2021 would remain a pivotal year for cryptocurrencies. The industry not only gained a meteoric surge in use and adoption but also in investments by top-tier enterprises. 2021 is half over yet the crypto market can boast of a record investment of $17 billion from venture capital funds.
Analytics firm PitchBook reported that several institutional entities are actively exploring blockchain technology. The previous record for venture investment in cryptocurrency was in 2018 with a total value of $7.4 billion. However, the first six months of 2021 saw a total investment value that surpassed that accumulated average from 2010 to 2020.
The biggest venture capital deal in 2021 peaks up to the tune of $10 billion as Block.One invested in a crypto exchange Bullish Global. Aside from the record-breaking deal, the exchange gathered another $300 million during a funding round. Similarly, IOT Holdings invested over $380 million in the crypto wallet company ledger and holds the second position as the biggest venture capital investment.
Venture Interest in Crypto-related Fields Accelerates
More Institutional entities are on the lookout for potential crypto projects to sink their funds into. The Block.One and the IOT Holdings investments are not the only notable ones so far in the year, over $350 million was invested in Blockfi and Dapper Labs as well.
American venture capital firm Andreessen Horowitz in response to its initial investment in Coinbase that turned out profitable is looking to invest another $1 billion. BitGo was also reportedly acquired by Galaxy Digital for over $1.2 million.
The growing trend in cryptocurrency adoption and implementation includes even financial entities. Goldman Sachs currently is in a partnership with Galaxy Digital to offer Bitcoin futures trading to its wealthy clients.