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The drop in VC investments in crypto businesses parallels the overall downturn in VC funding across industries, despite the fact that the number of deals increased.
Crunchbase data published on July 15 reveals that investment in venture capital-backed crypto businesses fell 25.6 percent to $9.3 billion in the first half of 2022, compared to $12.5 billion in the first half of 2021.
However, the number of investment agreements increased from 456 in H1 2021 to 534 in H1 2022, according to the statistics. This suggests that smaller-sized transactions were more prevalent in the first half of this year.
According to the Crunchbase data, crypto startup investment hit $4.2 billion in Q2 2022, about the same as the little less than $4.2 billion raised in Q2 2021.
According to the study, Q2 2022 fundraising was over a billion dollars fewer than the $5.1 billion raised in Q1 2022 and much behind the $6.1 billion raised in Q4 2021.
According to the research, one of the reasons Q1 2022 saw greater money was because there were more major funding rounds. There were six rounds of $400 million or more in the first quarter of this year, compared to only one in the second quarter.
According to the research, the drop in crypto venture capital coincides to a greater drop in VC funding this year.
According to the article, Yash Patel, general partner of Telstra Ventures, which has invested in FTX Exchange:
“Yes, we’ve seen a pullback in crypto/blockchain investments, mirroring the broader tech markets.”
Patel also stated that the liquidity difficulties of centralized crypto lenders, such as Celsius, have instilled dread among both VCs and consumers. This week, Celsius filed bankruptcy.
Despite the drop in total VC financing, some still trust in the long-term promise of cryptocurrencies.
Andreessen Horowitz raised $4.5 billion for its fourth crypto fund in May, making it the largest fund of its kind. Lightspeed Venture Partners announced the formation of Lightspeed Faction, an autonomous team formed to invest in blockchain, earlier this week after raising over $7 billion.
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