In Q2 2024, crypto startups saw a slight rise in venture capital funding, despite fewer deals, according to Pitchbook.
The total investment increased by 2.5%, while the number of deals fell by 12.5% compared to the previous quarter.
Key funding highlights include Monad, which raised $225 million for its layer-1 platform; BeraChain, securing $100 million for its DeFi protocol; and Babylon, obtaining $70 million for Bitcoin restaking. Notable rounds also featured Farcaster, which raised $150 million, and Zentry, with $140 million.
Although funding is up slightly from Q1, it’s significantly lower than the $25.3 billion and $29.4 billion raised in 2021 and 2022. Total crypto investment in 2023 stands at $10.1 billion, with projections pointing to $10.8 billion by year-end.
The competitive nature of early-stage funding has intensified, while later-stage investments are less competitive. Since 2014, the blockchain sector has attracted over $102 billion across 5,400 funding rounds.
This update comes after Pantera Capital and Paradigm’s attempts to raise significant funds for new crypto ventures, with Pantera aiming for $1 billion and Paradigm seeking $850 million.
Elon Musk’s Tesla has been the center of attention these past few years with its astronomical gains, that positioned it as a top investment in most porfolios.
According to crypto analytics firm Santiment, the decentralized oracle network Chainlink (LINK) leads all ERC-20 projects in development activity.
Vice President Kamala Harris, the Democratic candidate for the upcoming presidential election in November, recently spoke at a Wall Street fundraiser where she addressed the cryptocurrency industry for the first time.
Donors from Wall Street, Silicon Valley, and Hollywood played a key role in helping Vice President Kamala Harris’ fundraising efforts in August, giving Democrats a financial advantage over Donald Trump on the cusp of the run-off election.