Venture capital investment in cryptocurrency and blockchain startups are set to hit a record high this year, according to projection figures by market data researcher PitchBook.

As 2018 saw US$2.4 billion invested in the crypto and blockchain industry, the first few months of 2019 has already seen funds raised reaching US$850 million, with projections for the year indicating that the figure will be higher than all previous years.

However, with cases of crypto deals gone wrong over the past few years, investors have grown wary about pouring funds into new projects. The number of projects has plummeted, but the investment per project has increased. According to a Reuters report, 117 projects made up total crypto and blockchain investment in 2018, whereas total investment so far this year is made up of only 13 projects.

Cointelegraph has reported on several major deals that have been made in the cryptosphere, such as the US$200 million investment from Japan’s ST Blockchain Fund to the operator of South Korean cryptocurrency exchange, Bithumb.

Other firms are also receiving cash injections. In the case of compliance startup Chainalysis, a US$6 million fund has been added to the firm’s Series B funding, bringing the total raised to US$36 million.

Meanwhile, companies that have been struggling due to decreased activity in the cryptosphere are now embarking on new projects. Blockchain development startup ConsenSys, which had previously announced that it was planning to downsize its staff, will now be raising a further US$200 million.

Source: cointelegraph.com

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