Top 10 Crypto Funding Deals of 2022

·

The cryptocurrency industry kicked off 2022 with explosive momentum, but the year quickly turned into a test of resilience. The collapse of Terra in May sent shockwaves across the digital asset space, widely regarded by analysts as the official start of a new Crypto Winter. As market sentiment cooled, venture capital activity followed suit.

According to Crunchbase data, global venture-backed crypto startups raised $8.8 billion in Q1 of 2022. That figure dropped to $6.2 billion in Q2, slid further to approximately $3.4 billion in Q3, and fell to just around $2.4 billion in Q4 — a stark reflection of tightening investor sentiment and growing caution in the face of volatility.

Despite the downturn, several major players managed to secure significant funding rounds, signaling continued belief in blockchain's long-term potential. Below are the top 10 crypto funding deals of 2022, highlighting key players, investment trends, and the evolving landscape of decentralized technology.

1. Yuga Labs – $450 Million

In March 2022, Yuga Labs, the company behind the wildly popular Bored Ape Yacht Club (BAYC) NFT collection, raised $450 million in a round led by **Andreessen Horowitz**. The funding valued the company at $4 billion, cementing its status as one of the most valuable entities in the NFT space.

Yuga Labs leveraged its cultural influence to expand beyond digital collectibles, launching ventures like Otherside, a metaverse project aimed at creating immersive virtual experiences. However, the broader NFT market began to contract shortly after the raise, with trading volumes and floor prices declining across major collections.

Additionally, regulatory scrutiny intensified. Reports emerged that the U.S. Securities and Exchange Commission (SEC) was investigating whether Yuga Labs had sold unregistered securities through its NFT offerings — a growing concern for many Web3 projects navigating unclear legal frameworks.

👉 Discover how blockchain innovation continues to evolve despite market challenges.

2. ConsenSys – $450 Million

Led by Ethereum co-founder Joseph Lubin, ConsenSys has long been a cornerstone of the Ethereum ecosystem. Its flagship product, MetaMask, is one of the most widely used self-custody wallets in the world, boasting over 30 million monthly active users.

In March 2022, ConsenSys closed a $450 million Series D round led by **ParaFi Capital**, achieving a $7 billion valuation. The funds were earmarked for expanding MetaMask’s functionality and accelerating development on enterprise blockchain solutions.

Despite its success, ConsenSys faced criticism over privacy practices related to MetaMask’s data collection policies. In response, Lubin emphasized the company’s commitment to improving transparency and user control — essential steps in building trust within the decentralized finance (DeFi) community.

As Ethereum transitioned to proof-of-stake later that year, ConsenSys played a pivotal role in enabling staking through MetaMask Swaps and other tools, reinforcing its position as a critical infrastructure provider.

3. Polygon – $450 Million

Polygon, a layer-2 scaling solution for Ethereum, secured $450 million in February 2022 in a round led by Sequoia Capital, with participation from Tiger Global and SoftBank. This investment highlighted institutional confidence in scalable blockchain architectures capable of supporting mass adoption.

Polygon’s mission is to enable high-speed, low-cost transactions for decentralized applications (dApps), particularly in gaming and DeFi. At the time of funding, its native token MATIC had a market cap of $13 billion — though it later declined to under $7 billion amid broader market corrections.

Still, Polygon continued forging strategic partnerships with major brands and governments, including collaborations with Starbucks and the Indian state of Andhra Pradesh, demonstrating real-world applicability beyond speculative trading.

4. Circle – $400 Million

As the issuer of USDC, the second-largest stablecoin by market capitalization, Circle plays a vital role in the crypto economy. In April 2022, it raised $400 million from prominent traditional finance institutions like BlackRock and Fidelity, reinforcing bridges between legacy finance and digital assets.

Circle had aimed to go public via a SPAC merger with Concord Acquisition Corp., targeting a $9 billion valuation. However, due to uncertainty over SEC approval — particularly regarding regulatory classification of stablecoins — the deal was officially abandoned in December 2022.

Nonetheless, Circle remained central to discussions about financial regulation and transparency, especially after USDC briefly depegged during the collapse of Silicon Valley Bank in early 2023 — an event that underscored both risks and resilience in algorithmic and reserve-backed stablecoins.

