Crypto, DeFi venture funding falls 33% in Q3

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Crypto, DeFi venture funding falls 33% in Q3

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 have just closed their worst quarter since 2020, with the industry securing just north of $1 billion in venture capital across 144 deals between July and September, according to data from DeFiLama.

With a combined $2 billion - and 33% - from the $1.5 billion bagged by 171 blockchain-based ventures in the second quarter, venture funding is down 50% from the first quarter of 2023.

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 raised its biggest deal in August when it secured $100 million in a Series C round at a $1.75 billion valuation.

Other significant deals, such as 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 Carreras, a markets correspondent at DL News, is a market observer. DL News' London-based Markets Correspondent, Adam Morgan McCarthy, works for DL News.