Crypto venture funding hits $860 million in October, highest in over 6 months News ▸ OKX ▸ Investments
Crypto venture funding hits $860 million in October, highest in over 6 months
The gaming sector grew by the third consecutive month, followed by the return of VC capital to Web3 general applications.
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Updated: Nov. 5, 2024 at 11:34 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Venture capital (VC) funds invested $860 million in crypto startups last month, a 30% leap from the amount registered in September and the highest since April’s $954 million earlier in the year, according to DefiLlama data.
Investments in the blockchain gaming sector surpassed $110 million, growing for the third consecutive month by showing a significant 75% leap between September and October.
The mobile gaming studio Azra Games conducted the largest funding round in this sector, receiving $42.7 million from Pantera Capital, a16z Crypto, and NFX.
Infrastructure dominance
Infrastructure solutions secured the most prominent VC investments, with $609 million in venture money pouring into the sector, up 33% from September.
Bitcoin-focused infrastructure provider Blockstream received $210 million from Fulgur Ventures, the largest funding round in this sector by a substantial margin.
Yellow Card, a startup building on and off-ramping solutions for African users, received the second largest investment among infrastructure startups, with $33 million captured in a Series C round.
Glow Labs, a firm using blockchain to create a community-powered platform to drive solar energy adoption, secured $30 million in the third largest infrastructure-related funding round.
DeFi recovers
The DeFi sector saw a recovery in funding after experiencing a 55% decline in funding between August and September, securing $98 million in funding for the month.
Solv, a platform for Bitcoin staking, raised $11 million from Laser Digital, Blockchain Capital, and OKX Ventures in October’s most significant DeFi funding round.
Variational raised a similar amount to build its decentralized derivatives platform, with Bain Capital Crypto and Peak XV Partners allocating $10.3 million in a seed round.
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Author 
Gino Matos
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).
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a16z
Andreessen Horowitz (known as “a16z”) is a venture capital firm in Silicon Valley specializing in investing in seed, start-ups, early, mid-stage, growth, and late stage.
Pantera Capital
Pantera Capital is an investment firm focused exclusively on ventures, tokens, and projects related to blockchain tech, digital currency, and crypto assets..
Blockstream
Blockstream is a provider of blockchain technologies, on the forefront of work in cryptography and distributed systems.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.