Crypto startups secure $691 million in venture capital during September Investments 21 hours ago

Venture capital (VC) funds invested over $659 million in crypto startups last month, representing a 3% increase compared to August, according to DefiLlama data.The blockchain gaming sector grew for the second consecutive month, with VC funds pouring $63 million into blockchain titles, marking a 32% monthly growth.Nearly half of the money raised by blockchain gaming startups was directed at Balance Games. The project received $30 million from companies such as Animoca, a16z, Aptos Labs, and DWF Labs to combine blockchain and artificial intelligence to create more enjoyable user experiences.Projects building blockchain infrastructure received $457 million in September, dominating 71.5% of the funds received by the whole crypto ecosystem in the period. This is virtually the same amount captured by the sector in August.Celestia (TIA) raised $100 million through a “strategic” funding round, the largest among infrastructure startups. The round was led by Bain Capital Crypto and included participation from 1kx, Robot Ventures, Syncracy Capital, and Placeholder.Additionally, Huma Finance raised $38 million to develop its blockchain-based payment network in a round that included participation from Fenbushi Capital, HashKey Capital, and ParaFi Capital.Despite the stability in blockchain infrastructure-related investments, DeFi ecosystem startups received $58 million last month, down 55% from August.Drift led the largest DeFi funding round, securing $25 million in a Series B round led by Multicoin Capital. The second-largest investment round by DeFi startups was led by Puffpaw, a “vape-to-earn” application developed on Berachain.Web3 adoption received a boost last month, with $59 million directed toward startups building blockchain-based versions of traditional services.Tune.fm, a decentralized music streaming platform similar to Spotify, raised $50 million during the month from Global Emerging Markets Group.Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Follow us on X for your essential dose of daily crypto news and deep dives.Bitwise explained that the new funds are designed to take advantage of market momentum while offering protection during bearish conditionsPost-pandemic financial shifts see Bitcoin moving from alternative asset to investment staple.The SEC and DOJ argued that crypto mining demand played a much bigger role in Nvidia’s success than suggested.Private criminal charges fail to sway Trump’s 2024 election odds on Polymarket as his odds rise to 50%.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.