Venture Capitals Bet Massive on Cryptocurrencies, Hitting Record High Since Last Year

Venture capital is pouring money into digital currency and blockchain startups. The market shows growing confidence in the cryptocurrency and blockchain space, Reuters reported on July 26.

The overall value of the cryptocurrency market has fallen by two-thirds to $1 trillion so far this year, given the double whammy of macroeconomic headwinds and major project thunderstorms.

Despite a six-month setback in the development of cryptocurrency and blockchain technology, there is solid confidence in the future of the industry in the market. Venture capitals bet $17.5 billion on such companies in the first half of this year, according to data from PitchBook, which will surpass last year’s record of $26.9 billion.

North America has long been a hotspot for venture capital deals. There was about $11.4 billion in investment in the first half of the year, compared to $15.6 billion for the whole of last year. Activity in Europe is also strong, with $2.2 billion in venture capital investments in the first half of the year, indicating a rather active market and continuous confidence in the technology behind cryptocurrencies.

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