Blockchain Funding Nosedives by 64% in H1 2023, African Blockchain Startups Hit Hard
CryptoNewsTerminal Staff16 Jul, 2024
Blockchain Funding Nosedives by 64% in H1 2023, African Blockchain Startups Hit Hard
According to a report by Cointelegraph based on data from Swiss blockchain venture capital firm CV VC, global blockchain companies secured $5.74 billion in funding during the first half of 2023, representing a significant 64% decline compared to the same period last year. The downturn was particularly pronounced in Africa, where blockchain startups raised a mere $34.7 million, a 74% decrease year-over-year. While the report does not delve into the reasons behind this sharp decline in funding, market experts suggest that the broader macroeconomic downturn and increased regulatory scrutiny may have played a role.
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