Germany stands tall as blockchain funding on a global scale experiences a decline.
In a year marked by a decline in global blockchain funding, Germany has bucked the trend by increasing its venture capital investments in the blockchain sector.
A new Crypto Valley Venture Capital’s (CVVC) report details Germany’s exceptional performance in the blockchain ecosystem during 2023.
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The CVVC report, “The German Blockchain Report 2023,” reveals that Germany witnessed a year-over-year (YoY) increase of 3% in blockchain funding, with a total investment of $355 million across 34 deals.
This growth is remarkable given the downturn in blockchain funding on a global scale, which the report states has decreased by 62% compared to the last fourth quarter. According to the CVVC report, every continent has experienced a drop in YoY blockchain funding.
Germany’s share in global blockchain investments also saw an uptick. The country attracted 2.4% of worldwide blockchain funding and was involved in 2.5% of all international deals. These numbers show a significant increase from the 2022 figures, which stood at 0.9% of global funding and 1.9% of global deals.
In a European context, Germany secured 9.4% of the continent’s blockchain funding and 10.3% of all European deals, thus asserting its presence in the regional ecosystem.
It is worth noting that Germany was placed in the eighth position in a recent crypto readiness report, which named Hong Kong as the leader in crypto adoption.
Germany’s performance in blockchain funding this year stands out against a backdrop of global decline. The country has increased its funding and saw a rise in its share of global and European blockchain investments. While the global market wrestles with a drop in venture capital interest, Germany’s progress offers a positive note for blockchain supporters.