• The crypto sector experienced significant challenges in the first half of 2022, with the prices of major assets like bitcoin (BTC) and ether (ETH) experiencing a 50%+ drop in value.
• The bear market caused venture capitalists (VCs) to become more cautious in their investments in the crypto industry.
• Despite the bear market, here are the top 10 biggest crypto fundraisers of 2022.
The crypto sector experienced a tumultuous first half of 2022, with the prices of major digital assets like bitcoin (BTC) and ether (ETH) plummeting by over 50%. This dip was further compounded by the collapse of the Terra ecosystem in the second quarter, which had a ripple effect on the industry. This difficult period for the sector was further exacerbated by venture capitalists (VCs) taking a more cautious approach to their investments in the crypto industry.
However, despite the bearish market conditions and cautious investment outlook, the sector still managed to see some impressive fundraising rounds. Here are the top 10 biggest crypto fundraisers of 2022.
At the top of the list is Three Arrows Capital, which raised $500 million in a Series B funding round. The round was led by a consortium of investors, including Polychain Capital, Andreessen Horowitz, and Paradigm. The funds will be used to accelerate the growth of the firm’s cryptocurrency and blockchain businesses.
Following Three Arrows Capital is Celsius Network, which raised $425 million in a Series C funding round. The round was led by Galaxy Digital and included participation from other investors such as Polychain Capital, Pantera Capital, and Coinbase Ventures. The funds will be used to expand the firm’s DeFi lending and borrowing services.
In third place is Voyager Digital, which raised $375 million in a Series A funding round. The round was led by Galaxy Digital, with participation from other investors such as Pantera Capital, Polychain Capital, and Coinbase Ventures. The funds will be used to accelerate the development of its crypto trading platform and other related services.
Next is Flexa, which raised $300 million in a Series C funding round. The round was led by Paradigm, with participation from other investors such as Andreessen Horowitz, Polychain Capital, and Coinbase Ventures. The funds will be used to further develop the firm’s crypto payment network and related services.
Rounding out the top five is BlockFi, which raised $300 million in a Series C funding round. The round was led by Morgan Stanley, with participation from other investors such as Valar Ventures, Galaxy Digital, and Susquehanna International Group. The funds will be used to further develop the firm’s crypto lending and borrowing services.
The sixth biggest crypto fundraiser of 2022 is Block.one, which raised $300 million in a Series D funding round. The round was led by Peter Thiel’s Founders Fund, with participation from other investors such as Galaxy Digital, Valar Ventures, and Susquehanna International Group. The funds will be used to accelerate the development of its blockchain platform and related services.
In seventh place is Kraken, which raised $250 million in a Series C funding round. The round was led by Tribe Capital, with participation from other investors such as Intuition Capital, Blockchain Capital, and Digital Currency Group. The funds will be used to further develop the firm’s crypto exchange platform and related services.
Following Kraken is Coinbase, which raised $200 million in a Series E funding round. The round was led by Tiger Global Management, with participation from other investors such as Y Combinator, Andreessen Horowitz, and Polychain Capital. The funds will be used to expand the firm’s crypto exchange and related services.
Rounding out the list is Bitwise Asset Management, which raised $200 million in a Series B funding round. The round was led by Tiger Global Management, with participation from other investors such as Digital Currency Group, Paradigm, and Polychain Capital. The funds will be used to further develop the firm’s crypto index fund and related services.
Despite the difficult market conditions, these ten companies were able to successfully raise a total of $3.3 billion in funding, which is a testament to the potential of the sector. While the challenge for the crypto sector in the second half of 2022 will be to build on this success, the future looks promising.
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