Pitchbook Analyst: Mergers in the cryptocurrency industry will significantly increase later this year, especially in areas such as exchanges and custodians

Pitchbook analyst Robert Le said, "The revival of publicly traded tokens and the continued increase in institutional adoption will drive an increase in venture capital." He further added, "Investment round competition is very fierce, especially at the early stages. What's more complex is that valuations for early deals are higher than later ones... We will observe whether this trend continues over the next few quarters." In addition, he predicts that as the market matures, there will be an increase in mergers within the crypto industry later this year, particularly among cryptocurrency exchanges, custodians and infrastructure providers.