5. FTX US – $400 Million

In January 2022, FTX US, the American arm of the FTX exchange, raised $400 million at an $8 billion valuation. Backers included blue-chip firms such as Paradigm, Temasek, and Multicoin Capital.

At the time, FTX appeared unstoppable — innovative, well-funded, and rapidly expanding its footprint across sports sponsorships and regulatory compliance efforts in the U.S. But less than two years later, the entire FTX empire collapsed amid allegations of fraud and misuse of customer funds.

For investors who participated in this round, what looked like a strategic bet on regulated crypto growth became one of the most infamous losses in venture history.

6. FTX – $400 Million

Just weeks before its U.S. arm’s raise, the global FTX platform completed a $400 million C-round at a $32 billion valuation — again backed by Paradigm, Temasek, and SoftBank.

This came on the heels of FTX’s notorious “meme round” in October 2021, where it raised exactly $420,690,000 from 69 investors — a playful nod to internet culture. Founder Sam Bankman-Fried reportedly pocketed $3 billion from selling personal shares prior to the crash.

The downfall of FTX reshaped the industry’s approach to risk management, custody solutions, and exchange transparency — lessons still being absorbed across the ecosystem.

7. Animoca Brands – $358.8 Million

Hong Kong-based Animoca Brands raised $358.8 million in January 2022 at a $5 billion valuation, led by Liberty City Ventures. A major investor in GameFi and metaverse projects, Animoca backed titles like Axie Infinity and The Sandbox.

While "play-to-earn" gaming surged during the bull market, it struggled post-2022 as token economies faltered and user retention dropped. Nonetheless, Animoca maintained its aggressive investment strategy, betting on long-term digital ownership and interoperability across virtual worlds.

8. NEAR Protocol – $350 Million

Positioned as an Ethereum competitor, NEAR Protocol raised $350 million in April 2022 from Tiger Global. Known for its sharded architecture and developer-friendly tools, NEAR reached a peak market cap of over $12.5 billion before declining to nearly $1 billion amid bearish trends.

Still, its focus on usability and scalability keeps it relevant in conversations about next-generation blockchains.

9. Amber Group – $300 Million

Singapore-based Amber Group raised $300 million in December 2022 — the only Q4 deal on this list. However, reports suggest this funding may have been more about survival than expansion.

Facing exposure to FTX assets and operational strain, Amber implemented 40% workforce reductions and sought brand visibility through sponsorships like its deal with Chelsea FC.

10. Mysten Labs – $300 Million

Rounding out the list is Mysten Labs, which raised $300 million in September 2022 for its new Layer-1 blockchain Sui, founded by former Meta engineers. Backed by FTX Ventures, Sui aims to deliver ultra-fast transaction speeds using novel consensus mechanisms.

Though launched after 2022, Sui represents ongoing innovation in blockchain infrastructure despite market headwinds.

Frequently Asked Questions (FAQ)

Q: Why did crypto funding decline so sharply after Q1 2022?
A: The combination of macroeconomic pressures (rising interest rates), high-profile collapses (like Terra and FTX), and increased regulatory scrutiny led investors to adopt a wait-and-see approach.

Q: Which sectors attracted the most funding in 2022?
A: Infrastructure projects like wallets (MetaMask), scaling solutions (Polygon), and Layer-1 blockchains (Sui) dominated investor interest due to their foundational roles in Web3.

Q: Is raising capital still possible during a crypto winter?
A: Yes — while early-stage funding slowed, well-established teams with clear use cases and strong backers could still secure large rounds.

Q: What impact did FTX’s collapse have on venture capital?
A: It triggered a crisis of confidence, leading to greater due diligence on custodianship practices and reduced appetite for exchange-related investments.

Q: How important are traditional finance firms like BlackRock in crypto funding?
A: Extremely — their involvement signals growing institutional acceptance and brings credibility, compliance expertise, and long-term capital.

👉 See how emerging blockchain platforms are shaping the future of finance today.

Core Keywords:

With innovation persisting even through downturns, these top funding deals underscore the enduring belief that decentralized technologies will play a transformative role — not just in finance, but across industries.

👉 Explore cutting-edge crypto opportunities backed by strong fundamentals and real-world utility.