Crypto Firms Secure $600M in April VC Funding Despite Market Challenges, Report Shows

Crypto companies raised just over $600 million from venture investors in April, according to data from DefiLlama.

This fundraising occurred despite ongoing concerns about “disingenuous innovation” in the digital assets industry, said Diego Martin, CEO of Yellow Capital, in an interview with DL News. Martin highlighted that many crypto startups make ambitious promises that are rarely fulfilled.

“Institutional investors typically wait for retail demand before taking a punt on innovation,” Martin explained.

Fundraising in April fell by approximately 75% compared to March, which had seen record-breaking investments, particularly in the prediction market sector. The shift in industry focus contributed to the decline.

“Trust is the primary barrier — and opportunity — to tap into, due to the nature of the technology we work with,” Martin added.

Despite the downturn, major investors including Deutsche Börse Group, Andreessen Horowitz, Paradigm, and Coinbase continued to inject capital into crypto firms such as Kraken, OpenGradient, and Pixie Chess.

Top Three Crypto Fundraising Deals in April

• Kraken: $200 million
  Payward, the parent company of crypto exchange Kraken, raised $200 million through a secondary share sale to Deutsche Börse. The deal granted the German banking group a minority stake as it expands into digital assets. The valuation of Kraken was set at approximately $13.3 billion, down from $20 billion in late 2025. The company completed five acquisition deals in 2025, with Kraken’s co-CEO Arjun Sethi noting in September that more transactions were in the pipeline.
• Slash: $100 million
  Slash, a neobanking platform, secured $100 million in a Series C round led by Ribbit Capital. Khosla Ventures and Goodwater Capital also participated. Slash provides banking tools for online businesses, including those using crypto. The round elevated Slash to unicorn status, with a valuation exceeding $1 billion and total funding surpassing $160 million. New Enterprise Associates and Y Combinator joined the round, marking their fourth investment in the company.
• Pharos: $44 million
  Pharos raised $44 million in a Series A round backed by SNZ Holding, Chainlink, and Flow Traders, as reported by CoinDesk. The company is developing a Layer 1 blockchain designed for large-scale financial activity. Pharos supports Ethereum-compatible applications, simplifying adoption for crypto-native developers.

This report is part of The Weekly Raise, a DL News column covering fundraising deals in the crypto and DeFi sectors, powered by DefiLlama.

Lance Datskoluo is DL News’ Europe-based markets correspondent. For tips, email him at [email protected].