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Crypto startup funding hits USD2.4bn in Q1 2024

Crypto startup funding rose to USD2.4bn in Q1 2024, marking a second consecutive quarterly increase, according to PitchBook. This surge, spread across 518 deals, represents a 40.3% rise from the previous quarter. Despite a global drop in venture capital investments, the U.S. debut of the first bitcoin spot ETF boosted investor interest. Digital asset startup funding has declined since its USD10bn peak in early 2022 due to economic concerns and market shutdowns. However, the approval of bitcoin ETFs by BlackRock and Fidelity pushed bitcoin to a record USD73,803 in March. Infrastructure-focused crypto startups led funding, with Together AI raising USD106m in the largest deal. PitchBook analyst Robert Le anticipates increased VC funding and mergers among crypto firms.


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