Major crypto VC firms keep investing as DeFi funding declines

Major crypto venture investors including Coinbase Ventures, Animoca Brands, a16z crypto and Tether have remained active despite the broader downturn in the crypto venture market since last year, according to CryptoRank. CryptoRank data showed Coinbase Ventures participated in about 33 investments, Animoca Brands in about 19, and a16z crypto in about 18. At the same time, investment in the DeFi sector fell for a third straight quarter, with second-quarter funding this year hitting its lowest level since the fourth quarter of 2023. The data suggested investor sentiment toward DeFi projects has become more conservative.