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 Germany's blockchain sector saw a total of $355 million in venture capital funding across 34 deals, which is a 3% year-on-year increase. 
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 Germany has reached an all-time high in global venture capital <a rel="dofollow" title="funding" href="https://thebittimes.com/tag/funding.html">funding</a> share in 2023 despite a decline in the overall performance of the <a rel="dofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> <a rel="dofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> across the globe, according to a report published by Crypto Valley Venture Capital (CVVC).&nbsp;
 Within CVVC's report titled "The German Blockchain Report 2023," the country's blockchain sector recorded&nbsp;a 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. 
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 State of German venture capital funding in 2023. Source: CVVC
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 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&nbsp;percentage in both statistic in 2023.&nbsp;
 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. 
 The report highlighted that Germany's progress in funding comes as all continents are experiencing a venture capital funding downturn. 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. 
 Related: Crypto VCs made $2.6B worth of deals in the first quarter of 2023
 Meanwhile, a venture capital executive believes that the <a rel="dofollow" title="funding" href="https://thebittimes.com/tag/funding.html">funding</a> <a rel="dofollow" title="downturn" href="https://thebittimes.com/tag/downturn.html">downturn</a> in crypto is due to the lack of innovation 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.&nbsp;
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 Magazine: How to protect your crypto in a volatile <a rel="dofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>: Bitcoin OGs and experts weigh in
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Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/germany-s-blockchain-funding-increases-3-amid-market-downturn-report-tbt62841.html">https://thebittimes.com/germany-s-blockchain-funding-increases-3-amid-market-downturn-report-tbt62841.html</a>

Germany's blockchain funding increases 3% amid market downturn: Report

TheBitTimes

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