The initiative aligns with DWF Labs’ commitment to supercharge real growth in the wider crypto landscape
The blockchain and Web3 landscape is evolving at a rapid pace, and crypto venture capital (VC) firms play a major part in this transformation. Beyond just financial backing, these firms provide strategic advisory, marketing and media support, and access to global networks that empower blockchain startups to navigate market challenges and achieve sustainable growth. In 2025, several leading crypto VC firms continue to shape the future of digital assets by offering comprehensive business services and fostering a dynamic ecosystem of innovation.
The Role of Crypto VCs in Empowering Blockchain Startups
Crypto venture capital firms are not only investors: they act as strategic partners for blockchain projects. Apart from securing capital enough for market expansion, crypto VC companies’ and funds’ involvement may include the following activities:
- Strategic advisory. Top crypto venture capitalists guide Web3 startups on token economics, market entry, token generation events (TGEs), and regulation.
- Business development. VC companies facilitate partnerships, provide networking opportunities to fix startups with helpful experts, and ensure global market access.
- Operational expertise. Venture capitalists actively assist startups with product development, streamlining internal operations, scaling strategies, and risk management.
- Ecosystem integration. Last but not least, crypto VC firms connect projects with a broader network of crypto industry players, blockchain ecosystems, and technology providers.
Thus, it is a game-changer for any crypto project to partner with a dedicated crypto venture capital firm, as the combination of financial support and expert guidance significantly reduces risks associated with market volatility, and accelerates the path to long-term success.
Leading Crypto VC Firms in 2025
DWF Labs
One of the top crypto venture capital firms, DWF Labs distinguishes itself through its deep market insight and hands-on ecosystem support. Within the company, a subsidiary called DWF Ventures is responsible for scouting and onboarding promising crypto projects.
The firm is known to back pioneering projects at various stages working in sectors such as decentralised finance (DeFi), crypto wallets, staking, and real-world assets (RWAs). Going further, in 2024 DWF Labs launched specialised crypto investment programs, aimed at startups from AI x Crypto, and memecoins.
Its business services include crypto liquidity provisioning, market making, tokenomics advisory, and strategic partnership facilitation, which are all key factors that help emerging platforms gain traction in competitive markets.
DWF Labs’s portfolio includes both renowned and niche projects, ranging from Layer-1 blockchain platforms to cutting-edge dApps using AI and Web3. For instance, TON and Algorand are celebrated for their robust, scalable architectures that serve as foundational layers for a myriad of decentralised applications (dApps). Meanwhile, Floki is the major memecoin that leverages social trends to foster engagement, while projects like HeyAnon, Lumia, and GraFun are turning the tides in decentralised finance and artificial intelligence, fintech solutions, and interactive digital experiences.
a16z crypto
As the crypto-focused arm of Andreessen Horowitz, a16z crypto is renowned for its robust network and forward-thinking crypto investment strategies. The firm offers comprehensive services ranging from early-stage venture capital funding to hands-on mentorship.
Its portfolio includes several high-profile names such as Coinbase, MakerDAO, and Dapper Labs (a developer of NFT-based apps such as CryptoKitties, NBA Top Shot, and NFL All Day), reflecting its commitment to nurturing projects that have the potential to bring the digital asset space to a broader audience and redefine the way fans interact with their favourite brands.
Binance Labs
Binance Labs, the crypto venture capital arm of one of the world’s largest crypto exchanges, provides seed funding and strategic support to innovative blockchain enterprises. Its network connects developers with industry leaders, enabling seamless integration into the global blockchain community.
The firm offers business development, technical expertise, and market access to help projects scale globally. Binance Labs was behind numerous crypto projects. Its diverse portfolio features standout projects like Polygon, Sui, and Kava, each representing a unique facet of the evolving blockchain ecosystem.
Sequoia
Sequoia’s reputation as a trailblazer in the technology investment sphere extends into the crypto market. The firm based in the United States leverages its extensive industry experience to identify and support disruptive digital asset projects.
Sequoia’s crypto portfolio includes influential companies such as crypto exchange Coinbase, blockchain analysis firm Chainalysis, crypto custody service Fireblocks, and a crypto processing service BitGo, underscoring its strategic focus on ventures that contribute to the broader blockchain infrastructure.
Pantera Capital
One of the earliest crypto-focused investment firms, Pantera Capital provides a comprehensive suite of services that blend early-stage crypto VC funding with market advisory expertise. Its investment strategy is built on industry knowledge and a commitment to long-term growth.
