Germany Tops Global Blockchain Funding In 2023
Date
9/15/2023 2:00:54 PM
(MENAFN- CoinXposure) Germany's share of global venture capital funding attained an all-time high in 2023, despite a decline in the global performance of the blockchain market , according to a report by crypto Valley Venture Capital (CVVC).
In the report titled“The German Blockchain Report 2023” by CVVC, a total of $355 million was invested in 34 blockchain-related transactions in Germany. According to the CVVC, this signifies a 3% YoY increase in funding for the Western European country.
In addition, the report noted that Germany's share of global funding reached a record high. According to reports, the nation attracted 2.4% of global blockchain funding and 2.5% of global transactions.
State of German venture capital funding in 2023. Source: CVVC
In 2023, the country's percentage of global funding increased to 0.9% from 0.9% in 2022, and its percentage of global transactions increased to 1.9% from 1.9%. In Europe, Germany has also received a significant amount of funding for the region's blockchain ecosyste .
The country secured 9.4% of European blockchain funding and 10.3% of all European blockchain transactions, according to the report. The report highlighted Germany's advancements in financing at a time when all continents were experiencing a decline in venture capital funding.
According to the report, funding on all continents decreased year over year. The report revealed a 62% decline in funding and a 44% decline in transactions worldwide compared to the previfour-quarter period.
See also ABN Amro's €5 Million Digital Green Bonds on Polygon 4 hours ago
A venture capitalist believes that the paucity of innovation in the crypto space is responsible for the decline in funding.
Tony Cheng of Foresight Ventures stated in a recent interview that most narratives in the space, such as zero-knowledge proofs, layer-2 solutions, and nonfungible tokens (NFTs), have“played out.”
Cheng believes that this is the reason why venture capital firm are leaving the industry.
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