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Rise of Bitcoin Sparks Crypto VC Revival

Jonathan Wong

Jonathan Wong

10 April 2024

Startup trades in cryptocurrency are returning. Venture capital investment in the industry increased by about one-third from the previous quarter, hitting $2.5 billion in the first quarter of 2024. Investors are beginning to spend money again, with renewed interest in the nexus between cryptocurrency and artificial intelligence and the legalization of Bitcoin exchange-traded funds serving as catalysts.

Early-stage VC firm Canonical Crypto reported an increase in fundraising activities, with founders who have built something in the last cycle seeking funding. The memecoin craze and the return of original crypto characteristics have also caught the attention of venture capitalists.

Some venture capitalists are capitalizing on signs of industry maturity, while still recognizing the early-stage nature of crypto. Recharge Capital is committed to supporting entrepreneurs who can improve the cryptocurrency landscape and attract more capital to the market.

Despite the excitement over industry growth, the sentiment remains that crypto is still very early, with opportunities for development ahead.