Pantera engages either as the venture capitalist or an early-stage token buyer. Its portfolio includes notable projects like L1 blockchains Polkadot and Ripple, leading DeFi protocols 1inch and Sturdy, and infrastructure enablers Filecoin and Rangers Protocol, each playing a significant role in advancing the capabilities and adoption of blockchain technologies as a whole.
Polychain Capital
Polychain Capital, one of the largest crypto investment vehicles to date, is recognised for its bold funding approach and willingness to back transformative blockchain enterprises. As other VCs, the firm offers strategic services that include risk management, portfolio diversification, and market analysis.
A portfolio of Polychain Capital features some of the groundbreaking Web3 projects, such as Dfinity (a company behind the Internet Computer blockchain), Compound (one of the first crypto lending protocols), Uniswap (the first DEX to use an automated market maker), and Polymarket (a major prediction market protocol), highlighting its role in setting industry trends.
Why Engage with a Crypto VC Firm?
For blockchain startups, aligning with a crypto VC firm offers several compelling benefits. It starts with holistic support opportunities, including mentorship, technical guidance, and market strategy.
Venture capital firms also improve projects’ market credibility and attract additional investment, partnerships, and talent. Investors and other financial entities open up a gateway to a broader ecosystem of industry experts, regulatory advisors, and potential collaborators. Finally, crypto startups mitigate risks using the expertise and financial capabilities of crypto venture capital funds.
Engaging with a crypto VC firm is not just about securing capital; it’s about gaining a strategic partner that can help transform innovative ideas into differentiated industry-leading solutions.
Conclusion
The crypto market matures, so does the role of crypto venture capital firms. Top firms highlighted above—DWF Labs, a16z crypto, Binance Labs, Sequoia, Pantera Capital, and Polychain Capital (this list is, of course, not final)—help push those at the forefront of blockchain innovation. By offering a blend of financial support, strategic guidance, and industry expertise, they not only foster individual project success but also contribute to the overall growth and maturation of the digital asset ecosystem. For blockchain startups aiming to make a significant impact in 2025 and beyond, working with a crypto VC firm has become a critical step, required to demonstrate results and excel in the market.
In a recent interview with Block Fuel, Lingling Jiang, Partner of DWF Labs, shared her insights on the evolving crypto landscape, crypto VC investment philosophies, and emerging trends in Web3. Having transitioned from traditional finance as an options trader to the crypto industry in 2019, Jiang provided a unique perspective on how institutional attitudes towards crypto have shifted, particularly in Asian markets.
Institutional Adoption and Market Sentiment
Jiang recalled that, back in 2019, crypto was still viewed with scepticism in Hong Kong despite the presence of major exchanges. However, she now sees a growing wave of professionals from Web2 and traditional finance moving into Web3. Hong Kong in particular has made regulatory strides with its digital asset policies, enabling crypto exchanges like HashKey to obtain licences. Moreover, traditional banks are beginning to explore crypto-related services, further legitimising the industry in the region.
Investment Philosophy: Balancing Hype and Substance
When asked about DWF Labs’s approach to funding crypto projects, Jiang emphasised that Web3 investments are unique in that hype plays a crucial role. However, while it can drive short-term gains, she also tends to assess whether projects also have long-term viability and revenue potential.
A key focus for Jiang is evaluating the founders and team behind a project. She prioritises experience, track record, and transparency, noting that adaptability is essential. Many successful projects today have pivoted significantly from their original vision, and the ability to adjust to market conditions is crucial for longevity.
Shifting Crypto Narratives
Jiang also discussed changing narratives in crypto, from memecoins to airdrops and hype cycles. While these trends come and go, crypto projects that build strong communities tend to retain longevity. She pointed out that successful projects strike a balance between hype and product quality. Long-term community value is what sustains a project beyond the initial excitement.
She cited Hyperliquid as an example, noting that after its airdrop, many investors she knew continued to hold and support the token rather than selling immediately. This kind of sustained engagement is what distinguishes fleeting trends from lasting success.
Crypto Market Making and Trading Platforms
Jiang also shed light on the role of DWF Labs as the crypto market maker. In this role, the company operates in two key areas:
- Exchanges: DWF Labs engages in high-frequency crypto trading across more than 60 platforms.
- Token Issuers: DWF Labs serves as a liquidity provider for blockchain projects that have a proprietary token on exchanges, with a focus on long-term partnerships rather than short-term gains.
