Crypto and blockchain funding surges in Q3 2021, with FTX leading the way.

 91 Interactions,  4 Today

According to Blockdata data, blockchain companies will receive the most funding in 2021.

The total funding in 2020 was estimated to be around $3.772 billion. However, Q3 revenue more than doubled that of the previous year. According to the data, the total disclosed funding for the third quarter of 2021 was $6.586 billion.

It essentially makes the July-September quarter, the bumper period of fund raising with 339 rounds.

FTX managed to beat the beneficiary race with its $900 million funding earlier in July. The company is now reportedly valued at a whopping $18 billion. FTX is followed by businesses like Sorare, Genesis Digital Assets, Fireblocks, and BitPanda.

Several other blockchain companies have raised funds in recent weeks. Cobo, for example, received $40 million in Series B funding, Spellfire completed its seed funding round, CoinSwitch Kuber received $260 million in Series C funding, and Easy Crypto received $17 million.

In a recent interview, Dawn Fitzpatrick, CEO of Soros Fund Management, stated,

See also  When Bitcoin consolidates, Dogelon Mars, Shiba Inu, and Dogecoin take the lead.


“I’m not sure bitcoin is only viewed as an inflation hedge. Here I think it’s crossed the chasm to the mainstream. Cryptocurrencies now have a market cap of over $2 trillion. There are 200 million users around the world, so I think this has gone mainstream.”

Among VC rounds in crypto, Coinbase Ventures is the most active investor which participated in 18 out of 336 rounds of funding. In the past, it has already invested in projects like Matic, BlockFi, Etherscan, CoinTracker, and Compound among others.

The list follows VCs like Animoca, Polychain Capital, Divergence, and Y Combinator as other top investment participants.

Additionally, venture arms of giant groups are now exploring crypto investments. In a public filing last month, Bain Capital Ventures, VC arm of BCG, had applied for the creation of BCV Crypto Fund I.

What is attracting the VCs?

Bank of America (BofA) recently stated in its report that Bitcoin and cryptocurrencies are “too large to ignore.” It added,

“Our view is that there could be more opportunity than skeptics expect.”

In addition, crypto-based ETFs are in the works in the U.S. and can be expected by month-end.

Leave a Reply

Your email address will not be published. Required fields are marked *