The cryptocurrency industry has seen a meteoric rise in funding over the past decade, with more than $100 billion raised for startups since May 2014. Despite regulatory uncertainty and market volatility, the industry has continued to grow and evolve.
According to data from TVL aggregator DefiLlama, the total funding for cryptocurrency startups reached $101.35 billion as of June 16, 2024. This is a significant increase from the $17.14 million raised in May 2014, just five years after the creation of Bitcoin.
In May 2024, industry funding hit $280.25 million for the month, showing substantial growth over the past decade. The peak of funding was reached in October 2021, with over $7 billion raised, followed by February 2022 with $3.67 billion.
Research from 2023 shows that nearly half of all cryptocurrency funding comes from investors in the United States, with the United Kingdom and Singapore following behind. High-profile funding deals have been seen in late 2023 and the first half of 2024, with companies like Together.AI, Wormhole, Totter, Eigenlayer, Swan Bitcoin, and Blockchain.com raising significant amounts of capital.
The cryptocurrency industry continues to attract investment and interest from around the world, with new developments and innovations driving growth in the market. As the industry matures, it will be interesting to see how funding trends continue to evolve in the coming years.