In March, venture capital investment in cryptocurrency surged by 52.5% month-on-month, reaching $1.16 billion, mainly backing infrastructure and decentralized finance projects.
According to RootData, 180 publicly announced investments marked the highest monthly figure since April 2022. About one-fifth of deals secured $1-3 million, and over 15% received $5-10 million.
Although most projects were US-based, they constituted less than 10% of total deals. Ethereum’s layer-2 blockchain Optimism led with an $89 million raise, followed by cryptography startup Zama’s $73 million Series A.
Funding for infrastructure projects totaled nearly $283 million, with decentralized finance projects receiving $228.1 million. Centralized finance projects obtained $85.5 million. Notably, there were no funds raised in the DAO category.
This marks the first time since November that monthly VC funding has exceeded $1 billion. The resurgence in crypto enthusiasm aligns with the launch of spot Bitcoin exchange-traded funds in the US, according to PitchBook.
Major players like Andreessen Horowitz have already shown strong interest, with a $30 million fund earmarked for Web3 gaming.
Also Read: VC Firms Invest Record $485M in Crypto Startups in February
