In May, there were reports of 93 publicly disclosed investment projects connected to cryptocurrency. The total funding amount for that month was $760 million, indicating a 7% decline compared to the previous month. In terms of industry categories within the crypto market, Infrastructure, DeFi, CeFi, and NFT/GameFi were the main classifications that received a substantial portion of the financing.
Crypto Funding In May Declines: $760 Million Raised From Various Companies
According to RootData statistics, there were 93 investment projects related to the cryptocurrency industry that were publicly announced in May. This figure indicates a 13% decline from the previous month and a significant 40% decrease compared to the same period last year. It’s worth noting that not all financing is reported immediately, so these numbers may increase in the future.
Regarding the primary industry classifications in the crypto market during May, infrastructure projects accounted for approximately 29% of the total financing, followed by DeFi at around 18%, CeFi at approximately 6%, and NFT/GameFi at about 26%. The total funding amount for May reached $760 million, reflecting a 7% decrease from the preceding month and a substantial 66% decrease compared to May 2022.
In May, several companies successfully secured funding rounds exceeding $20 million. These companies include Tools for Humanity, Auradine, Magic (a cryptocurrency wallet company), River Financial (a Bitcoin technology and financial services company), Cormint (an emerging Bitcoin mining firm), Story Protocol (a Web3 startup), Anoma Foundation (a cryptocurrency infrastructure company), and Transak (a Web3 payment and fiat aggregator).
The significant amount of funds raised by these companies will likely be allocated towards the advancement and expansion of their individual projects. Each company has its own distinct focus, ranging from the creation of a global identification system utilizing iris scanning technology to the development of cutting-edge technologies such as privacy, zero-knowledge proofs, and artificial intelligence.
The raised funds will be utilized for further development, research initiatives, ecosystem expansion, and the establishment of strategic partnerships aligned with their respective projects.
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