TLDR:
- Q1 2024 saw an increase in crypto VC funding for the first time since the start of the crypto winter in 2022.
- Several significant deals over $100 million were made, including investments in projects like Wormhole, Together.ai, Swan Bitcoin, Blockchain.com, Totter, and EigenLayer.
Article Summary:
Venture capital activity in the cryptocurrency industry experienced a revival in Q1 2024, following a period of decline in 2023. Data from “The 2024 Crypto Spring Report” by Chainalysis showed an increase in crypto VC funding for the first time in several quarters, signaling a potential shift in investor sentiment. The median deal size also recovered, reaching around $10 million.
Some of the largest deals in the crypto VC space included investments in projects like Wormhole and Together.ai, both receiving $225 million in funding. Other notable investments were made in Swan Bitcoin ($165 million), Blockchain.com ($110 million), Totter ($101 million), and EigenLayer ($100 million).
This surge in crypto VC deals coincided with a significant rise in the cryptocurrency market in early 2024. Bitcoin reached new all-time highs, hitting $73,600 in March. The market rally was attributed to the launch of spot Bitcoin exchange-traded funds in the United States.
Overall, the increase in crypto VC funding and the success of various projects indicate a growing optimism and interest in the crypto industry in 2024.
