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.
Funding By Category
Funding By Deal Stage
Deal of the Week
Bitcoin staking protocol Babylon has raised $18 million in a Series A funding round led by Polychain Capital and Hack VC. Other investors in the round include Framework Ventures, Polygon Ventures, ...Reports you may have missed
WEEKLY RECAP Crypto funding was relatively unchanged week-over-week, with a 4% decrease to $138 million, while deal count saw a larger decrease, falling 29% to 25 deals. Infrastructure deals comprised 73% of total funding and Web3 and Gaming combined for 26%, with remaining categories making up the last 1%. As highlighted in our Q1 Funding Report, Series A funding has been a standout deal stage this year, and this week...
WEEKLY RECAP Crypto funding rose 92% from $213 million to $410 million, one of the highest weekly totals in months. The majority of funding came from two deals: Monad’s $225 million round (DotW) and Auradine’s $80 million Series B round, the first mining deal of 2024. Auradine’s Teraflux family of Bitcoin ASIC miners has set new performance and energy efficiency benchmarks and has shown robust field performance, which has helped...
WEEKLY RECAP Funding fell 27% from $282 million last week to $206 million this week across 34 deals. Triple-digit funding seems to be the new normal, as there has been a notable uptick in the private market in recent weeks. Despite the overall increase in activity, there has been a lack of CeFi-related projects in recent weeks, with just one deal in each of the last two weeks. Agora was the singular...
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