According to a new report, cryptocurrency and blockchain-related companies have already received more funding this year than in all of 2020.
In the first quarter of 2021, 129 startups focusing on crypto and blockchain technology received a total of $ 2.6 billion in funding, Bloomberg reports, using data from CB Insights, business analysis company. Over the course of 2020, crypto and blockchain companies raised a total of $ 2.3 billion in 341 deals.
According to the data, 2018 is the record year in terms of funding in the crypto industry, with total funding of $ 3.3 billion.
According to CB Insights, the increased funding in 2021 was driven by several grand rounds for businesses, including US crypto loan startup BlockFi, Canadian blockchain-based game maker Dapper Labs, and UK-based crypto wallet provider Blockchain.com.
These three companies have raised nearly $ 1.1 billion this year alone with BlockFi completing a $ 350 million funding round in March.
Dapper Labs, the creator of the popular Ethereum-based game CryptoKitties and the intangible token marketplace NBA Top Shot, increased $ 305 million from investors such as NBA star Michael Jordan earlier this year.
In addition to notable growth in venture capital financing in the crypto industry, crypto and blockchain companies have also grown in terms of consolidation this year. According to Henri Arslanian, global crypto leader at PwC, 2021 is already on track significantly exceed the levels of crypto fusions and acquisitions registered in 2020.