VC firms closed their wallets when the cold weather started. According to data from Crunchbase, global funding for VC-backed crypto startups fell from $8.8 billion in the first quarter of 2022 to $6.2 billion in the second quarter. about $3.4 billion in the third quarter .
With just a few days left, crypto startups raised only about $2.4 million in the fourth quarter.
Despite the steady decline, some companies still managed to raise extraordinary rounds, though almost exclusively in the first half of the year. Here’s a look back at the biggest crypto funding rounds of 2022:
1. Yuga Lab: $450 million
The company behind the famous Bored Ape Yacht Club announced a $450 million round in March led by Andreessen Horowitz. Although this round valued the company at $4 billion, the NFT market was dry upand Yuga Labs are said to belong to investigation by the Securities and Exchange Commission for the sale of unregistered securities.
2. ConsenSys: $450 million
Led by Ethereum co-founder Joe Lubin, ConsenSys builds software focused on the Ethereum ecosystem, including the DeFi MetaMask wallet, which has over 30 million monthly active users. In March, ConsenSys announced a $450 million Series D led by ParaFi Capital valuing the company at $7 billion. Since then, the company has come under fire for privacy concerns surrounding its software suite, though Lubin says it is solve basic problems.
3. Polygon: 450 million USD
Polygon is a Layer 2 blockchain platform built on top of Ethereum, with the goal of helping to expand the ecosystem for applications ranging from games to DeFi. February, company announced $450 million funding led by Sequoia Capital, with Tiger Global and SoftBank also participating. At the time, Polygon’s proprietary token, MATIC, had a market cap of $13 billion, although that number has since fallen below $7 billion.
4. Circle: 400 million USD
Circle is the issuer of USDC, the second largest stablecoin after Tether. In April, it announced a $400 million funding round with investments from traditional financial players including Black stones and Loyalty. The company also planned to go public through the SPAC merger at a $9 billion valuation, but the deal falling in December amid SEC uncertainty approval.
5. FTX US: 400 million USD
FTX US, a branch of the FTX exchange, lift up a $400 million Series A round in January at an $8 billion valuation. If you’re reading this, you probably don’t need to remember that this is a poor investment for participating funds, including Paradigm, Temasek, Multicoin Capital and Softbank.
6. FTX: 400 million USD
Don’t miss the fun, foreign FTX exchange also lift up $400 million in January—this is Series C with the same group of backers valuing the company at $32 billion. The funding round comes just a few months after the FTX scandal.”round meme,” having raised $420,690,000 in October 2021 from 69 investors. (Hopefully the joke doesn’t have to be spelled out.) As reported by Sam Bankman-Fried take $300 million of that after he sold his personal shares.
7. Animoca brand: $358.8 million
With the crypto market still growing, Hong Kong-based software and venture firm lift up a Series A round of $358.8 million in January led by Liberty City Ventures at a $5 billion valuation. The focus of the company is on GameFi—which has become a euphemism for “play for money” games—an area that has fallen out of favor with argumentative around Axie Infinity.
8. NEAR Protocol: $350 million
NEAR is a blockchain that positions itself as a competitor to Ethereum, providing a platform for developers to build decentralized applications. After launching in October 2020, it raised a significant amount of capital, including a round 350 million USD in April 2022 led by Tiger Global, three months after fundraising round 150 million dollars in January. After its cryptocurrency hit a market cap of more than $12.5 billion in April, it fell to almost $1 billion.
9. Amber Group: $300 million
Amber Group, a cryptocurrency exchange, raised the only round on this list in the fourth quarter—a Series C worth $300 million in December led by Fenbushi Capital US. The announcement did not come as good news. Instead, it could serve as a lifesaver, with Bloomberg Report that the Singapore-based company has abandoned its sponsorship deal with Chelsea FC and laid off 40% of its staff. Amber Corporation has also been exposed to FTX.
10. Mysten Lab: $300 million
In 10th place—the only deal in the third quarter of this list—is Mysten Labs closing one Series B worth $300 million in September led by FTX Ventures and valued the company at $2 billion. Mysten is the creator of Sui, a class 1 proof-of-stake blockchain led by a former Meta employee that has yet to launch.
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