Millions Invested by Venture Capital in 2023 Despite US War on Crypto
Despite regulatory uncertainty and negative attention in the United States, the crypto and Web3 sector has seen a significant amount of venture capital investment so far in 2023. Several large investments have already been made, including LayerZero raising $120 million, Scroll ZKP securing $50 million, and Eigenlayer raising $50 million. Other projects that raised VC funding this year include social platform Plai Labs with $32 million and optimized trading platform Sei Network with $30 million. Companies in the sector are also turning to Asia, with a number of multi-million dollar funds launching to invest in Asian Web3 and crypto startups, including the $100 million Bitget Web3 Fund and ProDigital Futures’ plans to invest $100 million in crypto and Web3 startups. Hong Kong is expected to become a hub for VC investment in the crypto sector when its crypto framework rolls out in June, with big money from mainland China poised to enter the sector through this legal avenue. Despite the challenges, industry analysts note that “crisis means opportunity”, and venture capital investment in the sector continues to flow.
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