đđ° Bitcoin startups are booming! In 2023, funding for these ventures quadrupled, with Bitcoin-native pre-seed deals soaring by 360% and funded Bitcoin companies rising by 56.9%, according to Trammell Venture Partners.
đ Even though venture dollars invested in Bitcoin fell by 12.5% to $305 million, the number of venture deals rose by a whopping 69.2%.
đ What's a Bitcoin-native company? It's a firm whose success is tied to the Bitcoin network, believing BTC is the future global monetary asset. This excludes late-stage firms, Bitcoin miners, and crypto-oriented companies.
đ„ Last year's big investors included General Catalyst, Y Combinator, and Draper Associates. Despite a challenging year for venture capital, the Bitcoin-native sector emerged stronger.
đšâđ» The surge in funding coincides with a revival of developer activity on Bitcoin. New tech capabilities discovered on the network, like the NFT protocol Ordinals and the Bitcoin computing paradigm BitVM, have sparked this revival.
đĄ Rising transaction fees have developers seeking efficient Bitcoin layer 2 solutions. CoinMetrics co-founder Nic Carter says, "Iâve never seen more bitcoin startups in my career."
What do you think about this surge in Bitcoin startups? Let's chat below! đ #Bitcoin #Startups #Funding
