As a crypto winter ravaged the entire cryptocurrency ecosystem in the first half of the year, Crunchbase, in its newly published report, found that in the last six months, there was a decline in investment in VC-backed crypto service providers. According to the report, with only $9.3 billion invested through the first six months of […]
As a crypto winter ravaged the entire cryptocurrency ecosystem in the first half of the year, Crunchbase, in its newly published, found that in the last six months, there was a decline in investment in VC-backed crypto service providers.
Interestingly, despite a decline in investment amount in the first half of 2022, Crunbase found that Deal Flow increased by 18%. In H1 last year, only 456 VC funding deals were closed.According to Crunchbase, the main reason for the pullback recorded in VC funding in the first half of the year was the series of unfortunate events that plagued the cryptocurrency market within that period.
As noted by Crunchbase, the general decline in the cryptocurrency market and falling stock prices led many crypto service providers to suspend operations in the year’s first half. Crunchbase further added, As opposed to the common belief that the cryptocurrency space is all hype, Jordan Nof, a co-founder and managing partner at Tusk Venture Partners, told Crunchbase that,
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