Top crypto fundraisings for 2023 – What’s the 2024 market direction?

As the crypto market witnesses the dawn of a new bull run in 2023, the landscape for fundraising within the digital asset space is evolving rapidly. With blockchain technology gaining mainstream recognition and institutional interest in cryptocurrencies on the rise, 2023 has proven to be a pivotal year for innovative projects seeking capital infusion
As we explore the top crypto fundraisings, we will also attempt to decipher the potential market direction in 2024. The crypto space is known for its dynamic nature, characterized by both rapid innovation and market volatility.

Crypto fundraised events for 2023

In 2023, the crypto funding landscape faced considerable problems, with total investments falling by 68% to $10.6 billion. This steep decline contrasted sharply with the total investment of $33.2 billion reported in 2022, and it constituted the lowest point since 2020.
Historically high-interest rates, the rapid rise of artificial intelligence shifting focus away from crypto, regulatory crackdowns, and the aftermath of prominent crypto crashes involving FTX, Celsius, and BlockFi all contributed to this decrease.
The digital asset and blockchain sector witnessed a significant decrease in Q3 2023, with only $1.975 billion in investment, the lowest level since Q4 2020 and marking a new cycle low. This continuing decline began following a peak of $12 billion in Q1 2022. 

There is currently an urgent need for a comprehensive analysis to understand the present condition of funding in Web 3, blockchain, and crypto.  
Wormhole, a project that allows developers from different blockchains to communicate with one other, announced one of the year’s largest fundraising as 2023 came to a conclusion, according to Crunchbase’s Web3 tracker.
Wormhole’s team said that it had collected $225 million at a $2.5 billion valuation after completing its split with market maker and VC Jump Crypto. Brevan Howard, Coinbase Ventures, and Jump Trading, of which Jump Crypto is a spinoff, were among the participants. Wormhole officials told Fortune in an interview that the deal was solely for yet-to-be-released tokens rather than shares in the company.
This is the first evidence that Wormhole, best known for a $320 million attack on its protocol in February 2022, intends to introduce a coin. Shortly after, LayerZero, a direct competitor and another between-blockchains messaging system, revealed that it, too, will create its own coin.

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