Crypto Fundraising Rises to $1.76B in October, Highest Since November 2023

The total amount raised in the crypto industry during October 2024 saw a significant increase of 96% month-on-month, reaching $1.76 billion.

According to Messari’s latest report, this represents the highest level of fundraising activity since November 2023.

282 crypto deals in October

The report shows that the number of deals in October increased by 25% compared to the previous month, with a total of 282 deals. Several notable funding rounds contributed to October’s strong performance, including a $525 million raise by Praxis and a $68 million round for Infinite, a multichain platform.

It also includes that Kraken will receive grants of 25 million OP tokens, worth about $100 million when the deal was reached earlier this year, from the Optimism Foundation as part of Kraken’s plans to launch a layer 2 called Ink using the OP Stack framework of the Optimism blockchain.

Other notable deals include $43 million raised by Azure Games and $33 million secured by Yellow Card, a cryptocurrency exchange platform.

Early-stage deal volume in the crypto industry grew 18% month-over-month in October 2024, reaching $396 million. Additionally, the deal count for this particular cohort was reported to be 72, which was up roughly 13% compared to the previous month. This included a $43 million round for Azra Games, a $25 million raise for the Nillion Network, and a $14 million investment in Citrea, a decentralized finance project.

Mixed Crypto Fundraising in October

Although crypto fundraising activity in the financial sector during the month saw a slight decrease in deal volume of approximately 2% month-on-month to $259 million, the deal count, however, it grew 23% to 92 deals.

Crypto exchanges accounted for 8 of the top 10 increases in the financial sector during this period, including Kraken’s $100 million increase, Yellow Card’s $33 million increase, and Bitnomial’s $25 million increase . Other notable deals were secured by Ellipsis Labs, which raised $21 million, and Bitfinex, which raised $21 million.

The infrastructure sector saw a significant increase in deal volume throughout October, growing 73% month-over-month to reach $92 million. However, the number of deals decreased by 8% to 24. Glow, a decentralized computing and energy network, raised $30 million from investors including Framework and USV; and GEODNET also announced a deal, although details were not provided.

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