Although the “crypto winter” has managed to wipe off around 84% of the cumulative market cap, certain records were still broken in 2018.
Forbes reports that a record-breaking $559 million worth of crypto mergers and acquisitions (M&A) took place in the United States in 2018, compared to the previous high of $353 million in 2010.
What is really impressive is that the entire crypto M&A activity is estimated at $1.1 billion since 2008. Thus, last year only accounts for around half of the entire amount of the last 10 years.
The data has been provided to Forbes by Pitchbook, a company that provides data, research and technology of private capital markets.
Out of the 10 biggest M&A in the history of the US market, in total four happened last year. On top of the list is the acquisition of Poloniex, one of the biggest cryptocurrency exchanges in the world, by Circle, a US multi-currency digital payments company.
The Poloniex deal was estimated at around $400 million.
Coinbase, the biggest US-based crypto exchange and wallet, bought Earn for $120 million in April 2018. The aim of the deal was to transform Earn into Coinbase Earn, which would provide educational content for those who want to learn more about cryptocurrencies.
It seems that Coinbase is on a shopping spree, as it purchased the blockchain-based startup Blockspring in January this year for an undisclosed amount.
In total, 54 M&A deals were completed last year, compared to only 20 in 2017.
It would be interesting to see stats and figures for 2019 as it started with a big deal involving another crypto exchange – Kraken, which acquired Crypto Facilities, a cryptocurrency trading platform. The deal has been estimated at around $100 million.