Ellipsis

GEODNET

Optimism

The total amount raised in the crypto industry during October 2024 saw a significant increase of 96% month-over-month, reaching $1.76 billion.
According to Messari’s latest report, this represents the highest level of fundraising activity since November 2023.
<h2 id="282-crypto-deals-in-october">282 Crypto Deals in October</h2>
The <a href="https://x.com/MessariCrypto/status/1853893899950886948" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">report</a> shows that the deal count in October increased by 25% compared to the previous month, totaling 282 deals. Several notable funding rounds contributed to the strong performance in October, including a $525 million raise by Praxis and a $68 million round for Infinite, a multi-chain platform.
It also includes Kraken receiving <a href="https://x.com/Fwiz/status/1851280684473897466" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">grants</a> of 25 million OP tokens, worth around $100 million when the deal was struck earlier this year, from the Optimism Foundation as part of Kraken’s <a href="https://cryptopotato.com/crypto-exchange-kraken-to-launch-its-own-blockchain-next-year-report/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">plans</a> to launch a Layer 2 called Ink using the Optimism blockchain’s OP Stack framework.
Other notable deals include $43 million raised by Azure Games and $33 million secured by Yellow Card, a cryptocurrency exchange platform.
The early-stage deal volume in the crypto industry grew by 18% month-over-month in October 2024, reaching $396 million. Additionally, the deal count of this particular cohort was recorded to be 72, which increased by approximately 13% compared to the previous month. This included a $43 million round for Azra Games, a $25 million raise for the Nillion network, and a $14 million investment in Citrea, a decentralized finance project.
<h2 id="crypto-fundraising-mixed-in-october">Crypto Fundraising Mixed in October</h2>
While the crypto fundraising activity in the financial sector for the month saw a slight decrease in deal volume of approximately 2% month-over-month, reaching $259 million, the deal count, however, grew by 23% to 92 deals.
Crypto exchanges represented 8 of the top 10 raises in the financial sector during this period, such as the $100 million raise by Kraken, a $33 million raise by Yellow Card, and a $25 million raise by Bitnomial. Other notable deals were secured by Ellipsis Labs, which raised $21 million, and Bitfinex, which raised $21 million.
The infrastructure sector saw a significant increase in deal volume throughout October as it grew by 73% month-over-month to reach $92 million. However, the deal count decreased by 8% to 24 deals. Glow, a decentralized compute and energy network, raised $30 million from investors including Framework and USV; and GEODNET also announced a deal, though the details were not provided.
The post <a href="https://cryptopotato.com/crypto-fundraising-soars-to-1-76b-in-october-highest-since-november-2023/" rel="noopener noreferrer nofollow">Crypto Fundraising Soars to $1.76B in October, Highest Since November 2023</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Crypto Fundraising Soars to $1.76B in October, Highest Since November 2023

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