In 2023, Germany’s blockchain industry secured $355 million for 34 projects, marking a 3% increase from the previous year. This is noteworthy as the global blockchain market faces challenges.
A report by Crypto Valley Venture Capital (CVVC) revealed that Germany received a record-high investment in its blockchain projects, capturing 2.4% of global blockchain funding and participating in 2.5% of global deals.
This is a significant improvement compared to 2022, when Germany received only 0.9% of funding and was involved in 1.9% of global deals. In Europe, Germany also performed well, obtaining 9.4% of the funding and engaging in 10.3% of the European blockchain deals.
This positive development for Germany stands out in contrast to the global trend, where blockchain project funding dropped by 62% and the number of deals decreased by 44% in the past year.
Some experts attribute this decline to a lack of innovative ideas in the blockchain field. Concepts like zero-knowledge proofs, layer-2 solutions, and nonfungible tokens (NFTs) have already been extensively explored, potentially leading investors to be less enthusiastic about blockchain at present.