According to data from intelligence firm CB Insights, a record $2.6 billion was invested in 129 crypto and blockchain companies across the world in the first three months of 2021. In total, more than $2.3 billion was invested in 340 companies in the year 2020.

This figure includes large rounds of funding in startups like crypto lender BlockFi Inc., game-maker Dapper Labs that is responsible for CryptoKitties and NBA Top Shot, crypto service provider Blockchain.com.

Dapper Labs was valued at $2.6 billion after receiving $305 million in funding, while London-based Blockchain.com was valued at $5.2 billion after receiving $300 million in a Series C round of funding.

Cryptocurrencies are quickly gaining momentum around the world, and some are even considering them as a gold-like buffer against economic downturns. In the United States, companies such as Tesla Inc (NASDAQ: TSLA ) and MicroStrategy Incorporated (NASDAQ: MSTR ) have invested billions in Bitcoin. Grayscale Bitcoin Cash Trust (OTC: BCHG ), Paul Tudor Jones, PayPal Holdings Inc. (NASDAQ: PYPL)

“Around 1 crore Indians have already invested in cryptocurrency and around Rs. 10,000 crore worth of Indian assets is in it...There is an entire ecosystem around cryptocurrency in India.” says, WazirX Founder Nischal Shetty.

A blockchain is a type of database which is a collection of information that is stored electronically on a computer system. The top Blockchain companies are SALT Lending, Mythical Games, Gemini, Circle, coinbase, Chronicled, IBM, Voatz.

Bitcoin is now being used to replace gold. This corresponds to the shift in perception of bitcoin as a way of storing value rather than a currency. For institutional investors, this alone seems to make bitcoin a more appealing investment commodity than it was previously.