Crypto Startup Funding Surpasses $100 Billion Mark in 10 Years
Crypto startups have experienced a significant surge in funding over the past decade, surpassing the impressive milestone of $100 billion since May 2014.
Despite regulatory uncertainty and market volatility, the industry has witnessed both highs and lows, with funding reaching new heights despite occasional fluctuations.
According to data compiled by TVL aggregator DefiLlama, the total funding recorded for the cryptocurrency industry stood at $101.35 billion as of June 16, 2024.
Looking back to May 2014, just five years after the creation of Bitcoin and a year before Ethereum’s launch, the recorded funding for cryptocurrency startups in the first month amounted to a modest $17.14 million.
Fast-forwarding 10 years to May 2024, the funding for the industry soared to $280.25 million for the month.
While this figure was considerably higher than a decade earlier, it fell short of the previous month’s record of $777.11 million.
The peak of cryptocurrency startup funding was reached in October 2021, with over $7 billion raised during that month.
The second-highest recorded funding occurred in February 2022, totaling $3.67 billion.
Recent research indicates that nearly half of all cryptocurrency funding originates from investors in the United States.
The remaining investments are distributed among various countries, with the United Kingdom accounting for 7.7% and Singapore for 5.7%, based on figures from the second quarter of 2023.
Notably, a series of high-profile funding deals have taken place between late 2023 and the first half of 2024.
Together.AI and cross-chain protocol Wormhole secured investments of $225 million each, while open-source cloud storage firm Totter and Eigenlayer raised $101 million and $100 million, respectively.
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