The cryptocurrency industry’s fundraising efforts have experienced a significant decline due to the ongoing crypto winter, and this trend continued in Q3. The latest data reveals that Q3 saw record lows in both the total funding amount and the number of deals, reaching levels not seen since Q4 2020. In total, there were less than $2.1 billion raised across 297 deals, representing a 36% decrease in both categories compared to the previous quarter.
Despite the overall slump, decentralized finance (DeFi) emerged as one of the well-funded sectors. DeFi accounted for the highest number of funded deals, with a total of 67. Chain infrastructure received the highest proportion of funding, making up 18% of the total. The gaming sector also had a strong quarter, attracting nearly $250 million in investments. Within the DeFi sector, the exchange category represented 38% of all invested capital across 33 deals. Binance Labs played an active role in the DeFi sector, participating in seven deals during the quarter. Binance Labs, the Base Ecosystem Fund, and Polygon were among the top investors in DeFi, collectively accounting for 16 deals during the period. Despite its legal battles, Binance Labs emerged as the most active investor in Q3, with 23 deals, surpassing the next closest investor by more than double the number of investments.
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