Even though there are still questions regarding the longevity of the current crypto bull run, VCs continue to pour money into crypto projects. October 2022 has been an exciting month in that regard. Especially blockchain services are of keen interest these days, rather than speculative currencies.
Blockchain Services Attract VC Attention
Builders need to step up their game when the crypto markets remain bearish. There still needs to be more infrastructure to take the industry into the mainstream. Building the necessary technology stacks, payment rails, and scalable networks remains essential. Although it is tough to compete with existing networks, that doesn’t mean there isn’t more demand for suitable blockchain services.
Throughout the past week, there have been several crucial VC investment rounds. Several of these focus on various blockchain service projects. Of the latest 9 VC rounds, five pertain to blockchain services. The others are DeFi (2), GameFi (1), and blockchain infrastructure (1). That also highlights the crucial difference between blockchain infrastructure and blockchain service projects, as both target different audiences.
The funding rounds in the past few days include:
- Soulff3 ($2 million)
- Zoop ($15 million)
- Martian ($3 million)
- Decentralized Engineering Corporation ($9 million)
- CryptoRefills ($ undisclosed)
Every round confirms venture capitalists keep an eye on blockchain services these days. A funding round never guarantees long-term project success, though. Many companies have received funding and failed to deliver or faced bankruptcy within their first year. As a result, it remains a cutthroat industry.
A Bullish Sign For The Broader Industry
The ongoing investments in DeFi, GameFi, infrastructure, and blockchain services are a bullish sign for crypto and blockchain. Even though the past 14 months have not been exciting for crypto prices – until this week – one must always remember the bigger picture. Infrastructure and services are essential in pushing mainstream adoption. Furthermore, more services can make it easier for consumers to explore these technologies and industry benefits.
Other recent blockchain service projects raising funds include Origami, Kollider, UpsideDAO, Ancilia, Synota, YOOM, and ATTA. However, there are also VC contributions for CeFi – at $13m and $40 m for Arf and Reap, respectively – indicating something is brewing there. It is an excellent time to build and innovate. BTC and ETH prices are far less relevant than most people think.
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