Crypto VCs made $2.6B worth of deals in the first quarter of 2023

While the crypto space suffers through a bear market, equity capital (VC) firms are still making deals in 2023, showing that the area lives and well in spite of the “crypto winter.” According to PitchBooks Crypto Report for the very first quarter of 2023, crypto business raised $2.6 billion throughout 353 investment rounds. While it reveals the area is still active, its obvious that its not as strong as it utilized to be. The report revealed an 11% decrease in quarter-on-quarter offer value and a 12.2% decline in total deals. In addition, the quarter also tape-recorded the most affordable quantity of capital purchased the area since 2020. Equity capital activity across numerous quarters. Source: PitchBook The report likewise kept in mind that assessment trends have actually been mixed. Seed rounds are up 33.3%, and late-stage rounds are up 209.2% for the quarter compared with the entire year of 2022. Nevertheless, early-stage rounds are down by 16.7%. Related: Animoca Brands reports $3.4 B of possessions in an interim monetary updateWhile the report recognizes that the decrease may continue, it also identified some positive outlooks for the space. The information reveals layer-2 scaling solutions can continue their momentum from 2022. The report cited Blockstream raising $125 million to finance a Bitcoin (BTC) mining facilities and Scroll– a company building a zero-knowledge Ethereum Virtual Machine scaling solution– raising $50 million in a late-stage VC round.Besides scaling solutions, custody option providers Ledger and Taurus got sizable investments in 2023. On March 30, Ledger raised $109 million as demand for self-custody skyrocketed. Taurus raised $65 million in a Series B on Feb. 14. Magazine: Crypto Twitter Hall of Flame, Gabriel Haines: Shirtless shitposting and hunting SBF on the meme streets