Crypto, DeFi projects fall 33% in third quarter

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Crypto, DeFi projects fall 33% in third quarter

The number of venture funded projects into DeFi and Crypto projects fell 33% between the second and third quarters of 2023. Last month's deal activity marked the worst September since 2020.

Crypto companies and DeFi projects just closed their worst quarter of 2020, with the sector providing just north of $1 billion in venture capital across 144 deals between July and September, according to data from DeFiLama.

In the first quarter of 2023, venture funding fell 50%, with 228 projects topping their coffers by a combined $2 billion and 33% from the $1.5 billion bagged by 171 blockchain-based ventures in the second quarter.

Investors have not injected this little capital since the third quarter of 2020 when the industry raised a little over $924 million, according to DeFiLama data.

BitGo's biggest deal in August was secured $100 million in a Series C round at a $1.75 billion valuation.

Other notable deals include Flashbots' Series B of $60 million and Futureverse's $54 million Series A round, both of which took place in July.

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Tom Careras, a markets correspondent at DL News, is a market expert. Adam Morgan McCarthy, the London-based Markets Correspondent of DL News, is the editor-in-chief of DL News.