Venture capital firms invested nearly $800 million in cryptocurrency startups during November 2023, marking the fourth-strongest month of funding this year, according to data from DefiLlama. However, the total represents an 8% decline compared to October's investments.
Infrastructure projects dominated the funding landscape, securing over $583 million in venture capital. Notable deals included Zero Gravity Labs raising $40 million and Bitcoin mining company Canaan Creative obtaining $30 million through private equity.
The decentralized finance (DeFi) sector showed renewed strength with a 31% month-over-month increase in funding, reaching $128.2 million. USDX Money, a stablecoin issuer pegged to the US dollar, led DeFi funding by raising $45 million from investors including NGC Ventures and BAI Capital.
Gaming and Web3 sectors also attracted investor interest, though at lower levels. Blockchain gaming companies raised approximately $71 million, with Monkey Tilt securing the largest round of $30 million led by Pantera Capital. General Web3 projects gathered $8.2 million in funding.
Among other notable deals, World Financial Liberty (WLFI), a credit market venture backed by President-elect Donald Trump, received $30 million from Tron founder Justin Sun. StakeStone, a multi-chain liquid staking protocol, secured $22 million in a strategic round spearheaded by Polychain Capital.
Despite market volatility throughout 2023, these investment figures suggest continued institutional confidence in cryptocurrency and blockchain technology development, particularly in infrastructure and DeFi applications.