Crypto Funding Takes a Dive

May 5, 2023 • 4 Min Read

Funding took a dive this week, decreasing from $147M last week to just $75 million, the lowest level in over a month. Each vertical saw a decline in funding, with CeFi and Metaverse & Gaming receiving zero funding. Most of this week's funding was concentrated in the Infrastructure and Web3 & NFT segments, which had $41 million and $20 million in funding, respectively. These verticals in particular have been resilient throughout the bear market and have received consistent funding from VCs. Following the token launch of $SUI this week, the first decentralized exchange (DEX) on the Sui network, MoveEX, received an undisclosed amount of venture funding in a round led by Mysten Labs (the creator of the Sui blockchain.) There were 16 total deals this week, most of which were early-stage and at deal sizes of less than $10M. 

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Deal of the Week 

Tangem AG, a hardware wallet provider, completed an $8 million investment round led by Shima Capital with participation form other undisclosed investors. Tangem is growing quickly, and the additional funding should help Tangem’s technologies evolve with increasing demand from digital asset holders. The deal type wasn’t disclosed, but the funds are earmarked for expanding product offerings to furt...

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