Venture capital in the cryptocurrency sector remained sluggish in November, continuing a broader slowdown that is expected to last until late 2025. Trading activity once again concentrated on large financings from a few mature companies.
According to previous reports from Cointelegraph, a similar pattern emerged in the third quarter: total financing rose to $4.65 billion, according to Galaxy Digital, but the number of deals lagged significantly as funds primarily flowed to larger, more mature companies.
November continued this divergence. Data from RootData shows that there were only 57 disclosed crypto financing rounds that month—one of the weakest statistics of the year—despite high-profile events such as Revolut's $1 billion financing and Kraken's $800 million financing ahead of its anticipated IPO.
Most of the transactions in November, according to RootData, were concentrated in the centralized finance, decentralized finance, and NFT-GameFi sectors.
Sarah Austin stated that while part of the decline in transaction volume can be attributed to the broader market environment, this trend poses longer-term risks. She told Cointelegraph, "Ultimately, this has a negative impact on the entire industry, as the best deals often come during tough times."
This VC roundup focuses on three financings in the decentralized perpetual, on-chain yield, and Web3-AI sectors.
Ostium, a decentralized perpetual contract platform founded by former Harvard classmates, has raised $24 million in new funding to expand its on-chain perpetual contract protocol to non-crypto markets such as stocks, commodities, indices, and currencies.
This financing supports the company's broader push to position Ostium as a leading perpetual contract protocol for real assets, expanding access to traditional markets through self-custody infrastructure.
Ostium stated that the funds will be used to strengthen its foundational systems, including smart contracts, pricing infrastructure, and liquidity engines, to support higher trading volumes.
The company has received support from investors including General Catalyst, Jump Crypto, Susquehanna International Group, and angel investors from Bridgewater, Two Sigma, and Brevan Howard.
On-chain yield protocol Axis raised $5 million in a private funding round led by Galaxy Ventures as the company prepares to launch an on-chain yield protocol that provides exposure to Bitcoin, gold, and the US dollar. Axis stated that the funds will support the development of what it calls a transparent on-chain yield infrastructure for digital assets.
This funding round also attracted investors such as OKX Ventures, Maven 11 Capital, CMS Holdings, and FalconX.
Axis claims that $100 million of investor private placement funds have been deployed through its testing platform to stress test the protocol engine.
Texas-based startup PoobahAI allows users to build tokenized Web3 networks and AI agents without writing code and has secured $2 million in seed funding to expand its no-code development platform. The company's tools are designed to enable creators, developers, and businesses to launch on-chain ecosystems and deploy AI agents without technical expertise.
The emerging AI-Web3 ecosystem, which combines artificial intelligence with decentralized infrastructure, is seen as a way to create more autonomous, user-controlled digital systems that allow applications to operate without centralized oversight.
This funding round was led by FourTwoAlpha, a venture capital firm known for its early investments in Ethereum and Cosmos.
Related: Vitalik Buterin proposes introducing gas futures on Ethereum (ETH) to hedge against the risks of soaring transaction fees.
Original article: “VC Funding Roundup: Large Funding Volumes Persist, but Deal Count Decreases, Crypto Venture Capital is Drying Up”
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