Cryptocurrency and blockchain companies raised at least $26.4 billion across 992 transactions in the first five months of the year, according to data from Dove Metrics, a crypto fundraising database.
The amount was triple the $8.8 billion recorded in the same period last year.
The largest share of global cryptocurrency funding during the January-May period was taken by infrastructure (34%), followed by central finance (26.3%).
Cryptocurrencies have crashed in recent weeks, with Bitcoin losing more than 50% so far this year.
The digital asset fell below $18,000 over the weekend and was trading below $20,000 on Thursday, taking it to less than a third of its all-time high of $67,734, which it hit in November.
Companies such as Coinbase, Gemini Trust and Crypto.com have laid off staff during the recent “crypto winter” – a period when prices remain low for an extended period.
Venture capitalists have also pulled out of cryptocurrencies, despite being among the biggest cheerleaders in the industry, according to a Bloomberg report.
Funding deals have failed for startups at all stages, which have suffered valuation losses amid crises such as the collapse of stablecoin TerraUSD and the freezing of withdrawals on cryptocurrency lending platforms such as than Celsius and Babel Finance.
Companies are looking to raise funds at lower valuations than in previous cycles.
However, some start-ups in the sector continue to attract strong investor interest.
US startup FalconX, a digital asset trading platform and brokerage for institutional investors, said on Wednesday it had doubled its valuation to $8 billion, despite the major market downturn.
The California-based company said it raised $150 million in a Series D funding round led by GIC and former investor B Capital.
Updated: June 24, 2022, 03:30
