None of China Cash Flowed Through the Congo Bank to Former President's Cronies
According to year-to-date data collected by research firm CB Insights, China has not yet been a capital, despite the country's new restrictions on tech companies. Beijing banned all transactions in September and forbidding cryptocurrencies mining and banking operations in spring, forcing many founders to shutter operations or relocate.
Chris Bendtsen, CB Insights analyst, said that we haven't seen a lot of deals in China. The companies in Asia are based in Singapore, India and Hong Kong. Investment dollars have gone up in the rest of the world as China scryptocurrencies andBlockchain companies fade. Bendtsen said that the fourth quarter of 2021 is the biggest for investing in cryptocurrencies, and we are not even into December. The value of venture investments in the industry went from $3.1 billion in 2020 to $21.3 billion by the end of November 30 - a sixfold increase.
The number of deals in China fell by more than half from 2020 to 41 so far this year. The total value of funding to startups in the country fell by about a third to $214 million. In the U.S. it climbed more than sevenfold to $10.9 billion over 417 deals.
The global increase is a sign that the sector is finally entering the mainstream. Bendtsen said that investors in venture capital, private equity and corporate venture capital are only going to see this trend continue next year.
Generalist venture firms like Bain Ventures are in the process of raising distinct criptocurrency funds. Lightspeed Venture Partners is a company that is planning to build expertise in the field. In the next few years, every partner at Lightspeed will become fluent in criptocurrency, said Amy Wu, Lightspeed spokesman. It's going to be the internet of our generation. David Pakman, a longtime partner at Venrock who joined CoinFund in October as a managing partner, said he saw an increase in interest since Coinbase Global Inc. went public in April. He said that family offices and endowments have been among those to invest this year because of the waking up a lot of traditional investors. According to the Financial Times, the Harvard and Yale university endowments both supported the new VC fund Paradigm. In November, a $2.5 billion fund was closed for a crypto-only firm.
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