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$782 million raised in October 2024 for crypto ventures

$782 million raised in October 2024 for crypto ventures

GrafaGrafa2024/11/03 00:00
By:Mahathir Bayena

In October 2024, the cryptocurrency sector experienced a notable increase in venture capital funding, despite a decrease in the number of investment rounds.

According to RootData, there were 95 publicly disclosed crypto VC investments during the month, reflecting a 3.06% decline from September's total of 98 rounds.

However, the total amount raised reached $782 million, marking a significant 28.84% increase from September's $607 million.

This surge in funding indicates strong investor confidence in the crypto market, even amidst ongoing economic and political uncertainties.

The allocation of funds across various sectors also saw changes. The infrastructure sector led the way with $249 million raised, while gaming and decentralised finance (DeFi) projects followed closely with $92.5 million and $88.8 million, respectively.

Blockstream’s funding round stood out as the largest of the month, securing $210 million led by Fulgur Ventures.

These funds are intended to support the advancement of Blockstream's Layer-2 technologies and expand its mining operations.

Additionally, Azra Games raised $42 million from Pantera Capital and other investors to enhance its mobile role-playing game development.

Yellow Card, a South African exchange, successfully raised $33 million in a Series C funding round, bringing its total equity financing to $85 million.

Chris Maurice, CEO and co-founder of Yellow Card, stated, “This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa. We are excited about the opportunities, partnerships, and journey ahead; and I’m proud to work with an incredible cohort of investors that share our vision for the industry and the continent.”

Other significant funding rounds included Glow, which secured $30 million for its decentralised solar farm initiative, and Nillion, which raised $25 million for its privacy-focused blockchain project.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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