On October 10, CoinGecko, a crypto data aggregator, published a report highlighting the most engaged cryptocurrency companies, where Coinbase Ventures stood out as the most active.
The study’s data indicated that Coinbase Ventures made 144 investments in pre-seed or seed stages, along with an additional 199 investments during the early stages of Series A or B.
Primary backers of the crypto industry
This comprehensive study underscores the impressive engagement of the top 23 cryptocurrency venture capitalists, with each firm participating in a noteworthy range of 149 to 372 deals.
In total, these influential crypto venture capital firms have left an indelible mark with a remarkable 4,346 investments made between January 1, 2017, and September 21, 2023, firmly establishing themselves as the primary driving force behind the cryptocurrency industry’s growth and development.
Following closely behind Coinbase Ventures, NGC Ventures based in Singapore stands as the second most active venture capital firm in the cryptocurrency realm, boasting an impressive tally of 271 deals to date.
Of these, 158 fall into the early-stage VC category, while 99 are categorized as pre-seed or seed deals. Remarkably, akin to several other leading crypto VC firms, NGC Ventures has yet to include any venture growth deals in its portfolio.
Hitting lower lows
Just a day after Bloomberg, the renowned research firm, released its findings on crypto venture funding, we can confirm that the numbers for Q3, 2023 show a stark reality. Crypto venture funding has plummeted to a level not seen since 2020, with a mere $2 billion invested. This downward trajectory can be attributed to a prevailing sense of mistrust, which was undoubtedly exacerbated by the collapse of FTX.