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Germany has reached an all-time high in global venture capital funding share in 2023 despite a decline in the overall performance of the blockchain market across the globe, according to a report published by Crypto Valley Venture Capital (CVVC).\u00a0<\/p>\n
Within CVVC’s report titled “The German Blockchain Report 2023,”<\/em> the country’s blockchain sector recorded<\/a>\u00a0a total of $355 million invested across 34 deals. This represents a 3% year-over-year (YoY) increase in funding for the Western European country, according to the CVVC. <\/p>\n Apart from this, the report highlighted that Germany also experienced its record share in global funding. The country reportedly attracted 2.4% of global blockchain funding and 2.5% of global deals. Compared to 2022’s figures of 0.9% in global funding and 1.9% in global deals, the country saw an increase in\u00a0percentage in both statistic in 2023.\u00a0<\/p>\n When it comes to Europe, Germany has also taken a fair share of funding within the region’s blockchain ecosystem. The report noted that the country secured 9.4% of Europe-based blockchain funding and 10.3% of all European blockchain deals. <\/p>\n The report highlighted that Germany’s progress in funding comes as all continents are experiencing a venture capital funding downturn<\/a>. According to the report, all continents experienced YoY declines in funding. The report highlighted that there’s a 62% decline in funding and a 44% decrease in deals compared to the previous four-quarter period globally. <\/p>\n Related: <\/em><\/strong>Crypto VCs made $2.6B worth of deals in the first quarter of 2023<\/em><\/strong><\/a><\/p>\n Meanwhile, a venture capital executive believes that the funding downturn in crypto is due to the lack of innovation<\/a> in the space. In a recent Cointelegraph interview, Foresight Ventures’ Tony Cheng said that most of the narratives in the space like zero-knowledge proofs, layer-2 solutions and nonfungible tokens (NFTs) have already “played out.” Cheng belives that this may be the reason why venture capital firms are being driven away from the space.\u00a0<\/p>\n