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In 2023, Germany’s blockchain sector secured a substantial $355 million in venture capital funding through 34 separate deals, marking a noteworthy 3% year-on-year increase. This achievement is particularly remarkable as the global blockchain market faced a downturn in overall performance.
According to a report released by Crypto Valley Venture Capital (CVVC), Germany has achieved an all-time high in its share of global venture capital funding for the year 2023. This impressive milestone comes amidst a broader decline in the global blockchain market.
The “German Blockchain Report 2023,” as presented by CVVC, underscores that a total of $355 million was invested across 34 transactions within Germany’s blockchain sector. This signifies a commendable 3% year-over-year (YoY) surge in funding for the Western European nation.
Furthermore, the report sheds light on Germany’s expanded presence in the global funding landscape. The country attracted a substantial 2.4% of worldwide blockchain funding and secured 2.5% of global blockchain deals. These figures represent a notable improvement from the previous year, with 2022’s statistics standing at 0.9% in global funding and 1.9% in global deals.
Within the context of Europe, Germany has carved out a significant slice of the blockchain ecosystem’s funding pie. The report highlights that Germany accounted for 9.4% of blockchain funding within the European region and was involved in 10.3% of all European blockchain deals.
Remarkably, this funding success in Germany coincides with a broader global trend of declining venture capital funding. Globally, there has been a substantial 62% decrease in funding and a 44% reduction in deals compared to the previous four-quarter period.
Tony Cheng of Foresight Ventures attributes this funding downturn to a perceived lack of innovation within the blockchain space. In a recent interview with Cointelegraph, he opined that many of the predominant narratives in the space, such as zero-knowledge proofs, layer-2 solutions, and nonfungible tokens (NFTs), have already run their course. Cheng suggests that this may be the driving force behind venture capital firms’ dwindling interest in the field.
As a historical marker, consider collecting this article as an NFT, preserving this moment in the crypto space’s evolution, and expressing your support for independent journalism.