Total crypto funding surpasses $100b mark, data shows

Total funding in the cryptocurrency ecosystem has now surpassed $100 billion, underlining the massive investment that has flowed into the sector since its inception.

According to data provided by DefiLlama, crypto projects have raised a staggering $101.36 billion across 5,287 funding rounds since 2014.

A notable peak occurred in November 2021, which generated $7.079 billion in funding. This period coincided with the bull run in the crypto market. Since then, funding has dropped significantly, with a few notable increases: $3.6 billion in March 2022 and $3 billion in May 2022.

Crypto financing deals since 2014 | Source: DefiLlama

The largest single funding event involved EOS, which raised $4.2 billion in an initial coin offering (ICO) on June 1, 2018. EOS, a blockchain platform for decentralized applications, has set a precedent with this massive fundraising effort. Interestingly, three more rounds led to $1 billion in financing.

One of these rounds included Luna Foundation Guard (LFG), which raised $1 billion through a strategic private sale on February 23, 2022. The aim of this financing was to backstop the TerraUSD (UST) stablecoin, with participation from leading investors such as 3AC, Jump Crypto, Tribe Capital, and GSR.

NYDIG, a company specializing in Bitcoin technology and financial services, also raised $1 billion on December 14, 2021. This private equity round saw investment from WestCap, FinTech Collective, Bessemer Venture Partners, New York Life Insurance and Affirm.

Another important player is Figure, which uses blockchain for financial services. On May 10, 2019, Figure raised $1 billion through debt financing with investors including Jefferies and WSFS Bank.

Meanwhile, this year’s monthly funding peak reached $1.019 billion in March, coinciding with Bitcoin’s all-time high of over $73,000. Last week, 34 crypto assets raised over $109 million. However, monthly funding has decreased since the peak in March due to the broader downward trend in the market.