December 6, 2023

Crypto Venture Capital Surges in November To $1.2 Billion

Crypto Venture Capital

Crypto Venture Capital

The crypto venture capital sector experienced an exceptional surge in funding in November, reaching an unprecedented $1.2 billion.

This represents a 179% increase from October’s $430 million and a 90% increase from the previous year’s $630 million. A closer look at RootData’s analysis reveals an interesting trend in the number of investment ventures.

In November, there were 92 investment projects in the crypto sphere, which is a 21% increase from October’s 76 projects. However, this number reflects a 17% decrease compared to the 111 projects in November of the previous year.

Investments in the crypto market were distributed across various sectors, with infrastructure projects receiving the largest share of funding at around 30%. Defi initiatives followed with approximately 13% of the total investment.

In terms of significant funding events, Phoenix Group, an Abu Dhabi-based enterprise specializing in Bitcoin mining and custody services, successfully raised $370 million through an IPO. The IPO will go live on the Abu Dhabi Securities Exchange on December 5.

In recent news, Fnality, a blockchain payment company, has announced that it has secured $95 million in a Series B funding round. This funding round saw notable participation from industry giants such as Goldman Sachs and BNP Paribas, along with other key players like DTCC, Euroclear, Nomura Securities, and WisdomTree.

In addition to this, Bitfarms, a Canadian Bitcoin mining firm, has disclosed that it has successfully raised $44 million through a private placement. This further emphasizes the robust growth and investor confidence in the crypto venture capital space during November 2023.

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