February 28, 2024
By Anjali Kochhar
Block Research claims that over $90 billion has been invested in cryptocurrency and blockchain-related businesses overall.
The investment for projects has crossed the $90 billion milestone thanks to more than 50 deals completed this month, according to data from The Block Research, which has been monitoring capital flows into the relatively nascent industry since 2017.
The Block Research Director John Dantoni noted that although there hasn’t been a significant increase in funding figures in the blockchain sector, there are promising signs.
New financing announcements are divided into several categories by Block Research, including web3, infrastructure, DeFi, NFTs/gaming, trading and brokerage, data and analytics, enterprise, and crypto financial services. The Block Research data indicates that since the beginning of the year, over 230 trades with a combined value of around $1.3 billion have been registered.
The great bulk of money for 2024 has already gone toward DeFi, infrastructure, NFTs/gaming, and web3 initiatives. Investors and venture capitalists such as Framework Ventures, Polychain Capital, Shima Capital, and Animoca Brands have taken part in fundraising rounds. One of the more well-known investments of the month was a $25 million Series A investment made by Tether and Solana co-founder Anatoly Yakovenko in the cryptocurrency mobile payment company Oobit.
A growing interest in DeFi & DePIN, along with the risk-on behavior of Asian VCs and increased deal activity in recent months, which is especially noticeable in Pre-Seed/Seed investments, paints a picture of investors strategically positioning themselves for what may be the beginning of a new digital asset cycle, according to Dantoni.
Reduced financial amounts yet a steady number of deals
The data indicates that, except from the Oobit deal, the majority of investment announcements have been for capital injections under $10 million. Even if the monetary amounts of the deals signed each month have fallen well short of the investment levels observed in 2021 and 2022, the number of new transactions struck each month has remained reasonably consistent for several months.
The Block Research data shows that over 9,500 announcements of investments have been made in the industry since 2017.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
