Despite the precipitous drop in cryptocurrency prices in 2018, venture capital has continued to flow into the blockchain market — $850 million so far this year, nearly double the amount invested in all of 2017.

The number comes from Pitchbook via Reuters, which noted that this year the investments are mostly, if not exclusively, in pure blockchain plays versus anything to do with cryptocurrency.

“They have mostly given digital coins, including bitcoin, a wide berth, avoiding direct investment because of worries over tightening regulation, frequent security lapses and high volatility,” Reuters said.

For the year to date there have been 13 investment deals. Polychain capital, Andreessen Horowitz and Goldman Sachs are among the most prominent investors.

Already in April, the data suggest that 2019 may surpass 2018 in blockchain funding, which saw a record amount invested in 117 different companies. Recent deals included a $200 million round into Bithumb, South Korea’s biggest cryptocurrency exchange, and $20 million into Chainalysis Feb. 12.

The trend of increasing investment into blockchain startups isn’t new, however. A report in October said that $3.9 billion had been invested into blockchain startups in the first three quarters of 2018.

Prominent blockchain companies raising capital last year included Bitmain Technologies Inc. taking $400 million in a round led by Sequoia Capital, followed by $163 million for DFINITY, $133 million for Basis and $122 million for R3 CEV LLC.

“There are two dynamics at play,” Richard Hay, U.K. head of fintech at the law firm Linklaters, told Reuters. “We can get something up and running and achieve cost savings, and also look longer-term at ways of deploying the technology in more transformative ways.”

More blockchain funding is not only expected but may come soon. Coindesk reported April 16 that troubled Ethereum blockchain startup ConsenSys is attempting to raise $200 million on a $1 billion valuation.

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