Home Blockchain Crypto & Blockchain Firms Got $2.6B in Funding in Q1 2021

Crypto & Blockchain Firms Got $2.6B in Funding in Q1 2021

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The primary quarter of the present yr noticed $2.6 billion of investments in blockchain-focused startups.

129 blockchain firms acquired $2.6 billion of investments in Q1 2021, according to data from tech market intelligence platform CB Insights. The determine is already better than that within the earlier full yr, whereby blockchain corporations secured $2.3 billion in 341 offers.

Among the many largest offers previously quarter, the analytics agency cited latest capital inflows into Dapper Labs, the corporate behind the extremely profitable CryptoKitties and NBA Prime Shot, crypto service supplier Blockchain.com, and crypto lender BlockFi Inc.

Certainly, Dapper Labs received $305 million in funding from buyers corresponding to Michael Jordan and Kevin Durant, with the whole spherical being led by funding agency Coatue. The funding put the startup’s valuation at a staggering $2.6 billion.

London-based Blockchain.com introduced that it had raised $300 million in its Series C spherical of funding, which put the corporate’s valuation at $5.2 billion. This newest spherical got here only one month after the corporate had raised $120 million, with Louis Bacon and Kyle Bass amongst its buyers.

As BeInCrypto beforehand reported, institutional and enterprise investors began to pile into the crypto trade en masse in 2020. Large names corresponding to MicroStrategy, Paul Tudor Jones, Grayscale, PayPal, Massachusetts Mutual Life Insurance coverage Co., and plenty of others turned to cryptocurrencies.

Corporates have ostensibly been changing {dollars} of their treasuries. Bitcoin is now seen as a part of a risk-on inflation hedge.

Gold is being replaced with bitcoin as properly. This suits the change in view of bitcoin as a method of storing worth, as a substitute of a foreign money. That alone apparently makes bitcoin a extra fascinating funding asset for institutional buyers than earlier than.

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