TechFlow News, April 4: According to DL News citing DefiLlama data, cryptocurrency startups raised nearly $5 billion in Q1 2026—a 16% year-on-year decline. Yet the investment ecosystem continues evolving, with capital flows shifting markedly away from speculative tokens toward practical sectors such as payments and trading infrastructure. Prediction markets led all sectors with over $1.7 billion raised; payments and trading infrastructure followed, attracting $735 million and $423 million respectively. Top non-crypto institutions—including Sequoia Capital, Founder’s Fund, Bain Capital, and Alibaba—are also accelerating their entry into the space.
Top 10 fundraising projects in Q1:
- Kalshi: $1 billion, $22 billion valuation, led by Coatue Management; CFTC-regulated prediction market leader
- Polymarket: $600 million, backed by Intercontinental Exchange (ICE); leading decentralized prediction market platform
- Rain: $250 million Series C round, ~$2 billion valuation, led by Iconiq Capital; stablecoin-based payment infrastructure
- BitGo: $213 million, NYSE IPO, >$2 billion valuation; cryptocurrency custody provider
- Flying Tulip: $206 million via public token sale, led by DeFi architect Andre Cronje; integrates trading, lending, and insurance
- Whop: $200 million, fully funded by Tether, $1.6 billion valuation; stablecoin-powered marketplace for digital creators
- LMAX Group: $150 million, fully funded by Ripple; will integrate RLUSD stablecoin as margin collateral
- Alpaca: $150 million Series D round, >$1 billion valuation, led by Drive Capital with participation from Citadel Securities
- Bluesky: $100 million Series B round, led by Bain Capital Crypto; decentralized social platform with over 43 million users
- Anchorage Digital: $100 million, funded by Tether, >$4 billion valuation; first U.S.-licensed national trust company focused on crypto
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