Crypto projects attracted 7% fewer investments in May 2023 than the previous month, continuing the trend of decreasing crypto fundraising this year. The crypto fundraising market continued to decline amid the ongoing bear market, leading to a year-on-year decrease of 66.2% in the total fundraising amount for May.

Crypto analytics firm Root Data took to Twitter today to highlight the decreasing fundraising amount for crypto projects:

According to data gathered by Root Data, crypto projects received $758 million in investments during May 2023. May’s total investment was the lowest since February 2023, with investments dropping by more than 19%. The total crypto investments dropped every month since February this year.

The month of May saw 94 investment rounds in crypto projects, as compared to 107 investment rounds in April 2023. When compared to May 2022, the investment rounds were down almost 40%. February 2022 was the most successful month for crypto projects in terms of investment as it saw a whopping $947 million invested into 123 rounds.

Crypto network Worldcoin held the largest fundraising round of May 2023. The project completed a Series C fundraising of $115 million on May 25. Root Data’s website stated that Worldcoin aimed to become the largest and most inclusive cryptocurrency network in the world. The project was co-founded by Sam Altman, the man behind ChatGPT maker OpenAI.

The second largest fundraising round in May was completed by network infrastructure solution firm Auradine. The project raised $81 million in Series A fundraising. According to Root Data, Auradine is working on breakthrough scalability, sustainability, and security solutions for internet infrastructure.

Five crypto projects held their investment rounds on May 31, 2023. Wallet-as-a-service provider Magic held the highest fundraising rounds, raising $52 million. Meanwhile, M80 raised $3 million, and Anoma Network raised $25 million. Other projects that got funded on the same day include Kakarot and Citypay.