Crypto Startup Funding Plunges to Lowest Level in Over a Year

Crypto startups are suffering from this year’s mass selloff of digital currencies. Venture capital investment in the industry sank to its lowest level in more than a year during the third quarter, according to data from research firm PitchBook.

Globally, VC firms invested $4.44 billion in crypto startups in the quarter, a 37% decline from the same period in 2021, the PitchBook numbers show. The funding drop is even more severe compared with the highs of the first quarter, when venture capitalists poured a record $8.83 billion into crypto and blockchain companies.