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Funding dollars fell sharply in 2019 but deals were nearly flat. Total deals for the year were down only 2% YoY in 2019 but funding dollars fell over 30% as deal sizes shrank. Deals are moving from West to East. Four years ago, 51% of deals were for US-based companies while only 2% went to China-based companies. In 2019, the US’ share of deals fell to 31% and China’s rose to 22%. “Crypto-corporate” VCs were the most active investors in 2019. NEO Global Capital and Coinbase Ventures were the two most active by deal count in 2019, demonstrating crypto companies’ commitment to funding their own ecosystem. Enterprise blockchain funding has lagged. Efforts to reduce back-office costs and improve business processes are still ongoing. However, funding to other applications has been nearly 7x higher than to enterprise blockchain over the past 5 years. Funding to crypto infrastructure continues. Investors are still betting on custody, tax, data, and protocol infrastructure to improve the industry’s user experience.