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Global Crypto Business Funding Falls from $8B in Q1 to $3B in Q3

Published 2022-12-30, 01:35 a/m
© Reuters. Global Crypto Business Funding Falls from $8B in Q1 to $3B in Q3

  • Crypto business funding decreased from $8.8B in Q1 to $6.2B in Q2 and $3.4B in Q3.

  • Yuga Labs, Polygon, and ConsenSys got $450 million in funding early this year.

  • USDC issuer Circle, bankrupt FTX exchange, and its US subsidiary got $400 million.

The international entrepreneurial magazine Fortune recently counted the top crypto projects that received some of the highest funding in 2022. The report first captured how major investors gradually cut their bets on the Web3 businesses as the crypto winter set in.

According to the study, global financing for crypto businesses decreased from $8.8 billion in the first quarter of 2022 to $6.2 billion in the second quarter to about $3.4 billion in the third quarter. Below are some of the firms that received the topmost funding.

Polygon ($450 million): In February, Polygon raised about $450 million through a private sale of its native MATIC token in a funding round led by Sequoia Capital India with participation from SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, and prominent investors like Alan Howard (co-founder, Brevan Howard).

Polygon is a Layer-2 blockchain platform based on Ethereum to assist in the scaling of the ecosystem for applications ranging from gaming to DeFi.

Yuga Labs ($450 million): Yuga Labs is behind the famous Bored Ape Yacht Cl ...

The post Global Crypto Business Funding Falls from $8B in Q1 to $3B in Q3 appeared first on Coin Edition.

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