Velocity, a stablecoin treasury and settlement platform, has raised $38 million in a Series A funding round co-led by Dragonfly and FirstMark, with participation from Activant Capital, Capital One Ventures, QED Investors, Coinbase Ventures, Wintermute Ventures, and Ripple. The round brings the company’s total funding to roughly $50 million, all raised since it emerged from stealth last year with a $10 million pre-seed led by Activant Capital. For a startup founded only in 2025, assembling a cap table that spans crypto-native funds, a traditional bank’s venture arm, and two of the largest names in the stablecoin ecosystem is itself a signal of how quickly enterprise stablecoin infrastructure has moved from speculative bet to contested land grab.

Andreessen Horowitz has closed its fifth dedicated crypto fund at $2.2 billion, bringing total capital raised across all five funds to approximately $9.8 billion. The figure is a significant step down from the firm’s record $4.5 billion Fund 4, closed in May 2022 at the peak of the last crypto cycle. Fund 5 is roughly half that size.

The compression is not a crisis — it is a correction. Fund 4 was raised at a moment of maximum institutional enthusiasm for digital assets, weeks before the market began its protracted collapse. A $2.2 billion raise in the current environment, with crypto markets having recovered but LP appetite for the asset class still recalibrated downward from 2021–2022 excess, represents a durable institutional commitment rather than cycle-driven exuberance. The fund is smaller because the ask was more credible.

Liquid, a trading platform targeting the convergence of crypto and traditional finance, has closed an $18 million Series Seed round co-led by Neo and Left Lane Capital. The round also drew participation from Haun Ventures, K5 Global, SV Angel, AntiFund, and Sunflower Capital, alongside existing backers Paradigm and General Catalyst — a heavyweight roster that signals serious institutional confidence in the platform’s thesis.

The core premise is straightforward: modern traders don’t stop when Wall Street closes, and their tools shouldn’t either. Liquid consolidates access to over 500 markets — spanning crypto, equities, commodities, FX, and pre-IPO assets — into a single interface available on iOS, Android, and desktop. Users can trade with up to 200x leverage without surrendering custody of their assets. The platform launched in August 2025 and has already processed over $3 billion in trading volume across 40,000 users.