Funding for global blockchain companies hit a record $6.6b in September quarter

FILE PHOTO: Representations of cryptocurrencies including Bitcoin, Dash, Ethereum, Ripple and Litecoin are seen in this illustration picture taken June 2, 2021. REUTERS/Florence Lo/Illustration/File Photo

The total amount of funding for global blockchain companies hit a record $6.586 billion in the September quarter, almost double of that raised in all of 2020, according to market intelligence platform Blockdata.

In 2020, a total of $3.80 billion was raised by blockchain companies. The fund raised in the June quarter was also at an all-time high.

In August, CoinDCX had raised $90 million in its Series C funding round, led by Facebook co-founder Eduardo Saverin’s B Capital Group, along with other investors.

According to Blockdata, in total, there were 339 funding rounds during the quarter.

“On top is FTX Exchange, with its massive $900 million funding round in July. At the same time, this is the largest-ever funding round for a blockchain company to date,” the market intelligence platform wrote in a blog.

FTX Trading Ltd, owner and operator of FTX.COM, a cryptocurrency exchange, in July had announced the closing of a $900 million Series B fundraise, valuing the company at $18 billion. This new financing round will expand FTX’s global presence, accelerate the company’s growth, and represents one of the largest raises for a crypto company.

With over one million users and averaging over $10 billion daily trading volume, FTX is one of the world’s leading crypto exchanges.

Besides FTX Exchange, several other companies were able to attract hundreds of millions in capital, such as Sorare, Genesis Digital Assets, Fireblocks, BitPanda, FalconX and Blockstream.

The second-biggest fundraise during the quarter was by Sorare. The fantasy football platform in September had raised $680 million in Series B financing led by Softbank.

Genesis Digital Assets, an American Bitcoin mining firm, announced the third biggest fundraise of $431 million. In July also the company had raised $125 million.

Next Fireblocks raised $310 million during the quarter, followed by Bitpanda at $263 million.

As per Blockdata, Coinbase Ventures was the most active in terms of participation in blockchain funding rounds (18). Notably, Coinbase Ventures invested in FTX Exchange and CoinDCX, both cryptocurrency exchanges like Coinbase.

The article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.