2018 was a pivotal year in the history of blockchain and cryptocurrency, with projects regularly announced at both the startup level and by top players in several industries. VC interest and capital investments were at all-time highs, which even resulted in the formation of bespoke blockchain VC firms like Boost VC and Node Capital.
Despite the fervor, momentum in this sector would eventually die down due to a combination of unexecuted concepts, shifting interests and the inconsistent value of Bitcoin and major altcoins. These developments came to a head in 2020, which presented challenges for many sectors and ultimately resulted in a major drop scarcely two years after the 2018 peaks.
The current state of blockchain and cryptocurrency
Surprisingly, 2021 seems to suggest yet another shift for blockchain and cryptocurrency, which could position these technologies even more favorably than their former highs.
There are a myriad of factors contributing to the push we are currently observing. One of the most significant among them is the increase in industry readiness, both from a technical and ideological perspective, which we analyze in our article, 3 industries that are primed for blockchain integration. With blockchain and cryptocurrency reemerging in such a major way, it is important to also note the institutions that are propelling this change. Here are the top 6 VC firms investing in blockchain and cryptocurrency.
Top blockchain and cryptocurrency investors by deal count
Digital Currency Group
HQ: New York, NY
Blockchain and crypto deals: 197
Last deal date: August 2021
Founded in 2015, Digital Currency Group is a VC firm that primarily invests in cryptocurrency, fintech and blockchain companies. The firm has $72 million in dry powder and is interested in making seed stage, early-stage VC and later-stage VC investments. Their recent investments include Circle and Figure Technologies, both of which develop technology to facilitate financial transactions.
NGC Ventures
HQ: Singapore, Singapore
Blockchain and crypto deals: 133
Last deal date: August 2021
NGC Ventures was founded in 2017 and serves as both an investor and incubator to blockchain and cryptocurrency projects around the world. With $400 million of assets under management, many of the companies they support—like Parami Protocol and ReSource Finance—focus on utilizing blockchain’s potential for decentralization, with use cases such as decentralized finance and decentralized computing.
Coinbase Ventures
HQ: San Francisco, CA
Blockchain and crypto deals: 133
Last deal date: August 2021
Coinbase Ventures is a VC firm founded in 2018 by the Coinbase cryptocurrency exchange. It specializes in early-stage VC deals and operates almost exclusively in the blockchain and cryptocurrency space. Looking at their activity within these verticals, we see an interest in both crypto exchange technology like CoinDCX and blockchain-based media distribution like Livepeer.
Pantera Capital
HQ: Menlo Park, CA
Blockchain and crypto deals: 130
Last deal date: August 2021
Founded in 2013, Pantera Capital is a hedge fund with an interest in both blockchain-based ventures and different forms of crypto and digital currency. It primarily targets early-stage VC and seed round deals, and its median round amount is $9.8 million. The firm’s recent investments include Pintu and Vauld, both of which seek to facilitate the exchange of digital assets.
Plug and Play Tech Center
HQ: Sunnyvale, CA
Blockchain and crypto deals: 115
Last deal date: August 2021
Plug and Play Tech Center is an accelerator firm that has made 3,350+ investments since it was founded in 2006. Unlike most of the other investors highlighted in this list, Plug and Play is also active in a number of industries beyond blockchain and crypto such as supply chain, healthcare, retail and insurtech. Their most recent investments include California-based companies Jerry and Wheel the World.
Fenbushi Capital
HQ: Shanghai, China
Blockchain and crypto deals: 113
Last deal date: July 2021
Founded in 2015, Fenbushi Capital is a VC firm with a focus on blockchain-based companies. Their investments include companies like Fold, which create new uses for Bitcoin and ventures like Multiverse Labs, which leverage blockchain to improve resource sharing and app integration.
More about blockchain and cryptocurrency
See why crypto funds are expanding to anticipate larger deals
Learn about Andreessen Horowitz’s $2.2 billion fund and what it can tell us about the blockchain market in our blog post
Read about the unprecedented quarter in blockchain and crypto VC
Read our news article about the renewed interest in crypto and potential for a new bull market
Explore the Bitcoin market’s effect on blockchain startup deals
Read our news coverage of the projected surge in blockchain business investment
Discover more developing industries
Dive into our industry archive for definitions and supplementary readings on dozens of verticals