Crypto VC funding returned in March, suddenly surging to levels not seen since 2022. In total, funding rounds topped $5.9 billion after several slow months.
Crypto VC funding in March closed 107 rounds, totaling $5.95 billion. The breakthrough comes after five months of relatively weaker investments since October 2025.
Venture capital funding rounds often reflect market sentiment. This time, the month of active trades coincides with weakness in the broader market. However, the financing rounds indicate a return to building and supporting new projects.
Coinbase Ventures led crypto venture capital funding in March
Coinbase Ventures and Animoca Brands led most of the funding rounds in March. Animoca Brands is back after a few months of lagging other funds.
This month’s major rounds included ZODL, a rebranded Zashi wallet for the ZCash OS, with $25 million in funding. OpenFX, a stablecoin payment platform, has raised $94 million in funding.
As usual, the bulk of the funding rounds were for seed-stage projects, but the largest share went to late-stage projects and undisclosed rounds.
Most of the funding rounds focused on infrastructure projects, DEX support, centralized markets, DeFi, and blockchains. There are no clear new narratives, and no rush into AI projects, with money returning to construction during a six-month bear market. Other analysts point out that venture capital funding remains active Web3as the sector re-evaluates its use cases.
As cryptopolitan I mentioned2025 was one of the best years in venture capital funding despite temporary setbacks. After a few slow months, the trend has returned, supported by several high-profile trades.
One of the main reasons for the slow pace of venture capital funding is the low demand for tokens. New projects may be launched with delayed tokenization or use other return tools, such as stablecoin returns.
Token sales slowed in March
In contrast to big box activity, token retail sales slowed in March. Just $46 million was raised through IDO sales across 37 rounds.
The main reason is the loss of risk appetite for the tokens, as the launch will lead to immediate price weakness. Retail buyers on launch platforms had low expectations for any of the tokens to survive.
In March, Solana and Base were the two main networks for IDO launches, with eight rounds each. The level of launch platform activity is still very low, especially after the slowdown in launches on the BNB chain.
Binance Wallet and Mexc still had the highest returns on IDO sales, while most other smaller exchanges finished in the red.
As with venture capital funding, IDO rounds also focused on infrastructure and public services across the chain, rather than big narratives with dramatic promises. Most rounds used a cross-platform IDO model, with a smaller number of direct offerings via exchanges.
