Crypto Deals in 2021 ‘Already on Track to Significantly Surpass’ $1.1 Billion from Last Year: PwC Report
The value of overall crypto fundraising increased by 33% in 2020 from the year prior, a greater percentage of it happening in Europe and Asia.
Mergers and acquisitions (M&A) in the cryptocurrency sector surged in 2020 and are expected to keep on climbing this year, according to a report by PwC.
The total value of this activity in crypto more than doubled last year to $1.1 billion from 2019, PwC said in a market overview released Monday. The average deal size has also risen from $19.2 million to $52.7 million.
Overall, the value of crypto fundraising has increased by 33% from the year prior. A greater percentage of this deal activity is taking place in Europe and Asia.
While crypto fundraising and M&A made a record last year, 2021 “is already on track to significantly surpass it from every single metric,” said Henri Arslanian, PwC global crypto leader.
According to him, cash-rich crypto platforms, large investors, and institutional players will drive activity.
PwC also predicts that the cryptocurrency industry will become more institutionalized, citing the gains seen in the market and the buzz surrounding central bank digital currencies (CBDC), stablecoins, decentralized finance (DeFi), and non-fungible tokens (NFTs).