Nov. 29, 2017 (The Ferowich Report)— Seedling and maturing blockchain projects raised $1.3 billion in the third quarter of 2017, setting a new record for the budding blockchain industry.
One big thing: ICO funding outpaced venture capital investment 8x in the third quarter of 2017, to according to Coindesk’s quarterly industry report.
Break it down:
- ICO’s generated $1.2 billion in new funding while VC funding accounted for $156 million.
- Two companies received the lion’s share of VC funding: Coinbase ($100 million) and Bitmain ($50 million).
- VC funding fell $79 million from to Q2, but exceeded Q1’s total $107 million.
- Tezos ($232 million) and Filecoin ($262 million) each singlehandedly outraised VC as a whole for the quarter.
The funding flippening: Cumulative ICO funding in blockchain startups has overtaken total venture capital dollars poured into the sector.