Cryptocurrency and blockchain companies raised at least $26.4 billion across 992 deals in the first five months of the year, according to data from Dove Metrics, a crypto fundraising database.
The amount was triple the $8.8bn recorded in the same period last year.
The biggest share of global cryptocurrency funding during the period from January to May was taken by infrastructure (34 per cent), followed by centralised finance (26.3 per cent).
Cryptocurrencies have crashed in recent weeks, with Bitcoin losing more than 50 per cent so far this year.
The digital asset fell below $18,000 at the weekend, and was trading below $20,000 on Thursday, making it worth less than a third of its record high of $67,734, which it hit in November.
Venture capitalists have also pulled back from cryptocurrencies, despite being some of the industry’s biggest cheerleaders, according to a Bloomberg report.
Funding deals have fallen through for start-ups at all stages, which taken valuation hits amid crises such as the collapse of the TerraUSD stablecoin and the freezing of withdrawals at cryptocurrency lending platforms such as Celsius and Babel Finance.
Companies are looking to raise funding at lower valuations than in previous rounds.
However, some start-ups in the sector are continuing to attract strong investor interest.
US-based start-up FalconX, a digital asset trading platform and broker for institutional investors, said on Wednesday that it had doubled its valuation to $8bn, despite the major market downturn.
The California-based company said it had raised $150 million in a series D funding round led by GIC and B Capital, a previous investor.