Starting the year, looking at where early VC money in Web3 is actually flowing.
$2B+ already raised. Dragonfly also announced a new $650m fund.
Here’s what’s getting funded:
• Stablecoin rails (settlement, cards, embedded finance)
• Institutional infra (custody, prime, compliant execution)
• RWAs beyond T-bills (private credit, tokenized commodities, issuance rails)
• Fintech distribution (brokerage + card APIs)
• Risk + compliance (defense as a core product, not an afterthought)
Most of the capital is going into infra + rails.