tl;dr
In October 2024, the crypto industry raised a total of $1.76 billion, marking a 96% increase from the previous month. This surge was driven by 282 crypto deals, with significant funding rounds from companies like Praxis and Infinite. The early-stage deal volume grew by 18%, reaching $396 million, an...
In October 2024, the crypto industry raised a total of $1.76 billion, marking a 96% increase from the previous month. This surge was driven by 282 crypto deals, with significant funding rounds from companies like Praxis and Infinite. The early-stage deal volume grew by 18%, reaching $396 million, and the financial sector saw a slight decrease in deal volume but an increase in deal count, particularly in crypto exchanges. The infrastructure sector also experienced a significant increase in deal volume.
Additionally, the article includes sponsored content and information about the author. The total amount raised in the crypto industry during October 2024 saw a significant increase of 96% month-over-month, reaching $1.76 billion. According to Messari’s latest report, this represents the highest level of fundraising activity since November 2023.
The report shows that the deal count in October increased by 25% compared to the previous month, totaling 282 deals. Several notable funding rounds contributed to the strong performance in October, including a $525 million raise by Praxis and a $68 million round for Infinite, a multi-chain platform. It also includes Kraken receiving grants of 25 million OP tokens, worth around $100 million when the deal was struck earlier this year, from the Optimism Foundation as part of Kraken’s plans to launch a Layer 2 called Ink using the Optimism blockchain’s OP Stack framework. Other notable deals include $43 million raised by Azure Games and $33 million secured by Yellow Card, a cryptocurrency exchange platform.
The early-stage deal volume in the crypto industry grew by 18% month-over-month in October 2024, reaching $396 million. Additionally, the deal count of this particular cohort was recorded to be 72, which increased by approximately 13% compared to the previous month. This included a $43 million round for Azra Games, a $25 million raise for the Nillion network, and a $14 million investment in Citrea, a decentralized finance project.
While the crypto fundraising activity in the financial sector for the month saw a slight decrease in deal volume of approximately 2% month-over-month, reaching $259 million, the deal count, however, grew by 23% to 92 deals. Crypto exchanges represented 8 of the top 10 raises in the financial sector during this period, such as the $100 million raise by Kraken, a $33 million raise by Yellow Card, and a $25 million raise by Bitnomial. Other notable deals were secured by Ellipsis Labs, which raised $21 million, and Bitfinex, which raised $21 million.
The infrastructure sector saw a significant increase in deal volume throughout October as it grew by 73% month-over-month to reach $92 million. However, the deal count decreased by 8% to 24 deals. Glow, a decentralized compute and energy network, raised $30 million from investors including Framework and USV; and GEODNET also announced a deal, though the details were not provided.
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About the author: Chayanika Deka has been working as a financial journalist for five years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm. Contact: Linkedin
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