March Sees Crypto Funding Surge, Fueled By Early-Stage Blockchain Ventures
In March, funding for crypto companies surged to its highest level in 18 months, propelled by a flood of early-stage investments into blockchain ventures.
Total new funding exceeded $1.4 billion, marking the strongest month since September 2022, when the sector saw over $2 billion in funding. John Dantoni, The Block Research Director, attributed the spike in March to a significant increase in early-stage investments, with more than 20 such deals compared to just nine in February. This robust funding activity coincides with a rise in cryptocurrency prices, with Bitcoin surpassing $70,000 for the first time.
Dantoni clarified that deal announcements often lag behind actual deal activity, leading to a delay in reflecting market trends. Moreover, token sales in March, including those of Monad Labs and Optimism, contributed to substantial fundraising totals, with the overall investment in crypto and blockchain companies surpassing $90 billion. With notable investments from firms like Marc Andreessen, Accolade Partners, and Galaxy Digital, the outlook for venture funding in the crypto space remains promising.
Clever Robot News Desk 2nd April 2024
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