Coinbase Ventures led crypto VC funding in March

Crypto VC funding returned in March, suddenly spiking to levels not seen since 2022. In total, funding rounds exceeded $5.9B after several slow months.

Crypto VC funding in March closed 107 rounds, totaling $5.95B. The breakout follows five months of relatively weaker investments since October 2025.

VC funding rounds often reflect market sentiment. This time around, the month of active deals coincides with broader market weakness. Despite this, the funding rounds indicate a return to building and supporting new projects.

Coinbase Ventures leads crypto VC funding in March

Coinbase Ventures and Animoca Brands led the most funding rounds in March. Animoca Brands returned after a few months of lagging behind other funds.

The top rounds for the month included ZODL, the rebranded Zashi wallet for the ZCash operating system, with $25M in funding. OpenFX, a stablecoin payment platform, raised $ 94 M in funding.

As usual, the bulk of funding rounds were for seed-stage projects, but the larger share went to late-stage projects and undisclosed rounds.

Most of the funding rounds focused on infrastructure projects, supporting DEX, centralized markets, DeFi, and chains. There are no new clear narratives, and no rush to AI projects, as funds return to building during the six-month bear market. Other analysts point out that VC funding is still active in Web3, as the sector re-evaluates its use cases.

As Cryptopolitan reported, 2025 was one of the best years in VC funding despite the temporary setbacks. After a few slow months, the trend returned, propped up by several high-profile deals.

One of the main reasons for the slower pace of VC funding is lower demand for tokens. New projects may launch with delayed tokenization or use other tools for return, such as stablecoin yield.

Token sales slow down in March

Unlike big fund activity, retail token sales slowed down in March. Only $46M was raised through IDO sales across 37 rounds.

The main reason is the loss of risk appetite for tokens, as launches would lead to immediate price weakness. Retail buyers on launchpads had low expectations that any of the tokens would survive.

In March, Solana and Base were the main networks for IDO launches, with eight rounds each. The level of launchpad activity remains extremely low, especially after the slowdown of launches on BNB Chain.

Binance Wallet and Mexc still had the highest return on IDO sales, while most other smaller platforms ended in the red.

As with VC funding, IDO rounds also focused on infrastructure and general on-chain services, rather than big narratives with dramatic promises. Most rounds used the IDO model via launchpads, with fewer direct offers via exchanges.