US Crypto Regulations and Market Outlook
Regarding the US regulatory landscape, Jiang noted that, before Donald Trump’s presidency, many Asian companies were hesitant about entering the American market due to unclear regulations. While there is now renewed optimism, companies are still waiting for clear policies before making significant commitments.
Trends: AI, Stablecoins, and the Future of Crypto
Reflecting on the past year, Jiang observed that the market focus has shifted. In 2024, Layer 1 and Layer 2 blockchain projects were dominant, but in 2025, AI-driven products are taking centre stage. She highlighted that projects incorporating AI must prove their utility beyond chatbot functionalities. At Consensus Hong Kong, she spoke with teams developing AI tools for DeFi, such as data analysis and automated trading execution. These innovations remove human emotion from the trading process, potentially leading to more efficient decision-making.
Another major narrative this year is stablecoins. Jiang shared about her Partner role at Falcon Finance, a synthetic dollar offering sustainable and competitive yields.
As the crypto space continues to evolve, Jiang’s insights demonstrate the importance of balancing hype with substance, adapting to shifting narratives, and staying ahead of emerging trends. With AI and stablecoins gaining prominence, it is clear that the market is entering a new phase, where both innovation and regulatory clarity will play pivotal roles.
The potential of RWA, and challenges with integrating blockchain-based assets into TradFi
February has been an action-packed month for DWF Labs as we continue to lead in our institutional research, partnerships, and global conference participation. A major highlight of this month was Falcon’s Closed Beta. Falcon is the next-generation synthetic dollar that offers sustainable, competitive, and institutional-grade returns, powered by DWF Labs.
We participated in Consensus 2025 Hong Kong, hosted our exclusive event DWF Labs Haus, and furthered our position as a leader in research and thought-leadership. Read more to catch up with us.
Falcon
Powered by DWF Labs, Falcon’s Closed Beta went live on February 18. Falcon is the next-generation synthetic dollar, offering sustainable, competitive, and institutional-grade returns.
Lingling Jiang, Partner of DWF Labs, shared that she will also be taking on a Partner role at Falcon.
Additionally, Falcon and DeXe Protocol announced a strategic partnership with $10 million allocated for Falcon’s Closed Beta.
Partnerships
ZIGChain
We have joined ZIGChain as a Validator, staking 3,000,000 $ZIG to enhance network security and support ecosystem growth.
BidAsk
This month, we partnered with Bidask Protocol to redefine trading on TON, bringing top-tier services to the ecosystem.
BAD Coin
We also established a key partnership with BAD Coin as part of our support for projects building in the AI x Crypto space.
ByBit Support
As a long-standing crypto market maker on Bybit, this February marked 5 great years of working together. We supported their team following a security threat as part of our commitment and dedication to supporting the Web3 industry through challenges.
Institutional Research and Thought Leadership
DWF Ventures Research
The DWF Ventures team released the institutional research report ‘AI Agents: Emergence of Lisan al Gaib’. The report covers the emergence of AI Agents in the crypto market and ecosystem, as well as use cases and potential challenges.
DWF Labs institutional report cover on the impact of AI Agents on crypto markets, February 2025
Additionally, DWF Ventures published several research articles: a look into how DeepSeek is impacting the AI sector, a deep dive into Ondo Chain, and a recap on Consensus 2025 Hong Kong.
Our crypto venture team is always seeking to invest in innovative projects — if you are building, reach out to DWF Ventures on their official page.
‘The STO Financial Revolution’ in Partnership with UCLA
A case study about DWF Labs was published in collaboration with Alex Nascimento, Member of the Blockchain Faculty at UCLA. We’re excited to continue collaborating with educators, academic institutions, and thought leaders in the space, helping to build a more knowledgeable and inclusive Web3 ecosystem.
Andrei Grachev’s Interview with BeInCrypto
Andrei Grachev, Managing Partner at DWF Labs, shared in an interview with BeInCrypto on the rapid evolution of AI agents, their increasing integration into Web3 and traditional tech sectors, and the challenges that come with mass adoption. His discussion highlighted the transformative potential of AI, the risks of misuse, and the crucial role of trust and responsible innovation in shaping the future of automation.
Consensus 2025 Hong Kong
Andrei Grachev’s Keynote ‘Dimensions of the Crypto Market’
Andrei Grachev, Managing Partner at DWF Labs, took the stage at Consensus Hong Kong to deliver the keynote ‘Dimensions of the Crypto Market.’
Drawing reference to the industry’s past, present and anticipated trajectory of the future, Andrei discussed how our vision and crypto investment approach aligns with the upcoming key market trends that will shape the sector in the future.
