Despite the prevailing bearish trend in the crypto market, venture capital firms consummated several deals worth billions in the first quarter of 2023.
Data from PitchBook’s Crypto Report for Q1 2023 disclosed that crypto firms generated $2.6 billion through 353 investment rounds.
Though the level of deals from the companies indicated the viability of the crypto space, there’s still evidence of its weakness.
Report Highlights Declines In The Number And Value Of Investment Deals
According to the report, the first quarter of 2023 had the lowest amount of capital invested in the crypto space since 2020.
The total deals declined by 12.2% from the last quarter, while the quarter-on-quarter deal value dropped by 11%.
The report highlighted that Q1 2023 marks the fourth consecutive quarter of dipping investment activity for VCs.
Notably, the number and value of VCs deals decreased by 64.4% and 78.0%, respectively, from the same quarter in 2022.
Further, the report indicated a mix in t
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