Crypto industry got more funding in Q1 2021 than all of last year: report

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Cryptocurrency and blockchain-related corporations have already acquired extra funding this 12 months than in all of 2020, in response to a brand new report.

Within the first quarter of 2021, 129 startups specializing in crypto and blockchain know-how have acquired a complete of $2.6 billion in funding, Bloomberg reports, citing knowledge from enterprise analytics agency CB Insights. Over the course of 2020, crypto and blockchain companies attracted a complete of $2.3 billion in 341 offers.

In line with the information, 2018 is the file 12 months by way of funding secured within the crypto business, with whole funding amounting to $3.3 billion.

Enterprise-capital funding in blockchain startups. Supply: Bloomberg-CB Insights

In line with CB Insights, the elevated funding in 2021 was pushed by a number of huge rounds for companies together with American crypto lending startup BlockFi, Canadian blockchain-based recreation maker Dapper Labs, and United Kingdom-based crypto pockets supplier Blockchain.com. 

These three corporations alone have raised almost $1.1 billion this 12 months, with BlockFi completing a $350 million funding round in March.

After raising $120 million in February, Blockchain.com secured $300 million funding in a brand new funding spherical in March, bringing the agency to a $5.2 billion valuation. 

Dapper Labs, the creator of the favored Ethereum-based game CryptoKitties and the nonfungible token marketplace NBA Top Shot, raised $305 million from investors like NBA star Michael Jordan earlier this 12 months.

Alongside notable development in enterprise capital funding within the crypto business, crypto and blockchain corporations have been additionally rising this 12 months by way of consolidation. In line with Henri Arslanian, world crypto chief at PwC, 2021 is already on monitor to significantly surpass the levels of crypto mergers and acquisitions recorded in 2020.