Crypto Report

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Unpacking crypto’s potential

After the collapse of FTX and a wobbly few months of fluctuating valuations, crypto has stabilized. Our Q1 2023 Crypto Report covers where the vertical has been and where it’s growing the most.

Key takeaways:
 

• Q1 marked the fourth consecutive quarter of declining investment activity, with startups raising $2.6 billion across 353 deals—down 78.0% and 64.4% from the same period last year, respectively. Q1 2023 also marked the lowest amount of capital invested in the vertical since Q4 2020.

 

• Late-stage valuations were up a whopping 209%, but that number may be skewed due to a lack of disclosure on down rounds.

 

• Emerging opportunities include startups working on privacy, data management, and security for Web3 protocols.