A new report has revealed that the crypto and blockchain sector saw an investment of $2.32 billion in the second quarter of 2023, a new cycle and the lowest since the fourth quarter of 2020, rising to $13 billion in the first quarter of 2022. According to crypto investment firm Galaxy Digital, crypto and blockchain startups have raised less money in the last three quarters combined than in the second quarter of 2022. In Q2 2023, 10 new crypto VC (venture capital) funds raised only $720 million, the lowest amount since Q3 2020, at the start of the Coivd-19 pandemic. Furthermore, the report states that companies founded in 2021 and 2022 closed the most number of venture deals in the second quarter of 2023. Web3, NFTs, gaming, DAO and metaverse startups raised the second most capital at $442mn, which is 19 per cent of all venture capital deployed in Q2.

Source: Economic Times July 17, 2023 07:55 UTC