Watch his full keynote here.
Lingling Jiang on ‘Surviving and Thriving in 2025’ During Animoca Portfolio Day
Lingling Jiang, Partner of DWF Labs, shared during a panel at Animoca Brands’ Portfolio Day. She discussed product and token strategy, advice for founders seeking crypto venture capital, and balancing short-term hype with long-term sustainability.
Alessia Baumgartner at the Global Blockchain Congress
Alessia Baumgartner, VP of Ecosystems at DWF Labs, participated in a panel discussion at the Global Blockchain Congress hosted by Agora. She shared her insights on the importance of long-term sustainability in Web3, and advice for both crypto venture capitalists and founders.
Lingling Jiang Speaking at Alpha: Hong Kong Hosted by Luna PR
Lingling Jiang, Partner of DWF Labs, spoke during the panel ‘The Evolution of Investment: Trends, Challenges, and Opportunities’ at an event hosted by Luna PR.
She shared about the key role AI technologies will play in the crypto space, as well as crucial aspects to consider when investing in projects such as strong founding teams, clear revenue models, and mass adoption potential.
Fiona Ma at VC Startup Connect During Consensus Hong Kong
Fiona Ma, Investment and Research Lead at DWF Ventures, shared during the panel ‘Decentralisation vs. Big Money – Navigating Web3 Capital Injection’ at VC Startup Connect hosted by Cointelegraph Accelerator. She offered insights on the DWF Ventures investment strategy and approach to supporting ecosystems long-term.
DWF Labs Haus
DWF Labs Haus: Consensus HK was a major highlight of Consensus week, and we had a great time connecting with our top tier community. We were treated to stunning views of Hong Kong's harbour and skyline while enjoying delicious cocktails and canapés.
Check out highlights from the event:
Wrap-Up
February 2025 was full of exciting developments throughout our partnerships, event participation, and support of Falcon.
As we move further into 2025, we’re thankful for our community and are excited to continue contributing to the crypto ecosystem.
How agentic AI will transform the crypto market, and what issues arise on the path to its adoption
Key highlights of Andrei Grachev’s keynote speech about the five key dimensions of the crypto market in 2025
At Animoca Brands’ Portfolio Day during Consensus Hong Kong 2025, Lingling Jiang, Partner of DWF Labs, spoke during the panel ‘What To Do As A Founder Now? Surviving & Thriving in 2025’.
The panel featured Filip Wielanier (Co-founder & CEO of Cookie3), Jason Lau (Chief Innovation Officer of OKX), and was moderated by Jonah Lau (Head of Portfolio at Animoca Brands). They shared their perspectives on product-market fit, investment strategies, and the evolving role of AI and stablecoins in the crypto space.
Product vs. Token: Striking the Right Balance
A recurring theme in the discussion was the importance of both product and token strategy — but with distinct roles in a project’s lifecycle.
Lingling Jiang emphasised that a strong product is essential for long-term sustainability. The project should solve real problems and provide lasting value. A well-structured token helps drive early adoption and liquidity, acting as a catalyst for community engagement and growth.
She shared that while tokens can create initial market momentum, projects without a solid product risk fading out once speculative interest declines.
Short-Term Hype vs. Long-Term Value
Jiang also shared about short-term vs. long-term investment strategies in crypto.
She noted that memecoins generate excitement and liquidity, making them attractive for short-term gains and building hype. However, their speculative nature means they often lack sustainability.
In contrast, infrastructure projects — especially those bridging Layer 1s and Layer 2s — offer lasting value and drive industry growth. These projects help improve blockchain scalability, interoperability, and overall efficiency, making them critical for Web3’s evolution.
Jiang highlighted how DWF Labs strategically allocates resources to both types of projects, in order to maximise both immediate and sustained impact as part of our support for the Web3 ecosystem.
Fundraising in 2025: Execution Over Hype
With the rapidly evolving crypto fundraising landscape, Jiang shared key advice for founders looking to raise capital in 2025.
She shared that projects can no longer secure millions of dollars in funding with just whitepapers. Investors today expect traction, a clear business model, and realistic valuations when seeking for projects to invest in.
This shift reflects a maturing crypto venture investment landscape, where a project’s strong execution that solves real problems is key.
DWF Labs’s Focus: AI Agents & Stablecoins
Jiang shared that looking ahead to 2025, DWF Labs is particularly bullish on two major trends: AI Agents and Stablecoins.
