---
title: "Crypto Fundraising Soars to $1.76B in October, Highest Since November 2023"
url: https://diffcoin.com/crypto-fundraising-soars-to-1-76b-in-october-highest-since-november-2023/
description: "Crypto exchanges dominate top deals in the financial sector, including Kraken and others."
published: 2024-11-09
updated: 2024-11-09
author: "Mila"
site: "Diffcoin"
---

# Crypto Fundraising Soars to $1.76B in October, Highest Since November 2023

The total amount raised in the crypto industry during October 2024 saw a significant increase of 96% month-over-month, reaching $1.76 billion.

According to Messari’s latest report, this represents the highest level of fundraising activity since November 2023.

## 282 Crypto Deals in October

The report shows that the deal count in October increased by 25% compared to the previous month, totaling 282 deals. Several notable funding rounds contributed to the strong performance in October, including a $525 million raise by Praxis and a $68 million round for Infinite, a multi-chain platform.

It also includes Kraken receiving grants of 25 million OP tokens, worth around $100 million when the deal was struck earlier this year, from the Optimism Foundation as part of Kraken’s plans to launch a Layer 2 called Ink using the Optimism blockchain’s OP Stack framework.

Other notable deals include $43 million raised by Azure Games and $33 million secured by Yellow Card, a cryptocurrency exchange platform.

The early-stage deal volume in the crypto industry grew by 18% month-over-month in October 2024, reaching $396 million. Additionally, the deal count of this particular cohort was recorded to be 72, which increased by approximately 13% compared to the previous month. This included a $43 million round for Azra Games, a $25 million raise for the Nillion network, and a $14 million investment in Citrea, a decentralized finance project.

## Crypto Fundraising Mixed in October

While the crypto fundraising activity in the financial sector for the month saw a slight decrease in deal volume of approximately 2% month-over-month, reaching $259 million, the deal count, however, grew by 23% to 92 deals.

Crypto exchanges represented 8 of the top 10 raises in the financial sector during this period, such as the $100 million raise by Kraken, a $33 million raise by Yellow Card, and a $25 million raise by Bitnomial. Other notable deals were secured by Ellipsis Labs, which raised $21 million, and Bitfinex, which raised $21 million.

The infrastructure sector saw a significant increase in deal volume throughout October as it grew by 73% month-over-month to reach $92 million. However, the deal count decreased by 8% to 24 deals. Glow, a decentralized compute and energy network, raised $30 million from investors including Framework and USV; and GEODNET also announced a deal, though the details were not provided.

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