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In the first half of 2022, venture capital firms invested $14.2 billion in cryptocurrency over 725 deals. Still, big four accounting firm KPMG forecasts that investments would likely slow for the rest of the year.
The largest investments in the first half of 2022, according to a recently published KPMG report, were made by the German-based cryptocurrency trading platform Trade Republic ($1.1 billion), the digital asset custody platform Fireblocks ($550 million), the cryptocurrency exchange FTX ($500 million), and the Ethereum software provider ConsenSys ($450 million).
The report's authors, who included Anton Ruddenklau, the global leader of KPMG's fintech practice, noted that the first half of 2022 alone saw investment figures that were already more than double those of all the years before 2021, which "highlights the growing maturity of the space and the breadth of technologies and solutions attracting investment."
Ruddenklau predicted a decline in investment this year due to overinvestment during the record-breaking years of 2021 and the first half of 2022, as well as a likely recession, rising inflation, higher interest rates, and the Russia-Ukraine conflict.
According to data from July, which Cointelegraph Research cites, monthly inflows into the blockchain venture capital market declined 43%, supporting KPMG’s projection of a dip in cryptocurrency investment.
In particular, Ruddenklau anticipates that retail businesses selling coins, tokens, and nonfungible tokens would decrease interest in and investment in cryptocurrencies (NFTs).
According to the report, “well-managed crypto companies with healthy risk management policies, long-term vision, and strong cost and risk management approach” will be in the best position to survive the current bear market: Alexandre Stachtchenko, director of blockchain & crypto assets at KPMG France.
Naturally, some cryptocurrencies will disappear, especially those with weak and unclear value propositions. Because it will help clean up some of the waste made during the vitality of a bull market, that could be pretty beneficial for the environment. The most successful businesses will prevail.
Stachtchenko noted that financial institutions have grown more interested in stablecoins and blockchain infrastructure solutions to benefit from the operational advantages of distributed ledger technology.
Additionally, KPMG anticipates increased investment activity in underserved fintech markets, particularly in Africa.
The cryptocurrency exchange Binance has been working on this front; it recently began preliminary negotiations with the Nigerian government to establish a crypto-friendly economic zone to foster long-term economic growth through technological innovation.
