In 2023, crypto venture capital (VC) funding dropped 70% due to funding constraints, totaling only $10 billion in deal value compared to nearly $32 billion in 2022. Most VC deals were with early-stage companies, and late-stage venture deals made up just over 14% of total deal counts in the fourth quarter of 2023. The report also highlighted that global VC funding in crypto and blockchain raised $5.75 billion, a significant drop from 2022’s record of $37.7 billion. However, as the market focuses on passive and multi-asset offerings, crypto venture capital is expected to return in 2024. Despite the decline in VC deals, some notable deals in 2023 included Wormhole with $225 million, Line Next with $140 million, and Blockstream with $125 million.
70% Drop: Funding Constraints Cause Crypto VC Deals to Plunge in 2023
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