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Germany’s blockchain funding increases 3% amid market downturn: Report

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Germany's blockchain funding increases 3% amid market downturn: Report

Germany has reached an all-time high in global venture capital funding share in 2023 despite a decline in the overall performance of the blockchain market across the globe, according to a report published by Crypto Valley Venture Capital (CVVC).

Within CVVC’s report titled «The German Blockchain Report 2023,» the country’s blockchain sector recorded a total of $355 million invested across 34 deals. This represents a 3% year-over-year (YoY) increase in funding for the Western European country, according to the CVVC.

Germany's blockchain funding increases 3% amid market downturn: Report

State of German venture capital funding in 2023. Source: CVVC

Apart from this, the report highlighted that Germany also experienced its record share in global funding. The country reportedly attracted 2.4% of global blockchain funding and 2.5% of global deals. Compared to 2022’s figures of 0.9% in global funding and 1.9% in global deals, the country saw an increase in percentage in both statistic in 2023.

When it comes to Europe, Germany has also taken a fair share of funding within the region’s blockchain ecosystem. The report noted that the country secured 9.4% of Europe-based blockchain funding and 10.3% of all European blockchain deals.

The report highlighted that Germany’s progress in funding comes as all continents are experiencing a venture capital funding downturn. According to the report, all continents experienced YoY declines in funding. The report highlighted that there’s a 62% decline in funding and a 44% decrease in deals compared to the previous four-quarter period globally.

Related: Crypto VCs made $2.6B worth of deals in the first quarter of 2023

Meanwhile, a venture capital executive believes that the funding downturn in crypto is due to the lack of innovation in the space. In a recent Cointelegraph interview, Foresight Ventures’ Tony Cheng said that most of the narratives in the space like zero-knowledge proofs, layer-2 solutions and nonfungible tokens (NFTs) have already «played out.» Cheng belives that this may be the reason why venture capital firms are being driven away from the space.

Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in

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