The number of disclosed deals also fell, with just 90 rounds reported in November, down 9% from October’s 99. Despite a bullish market for crypto asset valuations, investor confidence in startups appeared to wane. Notably, November lacked the large-scale deals seen in earlier months, with no individual round exceeding $50 million.
Key Players in a Struggling Market
Stablecoin issuer usdx.money led the pack, raising $45 million in a round that valued the firm at $275 million. Key backers included NGC, BAI Capital, and Generative Ventures. The funds will support ecosystem development, according to the company.
Zero Gravity Labs (0G Labs), an AI-focused blockchain firm, followed with $40 million raised in seed funding. The company also secured a $250 million token purchase commitment and held a successful node sale, bolstering its financial position.
Two other companies tied for third place with $30 million raised each. Gambling platform Monkey Tilt closed its Series A round on November 19, while mining equipment manufacturer Canaan secured funding despite a tough year.
Sector Trends
Infrastructure, DeFi, and gaming attracted the most funding again, but centralized finance (CeFi) saw little activity. With investors now prioritizing direct Bitcoin purchases over crypto startups, the decline in VC activity reflects shifting market dynamics.