Jiang highlighted how AI-driven automation is set to revolutionise how users interact with Web3. AI can enhance trading efficiency, automate transactions, and improve security in decentralised environments. She also shared about our recently launched $20 million AI Agent Fund, as part of our commitment to accelerate innovation in autonomous AI technologies.
Jiang also shared about Falcon, powered by DWF Labs. Built by blockchain and financial engineering experts, Falcon Finance ensures sustainable, competitive, and institutional-grade returns. With regulatory clarity improving in key markets like Hong Kong and the U.S., stablecoins are becoming an increasingly critical part of the global financial landscape.
Building for the Future
Jiang’s insights at Animoca Brands’ Portfolio Day provided a clear roadmap for founders navigating the evolving crypto landscape in 2025. She emphasised balancing product and token strategy, distinguishing between short-term hype and long-term value, and focusing on execution over speculation. Her advice offers practical guidance for Web3 builders looking to thrive in any market condition.
With DWF Labs leading investments in AI automation and stablecoin infrastructure, 2025 is shaping up to be a pivotal year for Web3 innovation.
At Blockchain Life Forum in April 2024 during the panel ‘The Role of Crypto Whale Funds’, key leaders from the Web3 and crypto venture landscape discussed their strategies in determining which Web3 projects to invest in.
Andrei Grachev, Managing Partner of DWF Labs, shared his insights alongside Sergei Khitrov (Founder of Listing.Help, Jets.Capital, Blockchain Life), Danilo Carlucci (Founder and CEO of Morningstar Ventures), and Bhavik Patel (CIO of Arrington Capital). In the first part of this panel’s recap, we presented key forecasts for the crypto market.
The Founder-First Approach: People Over Profit
A key theme throughout the discussion was the emphasis on investing in exceptional founders and strong teams. The panelists shared that while profits are important, the true determinant of long-term success lies in the quality, vision, and capabilities of the founding team.
Andrei Grachev, Managing Partner of DWF Labs, shared that, ‘We have a founder-first approach. We invest in people before technologies or products. Behind every idea and technology should be a team that can execute, build, and be trusted’.
This prioritization stems from the recognition that even the most promising blockchain technology or product can fail without the right team to execute, as well as to pivot and persevere during challenges.
The importance of trust and credibility in team selection was also highlighted by Danilo Carlucci (Founder and CEO of Morningstar Ventures): ‘When we pick a team, we consider very much who the introducer was. Most of the investments we make are referred to us by people who we trust, and when we pick bets, we ask the opinions of others to certify our belief in a team.’
This focus on referrals and credibility demonstrates how institutional crypto investors value founders who have already built strong networks and relationships within the industry.
Strong founders bring not just technical expertise but important soft skills such as leadership, adaptability, and the ability to attract and retain talent. These qualities often prove more valuable than initial profit projections or technical specifications, as they enable teams to overcome obstacles and capitalize on new opportunities as the crypto market evolves.
The Importance of Sustainable Tokenomics
Panelists also explored the role of tokenomics in creating sustainable blockchain projects. They discussed the delicate balance between short-term liquidity and long-term value creation, highlighting the need for projects to design token strategies that align with their growth goals.
Andrei Grachev described two common tokenomic approaches: funding of crypto projects with short-term, aggressive token economics, and projects with longer lockup periods of 12 to 24 months. The longer lockup period is more suited for long-term investors but requires more crypto venture capital upfront.
He shared that while both approaches can work, the second strategy is more relevant for building substantial and sustainable solutions in the long run.
Danilo Carlucci also emphasized flexibility in token distribution, sharing that blockchain projects shouldn’t sell too many tokens initially and should maintain flexibility for future funding.
The Power of Ecosystems: Supporting the Broader Web3 Community
A key differentiator of DWF Labs is our comprehensive blockchain ecosystem approach. Andrei Grachev shared about a key aspect of our crypto investment strategy — that we also invest in projects that may not deliver immediate profits but play a crucial role in supporting our portfolio companies.
We provide our portfolio companies with extensive connections and resources to grow, ensuring that each project contributes to the strength and resilience of the larger ecosystem.
Building Lasting Value in Web3
The panel discussion at Blockchain Life Forum in April 2024 highlighted priorities of crypto venture capital firms and their holistic approach to investment. The founder-first philosophy, sustainable tokenomics, and ecosystem-driven strategies collectively highlight a shift toward long-term resilience and community building in the Web3 space.
These insights are particularly valuable for founders and teams seeking crypto venture funding, as they provide a clear roadmap for building projects that are not only innovative but also built to last.