Germany’s share of global venture capital funding attained an all-time high in 2023, despite a decline in the global performance of the blockchain market, according to a report by Crypto Valley Venture Capital (CVVC).
In the report titled “The German Blockchain Report 2023” by CVVC, a total of $355 million was invested in 34 blockchain-related transactions in Germany. According to the CVVC, this signifies a 3% YoY increase in funding for the Western European country.
In addition, the report noted that Germany’s share of global funding reached a record high. According to reports, the nation attracted 2.4% of global blockchain funding and 2.5% of global transactions.
![Germany Tops Global Blockchain Funding in 2023 Germany Tops Global Blockchain Funding in 2023](https://coinxposure.com/wp-content/uploads/2023/09/5f27c491-6575-4059-a146-c99c1f04af3c.webp)
In 2023, the country’s percentage of global funding increased to 0.9% from 0.9% in 2022, and its percentage of global transactions increased to 1.9% from 1.9%. In Europe, Germany has also received a significant amount of funding for the region’s blockchain ecosystem.
The country secured 9.4% of European blockchain funding and 10.3% of all European blockchain transactions, according to the report. The report highlighted Germany’s advancements in financing at a time when all continents were experiencing a decline in venture capital funding.
According to the report, funding on all continents decreased year over year. The report revealed a 62% decline in funding and a 44% decline in transactions worldwide compared to the previous four-quarter period.
A venture capitalist believes that the paucity of innovation in the crypto space is responsible for the decline in funding.
Tony Cheng of Foresight Ventures stated in a recent interview that most narratives in the space, such as zero-knowledge proofs, layer-2 solutions, and nonfungible tokens (NFTs), have “played out.”
Cheng believes that this is the reason why venture capital firms are leaving the industry.