The 6 largest VC deals in the world of cryptocurrencies in the first quarter of 2024 and the end of 2023

 

The 6 largest VC :

deals in the world of cryptocurrencies in :

the first quarter of 2024 and the end of 2023 :

The largest VC deals in the cryptocurrency world in early 2024 indicate a

resurgence of investment activity after a period of market downturn.

According to :

the "Spring 2024 Cryptocurrency Report"

by Chainalysis, the first quarter of 2024 saw a quarterly increase in cryptocurrency

investments for the first time since early 2023, signaling

a shift in investment sentiment within the industry.

Despite a sharp decline in funding raised by cryptocurrency companies in 2023

the industry is now showing signs of recovery.

Quarterly cryptocurrency :

• funding volumes dropped significantly from nearly $10

• billion in the fourth quarter of 2022 to below $2.0 billion in

• the second quarter of 2023.

In the first quarter of 2024 :

capital investment volumes in cryptocurrencies rose for the first time since 2022

reaching approximately $2.5 billion. Mid-sized deal volumes also recovered

from a sharp decline in the fourth quarter of 2022

stabilizing around the $10 million threshold.

Despite the overall decline in cryptocurrency capital investment activity in 2023

the industry witnessed several large deals exceeding $100 million, including

early-stage deals from the third quarter of 2023 through the first quarter of 2024.

According to Chainalysis :

• the largest deals were conducted by cross-chain compatibility projects

• Wormhole and Together.ai. The Wormhole cross-chain compatibility

• protocol raised $225 million in November 2023 at a $2.5 billion valuation

while Together.ai also secured $225 million.

By the end of 2023 :

Swan Bitcoin, a platform specializing in digital asset and tax management

attracted $165 million in investment, and cryptocurrency exchange

service Blockchain.com secured $110 million in funding in November 2023.

Additionally :

the open-source cloud storage platform Totter and the Ethereum protocol

EigenLayer also made it onto the list of top capital investment deals

with Totter raising $101 million and EigenLayer securing $100 million.

These significant deals coincide :

with a major upturn in the cryptocurrency market in early 2024

with Bitcoin (BTC) reaching new record levels around $73,600 in mid-March.

This increase is primarily attributed to the launch of Bitcoin exchange

traded funds (ETFs) in the United States in January 2024