Crypto Research

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...

Funding declined this week from $280M last week to just $147M this week. Not surprisingly, most deals were infrastructure-related, something we’ve seen all month. DeFi, which has generally been one of the less funded verticals the last year, has slowly begun to see an uptick in funding. DeFi was the second highest funded vertical in the past two weeks, with $45M and $29M funded. This week’s largest deal, Thetanuts Finance,...

EXECUTIVE SUMMARY Click Here for the full report.Crypto VC funding has continued its downtrend since peaking in the beginning of last year. Q1 2023 marked the fourth consecutive quarter of declines in total fundraising amount and deal count.Despite its decline from peak funding levels, the industry has proved its resilience, with funding levels still greater than 4x that of the previous bear market. We will be watching to see if...

Total funding for this week rose approximately 25% from $198 million to $249 million, with the large majority coming from the Infrastructure and DeFi verticals. One of the larger DeFi deals was Nayms’ $12 million round valuing the company at $80 million. Nayms is building a fully-regulated on-chain insurance platform to bring efficient and transparent features to a largely off-chain market. The funding will be used to expand Nayms’ global...

Funding slid lower this week from $284M to $182M. Continuing the trend of the last three weeks, infrastructure deals comprised the bulk of funding, with 9 deals amounting to $126M or 69% of total funding. Most of this infrastructure funding came in the form of Alt Layer-1 investments in Sei and EOS. The financial verticals had a lackluster week – DeFi and CeFi received just $4M and $7M of financing,...

Funding declined slightly this week, from $316M to $254M, with infrastructure making up the majority of funding for the second week in a row at $200M, nearly 80% of total funding. Infrastructure also had one of the biggest deals of the year – LayerZero Labs, an interoperability protocol that raised $120M in a Series B round. We discuss this deal in more depth later in this report. Other segments lagged...

Total funding this week was little changed on a week-over-week basis, with $286 million raised compared to $278 million last week. Infrastructure continued to lead funding, with an extension round from hardware wallet manufacturer Ledger ($109m) accounting for over one-third of total funding for the week. Ledger has benefited from implosions on centralized exchanges which led to an increasing demand for cold storage. They raised at the same valuation as...

Total funding rose from $124 million last week to $247 million this week, with nearly two-thirds represented relatively evenly between Web3 & NFTs and Metaverse & Gaming. 53% of the deals this week were seed rounds, comprising 32% of the total funding. One of the larger deals this week comes from OP3N, a Web3 AI-powered platform described by its CEO as, “a Web3 version of WhatsApp meets Amazon.” OP3N allows...

Funding dropped this week from $312M to just $99M. As we've seen all month, funding remains primarily concentrated in Infrastructure and Web3, which raised $37M and $28M, respectively. Infrastructure accounted for 9 of this week's 21 deals, and Web3 & NFTs accounted for 6. DeFi remains a laggard this week, receiving just $6M of funding One major crypto fund was raised this week –Cathie Wood's ARK's Crypto Revolutions Fund, which...

Funding rebounded this week despite drawdowns across crypto and traditional markets. Total weekly funding rose from $103M to $312M, with all sectors seeing increased funding except for DeFi and Mining. Infrastructure and Web3 & NFTs were the top funded verticals, raising $152M and $73M, respectively, while Mining has gone two straight weeks without funding. CeFi deals totaled $20m, showing signs of life after no CeFi deals closed last week.  Infrastructure...

In the latest week funding dropped to some of the lowest levels we’ve seen in weeks. Total funding for the week ended 3/3/2023 fell from $324M to $103M and each sector’s funding declined. Infrastructure and Web3 & NFTs comprised most of the week’s funding, at $36M and $31M, respectively while CeFi and Mining didn’t receive any funding. The bulk of deals over the past month were Web3 & NFTs, at...