In March, venture capital investment in cryptocurrencycurrencies increased by 52.5% month on month basis, totaling $1.16 billion, primarily to support infrastructure and decentralized financial projects.
According to RootData, 180 publicly announced investments represent the highest monthly figure since April 2022. Approximately one-fifth of deals secured $1-3 million, with more than 15% receiving $5-10 million.
Although most projects were situated in the United States, they accounted for less than 10% of overall transactions. Ethereum’s layer-2 blockchain Optimism raised $89 million, followed by cryptocurrencycurrency company Zama’s $73 million Series A.
Infrastructure projects received around $283 million in funding, with $228.1 million going to decentralized finance projects. Centralized financial projects received $85.5 million. Notably, there were no money raised for the DAO category.
This is the first time since November that monthly venture capital funding has crossed $1 billion. According to PitchBook, the upsurge in cryptocurrencycurrency enthusiasm coincides with the launch of spot Bitcoin exchange-traded funds in the United States.
Major players such as Andreessen Horowitz have already expressed great interest, with a $30 million fund set aside for Web3 gaming.
