Swan Closes Largest CeFi Raise YTD
Weekly Recap
Crypto funding remains elevated, below last week’s total of $301 million but ending the week at a robust $256m. Deal activity increased by two deals this week as 25 deals were announced. Infrastructure was the most common category, with ten deals closed and $58m raised. CeFi led the week in funding, with Swan’s $165 million raise notching the largest deal closed in the category this year. Unlike most CeFi competitors, Swan offers no other digital assets on its platform. The company focuses on making buying and holding Bitcoin as easy as possible. DeFi, Web3 & NFTs, and Metaverse & Gaming saw early-stage deal activity, with deals closed in seed and pre-seed stages. Private market investors are beginning to venture further on the risk curve in unproven areas such as music NFTs and metaverse-based games. The high levels of funding and deal activity in areas largely ignored throughout the bear market could be early signs of a regime change in private crypto markets.