November was a strong month for venture capital (VC) funding in the crypto space, with nearly $800 million invested in various startups, according to data from DefiLlama. Despite being the fourth-best month for funding this year, the amount was down 8% compared to October. Infrastructure projects continue to be the focus of investment, with over $583 million poured into startups working on crypto-related infrastructure. Zero Gravity Labs and Bitcoin miner Canaan Creative were among the top recipients of funding in this sector, with $40 million and $30 million raised, respectively.
The blockchain gaming sector also saw significant funding in November, with roughly $71 million raised. Monkey Tilt, an online platform offering a gamified gambling experience fueled by crypto, raised the most funding in this sector with $30 million, led by Pantera Capital. General web3 projects secured $8.2 million in funding as well, showing the diversity of investments in the crypto space. This demonstrates the growing interest in decentralized gaming platforms and the potential for innovative projects in this sector.
DeFi (Decentralized Finance) projects also saw a boost in funding in November, with a 31% monthly growth to reach $128.2 million. USDX Money, a synthetic US dollar-pegged stablecoin issuer, conducted the largest funding round, with $45 million injected by various investors. World Financial Liberty (WLFI), a credit market backed by President-elect Donald Trump and his family, raised the second-largest amount through a token sale in which Justin Sun, founder of Tron, invested $30 million. StakeStone, a liquid staking protocol available in various blockchains, raised $22 million in a strategic round led by Polychain Capital. These investments show the potential for growth and innovation in the DeFi space.
Overall, the crypto startup ecosystem continues to attract significant funding, with VC funds showing strong interest in various sectors such as infrastructure, gaming, and DeFi. The diverse range of investments in November highlights the potential for new and innovative projects to emerge in the crypto space. As infrastructure projects remain a key focus for investors, startups working on building the foundations for a decentralized financial system continue to attract the largest amounts of funding. With continued growth and interest in the crypto space, we can expect to see more innovative projects and technologies emerging in the coming months.
