Big crypto eats little crypto
Earlier today when I was searching on Google for crypto mergers and acquisitions over the last thirty days, I found stories like “ConsenSys acquires MyCrypto, plans to merge it with Metamask”, “OpenSea buys DeFi wallet startup Dharma Labs”, “Coinbase buys FairX to launch crypto derivatives”.
PwC reported in early February that crypto mergers and acquisition values went up 5,000% in 2021, with the average transaction size tripling in value, from $52.7 million to $179.7 million. The consolidation of cryptocurrency-related companies surged massively in 2021 and dealmaking momentum is expected to continue in the new year.
Already in 2022, Coindesk has reported 21 deals, echoing the phenomenal industry growth, with prices of digital assets skyrocketing and venture capital investment, increasing by almost 8x in 2021, reaching over $34.3 billion for crypto and blockchain startups.
Big players in the crypto market are formulating their strategies and making investments to ensure they are well-positioned for the future.
At the same time, the cryptocurrency market is making strides toward mainstream acceptance. Crypto companies are spending money on naming rights for sports stadiums, sponsorships, and Superbowl advertising to expand their customer base and bring crypto to the masses. Last week, Binance made a strategic investment of $200 million in…