From Investing.com: 2024-05-20 00:07:25

In Q1 2024, crypto startup funding hit $2.4 billion over 518 deals, up 40.3% from the previous quarter. Global VC investments hit a near-five-year low. Funded by BlackRock and Fidelity, spot bitcoin ETFs sent bitcoin to a record high of $73,803 in March, legitimizing the asset class. Infrastructure startups led funding.

Decentralized cloud platform Together AI raised $106 million in an early stage round, valuing the company at $1.1 billion. Pitchbook analyst Robert Le predicts increased VC funding due to recovering tokens and rising institutional adoption in the crypto space. Despite low exits, mergers are expected to pick up among exchanges and infrastructure providers as the market matures.

Read more at Investing.com: Venture capital funding in crypto rises to $2.4 billion, Pitchbook says By Reuters