Crypto venture capital funding hits $1B for second straight month
It is the first time since late 2022 where the industry has recorded two consecutive funding months above $1 billion.
Crypto venture capital funding has topped $1 billion for the second consecutive month this year.
April’s $1.02 billion in funding came across 161 investment rounds in April, marking a minor fall from the $1.09 billion recorded from 186 rounds in March, according to RootData.
However, it is the first time since October-November 2022 where the industry has recorded two straight funding months above $1 billion.
Among the most notable fundraises include a BlackRock-led $47 million investment into real-world asset tokenization firm Securitize, and a massive $225 million investment into Monad, a new so-called “Solana killer” layer-1 blockchain backed by Paradigm and Coinbase Ventures.
The teams behind blockchain infrastructure startup Auradine and Cosmos-based layer-1 blockchain Berachain also received $80 million and $100 million in funding.
Blockchain infrastructure firms received the most venture capital funding in 2024 at $1.7 billion, while decentralized finance protocols come in second at $626 million.
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Decentralized autonomous organizations were the least-funded, having only received $3 million so far in 2024.
Over $3.67 billion in funds have poured into the industry, across 604 funding rounds so far in 2024, which is on track to clear the $9.3 billion raised in 2023.
More than $100 billion in funding has now flowed into the blockchain industry across 5,195 funding rounds since June 2014, according to DeFiLlama.
It comes as VC firms Pantera Capital and Paradigm are seeking $1 billion and $850 million for new cryptocurrency funds.
A $1 billion raise from Pantera Capital would be the largest for the cryptocurrency industry since May 2022, when Silicon Valley-based venture capital firm Andreessen Horowitz (a16z) raised a record-setting $4.5 billion.
Interestingly, a16z said it raised $7.2 billion to invest in several technology sectors in May, including artificial intelligence and gaming — but elected not to top up its cryptocurrency-focused fund.