Data collected by DeFiLlama shows that since 2014, the crypto industry has raised a total of $101 billion, while The Block Research has counted cumulative investments of more than $95 billion since 2017. Funding raised in the form of venture capital deals and token sales has been a major driver of crypto growth, but billions of dollars invested in startups have produced mixed results for investors. Paul Veradittakit, managing partner of Pantera Capital, a $4.70 billion cryptocurrency investment firm, said traditional exits in the form of landmark acquisitions and public listings were "definitely taking longer than traditional venture capital expected". He added that Coinbase Global Inc.'s direct listing on NASDAQ during the last cryptocurrency bull run in 2021, raising $86 billion, was a notable exception, but overall, exits were rare and largely limited to a small number of transactional sales.