Galaxy Digital: Crypto and blockchain companies received $3.19 billion in venture capital in Q2 this year

Galaxy Digital reported that the cryptocurrency venture capital market continued to rebound in the second quarter of 2024. Web3, Layer 1, and Bitcoin Layer 2 were the most significant investment categories this quarter. In the second quarter, cryptocurrency and blockchain companies received $3.19 billion in venture capital, slightly higher than the $3.16 billion in the first quarter. The median transaction rose from $3 million to $3.2 million, and the estimated value jumped from $19 million to $37 million. There were a total of 739 cryptocurrency venture capital transactions in the second quarter, an increase of 8% from the first quarter. The Web3 sector attracted $495.5 million in investment, including Farcaster's $150 million financing for Web3 social media platform. Layer 1 raised $371 million, while Bitcoin Layer 2 projects received $94.6 million in investment, a year-on-year increase of 174%.