Funding for Crypto Startups Surpasses $100 Billion
Cryptocurrency startups have raised over $100 billion since May 2014, with significant growth post-pandemic. Major deals and U.S. investors lead, reaching $101.35 billion by June 2024.
The $100 billion milestone was reached in just 10 years, with the majority of the funds raised since the COVID-19 pandemic.
Since the end of May 2014, cryptocurrency startups have amassed over $100 billion in funding. Throughout this period, the industry has experienced highs and lows due to regulatory uncertainties and market volatility. However, the past four years have seen both the ceiling and floor of funding levels rise despite ongoing fluctuations.
According to data from TVL aggregator DefiLlama, as of June 16, 2024, the total funding for the cryptocurrency industry stands at $101.35 billion. In May 2014, five years after Bitcoin's creation and a year before Ethereum's launch, the first recorded month of cryptocurrency startup funding amounted to a modest $17.14 million.
By May 2024, monthly industry funding had surged to $280.25 million, significantly higher than a decade earlier but below April's figure of $777.11 million.
The peak of cryptocurrency startup funding occurred in October 2021, with over $7 billion raised. The second highest month was February 2022, with $3.67 billion.
Research from 2023 indicates that nearly half of all cryptocurrency funding comes from U.S. investors. The United Kingdom (7.7%) and Singapore (5.7%) are the second and third largest contributors, according to Q2 2023 data.
Several high-profile funding deals have occurred between late 2023 and the first half of 2024. Together.AI and cross-chain protocol Wormhole each secured $225 million in late 2023, while open-source cloud storage firm Totter and Eigenlayer raised $101 million and $100 million, respectively. Other significant raises included Swan Bitcoin’s $165 million and Blockchain.com’s $110 million.
What's Your Reaction?
