Crypto funding drops for fifth straight quarter as investors continue to pull back

Funding for crypto startups continues to grow more scarce. Venture capital flowing into the industry dropped for the fifth consecutive quarter since Q1 2022 to $2.34 billion globally as investors withhold their checkbooks, fearing risks from a severe regulatory stance and an uncertain economy.

The second quarter’s $2.34 billion tally was raised across 382 deals, according to PitchBook data, but it’s a stark decline from the $12.14 billion peak the industry hit in the first quarter of 2022. The biggest raises during Q2 2023 were LayerZero’s $120 million Series B round and Worldcoin’s $115 million Series C round.

 

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