The rate of fundings for crypto startups and Blockchain technology firms has continued to be high, at least in the last year. The attitude and reception to these fundings by many capital ventures, who are the major players in the funding, further shows that the crypto market is on the verge of a boom. So far, the year has witnessed at least 70 different series of funding, with this month’s count of 32 already surpassing that of both January and February at 14 and 24, respectively. However, while many of these fundings have been less than $10 million, a few of them have been up to $100 million or more.
BitPanda’s success shows that Crypto companies are out there with the best
According to data from popular cryptocurrency and blockchain media house- Coindesk, four crypto startups have received more than $100 million in funding this year alone. However, the most notable beneficiaries of these fundings are Fireblocks- a crypto custodian who got about $133 million in funding, and Bitpanda, an Austria-based crypto exchange that got $170 million to boost its services and product offerings. The case of Bitpanda is a unique one, as the Austrian crypto exchange is one of the largest crypto exchanges in Europe, valued at $1.2 billion after the funding.
The most notable thing about the crypto exchange is that it is the first company in Austria to be valued at $1 billion or more. The crypto company has been so successful that many capital ventures outside the Blockchain market thought it was necessary to further raise funds to further boost their business operations. Before this time, precisely six months ago, Bitpanda had raised $52 million in Series A funding, as the crypto company had wanted to realize its ambitions of becoming Europe’s most preferred crypto service provider.
More public interest in Crypto startups?
The implication of the success of BitPanda and many other beneficiaries of these fundings further shows that the Blockchain space is already part of our lives. It is also worthy to note that prominent names outside the crypto space led to the $133 million Series C funding of Fireblocks. The funding round was led by one of America’s most prominent commercial banks- Bank of New York Mellon and other prominent venture capitals. What this further implies is that the interest of outsiders in the cryptocurrency market continues to be high.
Many analysts believe that the next few months will witness many prominent names in funding crypto startups, as they believe that the market is too hot to ignore. The growth of the crypto market, which is set to triple by the end of the year, will continue to birth many more crypto startups tasked with providing several bespoke services and innovative products. However, many of these Startups will be counting on both crypto insiders’ and outsiders’ interests to flourish. Fortunately, it seems that the foundation of such expectations is currently being laid out.