Crypto Venture Capital Funding Plummets 70% in 2023
Crypto venture capital (VC) funding dropped 70% in 2023, securing only about $10b in deal value. That’s a drop from nearly $32b in 2022, which had nearly 90% more deals. According to a report published by Galaxy Digital, venture deal activity in the crypto sector last year was lackluster. The fourth quarter saw 359 deals totaling nearly $2b in deal value, hitting its lowest point since 2Q 2020. Bailey York, data lead at VisionTrack, wrote in the report that as capital in the sector is continually constrained, funds are reaching capacity on deployment and later-stage winners are capturing remaining fund value.
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