Crypto Hardware Has Room for Improvement

Apr 4, 2025 • 5 Min Read

March Recap

March showed declines in private funding activity and represented the lowest monthly total for the first quarter. Total funding fell 16% from February’s $1 billion to $840 million, while total deal count dropped 9% from 116 to 106. Infrastructure was the leading category, representing 50% of funding and 42% of all deals. There have been more CeFi deals to start 2025, with 25 through the first quarter compared to 73 for all of 2024. CeFi was the second most funded category in March, which included Mesh’s $82 million Extended Series B round, the largest deal in March. Web3 and Gam...

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