Crypto-related M&A deals set new record despite crypto winter

13 Feb, 2019 | Updated: 13 Feb, 2019
by Richard Allen
Crypto-related M&A deals set new record despite crypto winter

As the bear market drags on, Forbes is reporting that the industry is quietly consolidating. A record $559 million worth of cryptocurrency-related mergers and acquisitions took place in the US in 2018, shattering the previous record of $353 million in 2010.

While many investors have pulled out of the market, the high volume of movement going on away from the public eye is resulting in the consolidation of resources and talent that may give the industry some maturity in the future.

According to data compiled by Forbes, the largest cryptocurrency-related acquisition in US history happened in February last year when Circle bought Poloniex for $400 million. Last year also saw Coinbase purchase tasks platform Earn for $120 million, blockchain analytics firm Blockseer was bought for $%14.8 million and Node40, a Bitcoin tx firm was bought for $14.7 million.

Last year also saw an impressive number of deals taking place. Pitchbook, for example, tracked a record 54 industry deals, 170% higher than the previous record of 20 closed in 2017.

Since 2008, Pitchbook has tracked a total of $1.1 billion of US crypto M&A activity, meaning that nearly half of all industry deals happened last year.

Read more: Kraken acquires UK-based trading platform Crypto Facilities for over $100m

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