Cryptocurrency sector companies’ investments have seen a significant decline this year to nearly $7 billion.
Here’s an overview of the top 5 funding rounds in 2023, including Wormhole, LayerZero, and Worldcoin.
Venture capital in the Web 3.0 industry declined in 2023. According to data provided by Crunchbase, venture capital (VC) firms have invested a total of $6.9 billion in cryptocurrency and blockchain startups.
Down more than 70% compared to 2022. Last year, startups in this sector raised about $26 billion.
Investments halted following the decline in cryptocurrency prices in 2022.
However, Defillama’s tracking suggests a slight recovery in November 2023.
Bitcoin price crossed $30,000 last month and crossed $40,000 this month.
Top 10 funding rounds for cryptocurrency startups in 2023
1. Wormhole: Got $225 million
Wormhole has closed its largest operation of the year.
The cross-chain bridge, which was hacked in early 2022, raised $225 million from Jump Trading in November and appears set to make a strong comeback.
2. LineNext: Got $140 million
LineNext, the Web 3 arm of Asian conglomerate Line, has announced a $140 million investment round.
Crescendo Equity Partners led the funding round that will fund the launch of the NFT market globally.
3. Blockstream: raised $125 million
Bitcoin pioneer Blockstream raised $125 million at the beginning of the year to expand its Bitcoin mining services.
In the summer, the company founded by famous cryptographer Adam Back postponed its ASIC offering to the third quarter of 2024.
4. LayerZero: Got $120 million
LayerZero Labs, the company that stands across the bridge of the same name, raised $120 million last spring at a $3 billion valuation.
Recently, Bridge announced an upcoming airdrop of its native currency.
5. Worldcoin: got $115 million
Worldcoin, developed by Tools for Humanity, unveiled a $115 million funding round led by Blockchain Capital in May a few months before its official launch.
Since then, the initiative has attracted the attention of several organizers.
According to Defillama, the largest investors in the cryptocurrency ecosystem in 2023 in terms of many operations are Binance, Polychain Capital, a16z, Animoca Brands, and DragonFly Capital.
