Venture capital funding in crypto rises to $2.4 billion, Pitchbook says

FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File PhotoCrypto startup funding rose for a second straight quarter to hit $2.4 billion in the first three months of 2024, Pitchbook data showed, as expectations of lower interest rates and the debut of the first U.S. bitcoin spot ETF whetted investor appetite.

Investor bets on digital asset startups too have been on a slide since the peak of over $10 billion in the first quarter of 2022, hurt by a economic worries and the shutdown of key market players. However, the landmark U.S. regulatory approval of spot bitcoin ETFs, which are offered by heavyweights BlackRock and Fidelity, boosted the legitimacy of the asset class and helped send bitcoin to a record high of $73,803 in March.

Startups focused on building infrastructure for crypto and blockchain technology led the way in funding during the quarter, according to PitchBook. "The investment rounds have become highly competitive, especially at the early stages," Pitchbook's Le said.

Source: Digital Coin News (digitalcoinnews.net)

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