Cryptocurrency venture capital (VC) firms raised a total of $2.2 billion in June, according to data from capital markets research firm PitchBook. This brings the total amount raised by crypto VCs in the first half of 2022 to $10.3 billion, more than double the amount raised in the first half of 2021. The surge in funding is being driven by the growing interest in cryptocurrencies and blockchain technology. Institutional investors are increasingly allocating funds to crypto, and this is trickling down to VCs. In addition, the recent market downturn has created opportunities for VCs to invest in promising projects at more attractive valuations. The largest fundraise in June was a $500 million fund raised by New York-based crypto VC firm Paradigm. Other notable fundraises include a $320 million fund raised by London-based crypto VC firm Balderton Capital, and a $200 million fund raised by San Francisco-based crypto VC firm Framework Ventures. The influx of new funding is expected to fuel further growth in the crypto ecosystem. VCs will be able to invest in more projects and help them scale their operations. This will ultimately lead to more innovation and adoption of cryptocurrencies.