePIN), made the largest deals. Wormhole received a $225 million investment, valuing the project at $2.5 billion in November 2023. Similarly, Together.ai secured $225 million in investment. Swan Bitcoin, a crypto asset management and taxes platform, also obtained a significant investment of $165 million in late 2023. Blockchain.com, a major cryptocurrency exchange service, received $110 million in funding in November 2023. Other notable VC deals by Chainalysis include Totter, an open-source cloud storage platform, raising $101 million, and the Ethereum protocol EigenLayer, which raised $100 million.

This increase in crypto VC deals coincides with a significant surge in the cryptocurrency market in early 2024. Bitcoin achieved new all-time highs of $73,600 in mid-March. This rally was largely attributed to spot Bitcoin exchange-traded funds launching in the United States in January 2024.

Rice Fullilove

Rice Fullilove

6 thoughts on “Top Crypto VC Deals: Q1 2024 & Late 2023 Review

  1. It’s inspiring to see the resilience of the cryptocurrency industry. Despite a tough period, it’s making a comeback with these venture capital deals. 🌈✨

  2. The rise in cryptocurrency investments along with Bitcoin’s new all-time highs is bringing a wave of excitement and optimism to the industry. Let’s keep the momentum going!

  3. Wow, I can’t believe the crypto industry actually managed to bounce back. It’s like a never-ending roller coaster ride!

  4. Don’t get too excited about those VC deals; they could just be a desperate attempt to revive a dying industry.

  5. The launch of spot Bitcoin exchange-traded funds in the US seems to have played a significant role in the market rally. πŸ‡ΊπŸ‡ΈπŸš€ It’s exciting to see how these new developments can impact the industry! πŸ’ͺ

  6. Good to see some big names getting huge investments, but what about the smaller startups that really need support? πŸ‘Ž

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