TLDR:
- Venture capital funding in the cryptocurrency sector has surpassed $1 billion for two consecutive months.
- In April 2024, a total of $1.02 billion was raised over 161 investment rounds, slightly lower than March’s $1.09 billion.
For the second month in a row, venture capital financing for cryptocurrencies has exceeded $1 billion. According to RootData, the total financing for April amounted to $1.02 billion, spread over 161 investment rounds. This is a little decrease from March, when $1.09 billion was reported from 186 rounds. Two consecutive months of funding topping $1 billion have not been seen in the sector since October–November 2022.
Securitize, a company that tokenizes real-world assets, received a $47 million investment led by BlackRock. Monad, a new layer-1 blockchain supported by Paradigm and Coinbase Ventures, received a colossal $225 million investment. Also receiving money were the developers behind layer-1 blockchain Berachain, which is built on Cosmos, and blockchain infrastructure firm Auradine, which got $100 million. The top two categories for venture capital financing in 2024 were blockchain infrastructure startups ($1.7 billion) and decentralized finance protocols ($626 million). The least-funded group in 2024 was decentralized autonomous organizations (DAOs), which had received only $3 million so far.
With 604 fundraising rounds totaling over $3.67 billion in 2024, the sector is well on its way to surpassing the $9.3 billion received in 2023. Pantera Capital and Paradigm, two venture capital companies, are now seeking $1 billion and $850 million, respectively, for new crypto funds. Pantera Capital’s $1 billion funding round would rank as the biggest for the cryptocurrency sector since May 2022, when the record-breaking $4.5 billion was raised by Silicon Valley-based venture capital company Andreessen Horowitz (a16z).
