According to a new report, cryptocurrency- and blockchain-related companies have already received more funding this year than in all of 2020.

In the first quarter of 2021, 129 crypto and blockchain startups received funding totaling $2.6 billion, reports Bloomberg, which relies on data from business intelligence firm CB Insights. In 2020, crypto and blockchain companies raised a total of $2.3 billion in 341 deals.

According to the data, 2018 was a record year for secured funding in the cryptocurrency sector, with a total of $3.3 billion in funding.

Venture capital funding in blockchain startups. Source: Bloomberg KB Insights

Crypto industry got more funding in Q1 2021 than all of last year: report

According to CB Insights, the increase in funding in 2021 has been driven by several large funding rounds for companies, including US cryptocurrency startup BlockFi, Canadian games maker Dapper Labs and UK crypto-currency wallet provider

These three companies alone have raised nearly $1.1 billion this year, and BlockFi closed a $350 million round in March.

After raising $120 million in February, received $300 million in a new round of funding in March, bringing the company to a valuation of $5.2 billion.

Dapper Labs, creator of the popular Ethereum-based CryptoKitties game and the non-fictional NBA token market Top Shot, raised $305 million from investors including NBA star Michael Jordan earlier this year.

Along with the remarkable growth of venture capital funding in the crypto sector, crypto and blockchain have also grown in terms of consolidation this year. According to Henri Arslanian, PwC’s Global Crypto Leader, the number of cryptocurrency mergers and acquisitions is already much higher in 2021 than in 2020.

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