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Venture capitalists (VCs) are investing in blockchain and digital currency firms at a rate expected to surpass last year’s record, even though the crypto industry is shivering in the cold winter.
In its recent publications on the blockchain industry, PitchBook reported that VCs invested over $17 billion in these companies in the year’s first half. As a result, investment is on track to surpass the record $26.9 billion raised last year, which will make things better and happier for bitcoin and the company.
Venture Capital funds provide finance to start-up businesses they consider promising development potential. Despite a trying six months for the sector, the data indicates a strong belief in the future of cryptocurrency and blockchain technology.
The founder of Hong Kong investment firm Lemniscap, Roderik van der Graf, said, “The current market conditions – I don’t think they faze investors. The capital available is massive.”
Although many VCs have deployed sizable war chests because of their continued confidence in the core technology of cryptocurrencies, some are choosing to ignore the doom. Not many investors are that optimistic in the face of cryptocurrency devastation.
The CEO of California-based crypto management company Wave Financial, David Siemer, claimed that there were indications of a correction from the excessive values of crypto enterprises in 2017. “This will get a lot worse – we’re a couple of months into this cycle. In the last cycle, the pain for those looking for funding was about 12 months.”
Businesses have trembled as the total market value of cryptocurrencies has fallen by almost two-thirds to $1 trillion. Major US exchange, Coinbase Global, and NFT platform, OpenSea, are just two of many that have had to lay off hundreds of employees.
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Abdulkarim Abdulwahab is a writer who covers breaking events in the crypto and blockchain industry. Aside from writing for CoinQuora, he also helps companies in building their brand via blogs, how-to guides, and more.
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