CRYPTO startups raised more money but closed fewer deals in the most recent quarter, mirroring the broader slowdown seen in the digital-asset world.
“While still far below the 2021 and early 2022 highs, VC investing in crypto reached somewhat of a fever pitch in March and April,” said Rob Hadick, a general partner at crypto venture fund Dragonfly. “Later stages have continued to be soft and as the market turned in late April and into May, the VC market slowed again.”
The rise in valuations of projects in the second quarter came “as founders tried to capture the more rosy secondary market,” said Jason Kam, a founder of crypto venture firm Folius Ventures.
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