Crypto Projects Secure $2.67B in July Led by Pump.fun and Stablecoin Growth

Cryptocurrency projects raised a total of $2.67 billion in funding during July 2024, marking a significant increase compared to previous months and accounting for 85% of the total capital raised in the second quarter [1]. This figure represents a 6% growth from June, where crypto startups also attracted just over $2.5 billion [1]. The month saw the second-largest funding influx of the year, surpassed only by March’s record $3.5 billion [1]. A major contributor to July’s performance was Pump.fun, whose pre-sales alone raised nearly $1 billion before its token generation event [1].

Beyond Pump.fun, the “investments” category attracted $512 million in funding, with a focus on companies acquiring cryptocurrencies for their treasuries [1]. BitMine led this segment with a $250 million raise aimed at adding Ethereum to its reserves, while Upexi secured $200 million to acquire Solana [1]. Together, these two projects accounted for 88% of all funding in the “investments” category [1]. Stablecoin infrastructure also saw a boost, with $352.5 million allocated to related projects [1]. OSL Group, based in China Hong Kong, captured the largest share in this segment with a $300 million raise to support its global expansion [1].

Meanwhile, RD Technologies, another project from China Hong Kong, raised $40 million to develop regulated systems for stablecoin issuance and distribution [1]. Even outside of Pump.fun’s contribution, DeFi projects continued to attract substantial interest, with $107 million raised across the sector [1]. Kuru secured $11.6 million to build a central limit order book (CLOB) on the Monad infrastructure, while GAIB raised $10 million to create a decentralized economic layer for tokenizing GPU revenue [1]. Falcon Finance also received $10 million to develop an overcollateralized stablecoin [1].

Infrastructure projects, such as Bitzero and xTAO, also secured notable funding rounds. Bitzero raised $25 million in a Series B round to support mining operations, while xTAO captured $22.8 million to scale the Bittensor ecosystem [1]. Soluna, another infrastructure-focused company, secured $20 million to enhance its Bitcoin mining operations using green energy [1].

The overall funding trends highlight a continued interest in both speculative and foundational crypto projects, with stablecoin infrastructure and DeFi innovation remaining key drivers of investment [1].

Source: [1] Crypto Attracts $2.67B in Funding During July, Bolstered by Pumpfun and Stablecoin Interest (https://cryptoslate.com/crypto-attracts-2-67b-in-funding-during-july-bolstered-by-pumpfun-and-stablecoin-interest/)