Cryptocurrency VCs Raise $1 Billion in July, Highlighting Growing Industry Confidence
CryptoNewsTerminal Staff07 Aug, 2024
Cryptocurrency VCs Raise $1 Billion in July, Highlighting Growing Industry Confidence
Venture capitalists (VCs) investing in the cryptocurrency sector raised a substantial $1 billion in July, marking a significant 26.5% increase compared to the $735 million raised in June, as reported by The Block. Notably, the number of deals also witnessed an uptick of 12%, rising from 99 in June to 113 in July. Blockchain infrastructure providers, including Layer 1 and Layer 2 solutions, captured a significant portion of the investment, accounting for approximately 20% of the total funds raised. Decentralized finance (DeFi) projects also garnered attention, securing 5.8% of the total investment. Some of the notable fundraises in July included Bitcoin mining company Iris Energy, which raised $413 million through a public offering, and Blockstream, a mining and infrastructure firm that secured $92.5 million in an acquisition deal. This surge in VC investment underscores the growing confidence and maturity of the cryptocurrency industry. As the sector evolves, it is expected to attract even more institutional participation and investment in the future.
