Crypto Fundraising Soars to $1.76B in October, Highest Since November 2023
Crypto fundraising reached $1.76 billion in October 2024, marking a 96% increase and the highest level since November 2023.

In October 2024, the total amount raised within the crypto industry reached an impressive $1.76 billion, marking a significant 96% increase month-over-month. This figure represents the highest level of fundraising activity since November 2023, according to a recent report by Messari.
Increase in Deals
The report highlights that the number of deals in October rose by 25% compared to the previous month, totaling 282 deals. Noteworthy funding rounds contributed to this strong performance, including a $525 million raise by Praxis and a $68 million round for Infinite, a multi-chain platform.
Additionally, Kraken secured grants of 25 million OP tokens, valued at around $100 million at the time of the deal, from the Optimism Foundation as part of its plans to launch a Layer 2 called Ink using the Optimism blockchain’s OP Stack framework.
Other significant deals include $43 million raised by Azure Games and $33 million secured by Yellow Card, a cryptocurrency exchange platform.
Early-Stage Deal Growth
The early-stage deal volume in the crypto sector also saw growth, increasing by 18% month-over-month to reach $396 million. The deal count for early-stage investments was recorded at 72, reflecting an approximate 13% increase compared to the previous month. This included a $43 million round for Azra Games, a $25 million raise for the Nillion network, and a $14 million investment in Citrea, a decentralized finance project.
Financial Sector Activity
While the overall crypto fundraising activity in the financial sector saw a slight decrease of about 2% in deal volume, reaching $259 million, the deal count grew by 23% to 92 deals. Crypto exchanges dominated the top raises, with significant contributions from Kraken ($100 million), Yellow Card ($33 million), and Bitnomial ($25 million). Other notable deals included Ellipsis Labs and Bitfinex, each raising $21 million.
Infrastructure Sector Performance
The infrastructure sector experienced a substantial increase in deal volume, growing by 73% month-over-month to reach $92 million, although the deal count decreased by 8% to 24 deals. Glow, a decentralized compute and energy network, raised $30 million from investors, including Framework and USV. GEODNET also announced a deal, although specific details were not disclosed.
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