Crypto VC Funding Hits $860M in October

Infrastructure and gaming sectors drive growth amid investor interest

Crypto venture capital reached $860 million in October 2024, marking a six-month high and signaling renewed investor confidence across sectors such as infrastructure, gaming, and decentralized finance (DeFi), according to DefiLlama’s latest report. This surge in funding, up 30% from September, demonstrates a strong backing for blockchain infrastructure projects, with infrastructure alone drawing in $609 million—over 70% of the month’s total.

Leading the infrastructure category, Bitcoin-focused Blockstream secured the largest single investment at $210 million from Fulgur Ventures, reflecting a heightened interest in the foundational layers of the crypto ecosystem. Yellow Card, an on/off-ramp provider for African markets, attracted the second-highest infrastructure investment with a $33 million Series C round, underscoring the increased focus on emerging markets and localized crypto solutions. Glow Labs, a startup leveraging blockchain for solar energy, followed closely with a $30 million investment, demonstrating infrastructure’s broad applicability within the tech ecosystem.

The gaming sector also showed a promising growth streak, with $110 million in October funding, a 75% increase from September. Mobile game developer Azra Games led this category with a $42.7 million round backed by Pantera Capital, a16z Crypto, and NFX, reflecting optimism in blockchain-powered mobile gaming’s market potential. This marks the third consecutive month of increased investment in blockchain gaming, highlighting its appeal as a bridge to mass adoption in Web3.

Meanwhile, DeFi projects secured $98 million, rebounding from a steep drop between August and September. Bitcoin staking platform Solv raised $11 million, attracting support from major backers like Laser Digital, Blockchain Capital, and OKX Ventures. Decentralized derivatives platform Variational followed with $10.3 million in a seed round led by Bain Capital Crypto and Peak XV Partners, signaling steady investor interest in DeFi innovations despite prior volatility in the sector.

The funding distribution highlights a balanced approach within the blockchain industry, with major allocations supporting both infrastructure and user-driven applications. October’s broad funding appeal included backing from traditional venture capital firms, as well as crypto-focused funds, reflecting widespread institutional confidence in blockchain technology’s long-term viability.

Monthly funding totals have risen steadily since the summer, with October’s $860 million marking the highest monthly VC investment since April’s $954 million. As venture firms diversify across infrastructure and gaming, it indicates a strong pivot toward resilient, scalable blockchain projects that emphasize utility and user engagement.

These numbers hint at an optimistic turn in venture capital sentiment, with analysts predicting that foundational blockchain investments could catalyze a new cycle of user growth and adoption.

photo source / Blockonome