Swan Closes Largest CeFi Raise YTD
Weekly Recap
Crypto funding remains elevated, below last week’s total of $301 million but ending the week at a robust $256m. Deal activity increased by two deals this week as 25 deals were announced. Infrastructure was the most common category, with ten deals closed and $58m raised. CeFi led the week in funding, with Swan’s $165 million raise notching the largest deal closed in the category this year. Unlike most CeFi competitors, Swan offers no other digital assets on its platform. The company focuses on making buying and holding Bitcoin as easy as possible. DeFi, Web3 & NFTs, and Metaverse & Gaming saw early-stage deal activity, with deals closed in seed and pre-seed stages. Private market investors are beginning to venture further on the risk curve in unproven areas such as music NFTs and metaverse-based games. The high levels of funding and deal activity in areas largely ignored throughout the bear market could be early signs of a regime change in private crypto markets.
Funding By Category
Funding By Deal Stage
Deal of the Week
Bitcoin staking protocol Babylon has raised $18 million in a Series A funding round led by Polychain Capital and Hack VC. Other investors in the round include Framework Ventures, Polygon Ventures, ...Reports you haven't read
WEEKLY RECAP Crypto funding rose 59% week over week from $85 million to $135 million, while deal count held steady at 21 total deals. DeFi was the most funded category from both a fundraising and deal count perspective, raising $70 million across eight deals, including a $14 million strategic round completed by Ethena Labs and led by Dragonfly Capital. Ethena is striving to create a yield-bearing synthetic dollar by leveraging...
WEEKLY RECAP Crypto funding cooled to $85 million this week, the first sub-$100 million week since the start of 2024. Funding was relatively evenly distributed across the DeFi, CeFi, and Infrastructure categories, totaling approximately 85% of the fundraising, while Web3 and Gaming only comprised about 15%. Deal count fell 28% from 29 to 21. DeFi was the most popular category from a deal count perspective, tallying eight deals and representing...
WEEKLY RECAP Total funding fell 29% week-over-week from $221 million to $158 million, while deal count rose about 14% from 22 to 25. This week marks the third consecutive week with triple-digit total funding and over 20 deals, potentially signaling increasing appetite in the private market. Infrastructure and CeFi were the leading categories, raising $76 million and $50 million, respectively. CeFi deals struggled in 2023 but have been a strong...
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