Latin America's Web3 and crypto startup investments drop 83% YoY to $1.1 billion.

In 2023, Web3 and crypto startups in Latin America are facing funding challenges, with the funding for startups in the region decreasing by 83% compared to the previous year, totaling only $1.1 billion. Similarly, global venture capital funding for cryptocurrency companies saw a significant decline in the first quarter of 2023, plummeting by 80% compared to the previous year, dropping from $12.3 billion in 2022 to $2.4 billion in 2023.

According to a survey by Goldman Sachs, only 12% of family offices expressed potential interest in cryptocurrencies for the future, a decrease from 45%. The extreme volatility in the cryptocurrency market over the past year seems to have cooled their interest, with 62% stating that they have neither invested nor are interested in future cryptocurrency investments, a higher percentage than the previous 39%.