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What winter? Crypto VCs continue their spending spree

You’ve got to give the crypto enthusiasts this much: The true believers in the still young but beaten-down asset are a die hard breed. Even after Bitcoin has fallen nearly 70% from its late 2021 high and as VCs pull back on investments in other sectors, venture activity in crypto and blockchain startups is as busy as ever.

As of last Friday, VC investments in the space have reached $18.3 billion so far in 2022. That’s nearly triple the amount invested in 2020 and also on pace to exceed 2021’s record haul of $32.4 billion, according to Steven Alexopoulos, an analyst at J.P. Morgan.

Some of the crypto fundraising rounds this year have been substantial in size. In January, Fireblocks, a digital-asset infrastructure startup that has since partnered with the likes of BNP Paribas, raised $550 million at a valuation of $8 billion. In March, Yuga Labs, the company responsible for Bored Ape Yacht Club NFTs, raised $450 million at a $4 billion valuation.

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