Spiko has raised $90 million in a Series B led by NEA (New Enterprise Associates). The Paris company runs regulated money market funds whose shareholder register lives on public blockchains, and it now manages $2.7 billion in them, more than five times what it had a year ago. Most of that money arrived in the last twelve months.

Index Ventures, which led the Series A, came back for more. Bpifrance, Speedinvest, White Star Capital, Flourish Ventures and Wintermute Ventures are in the round as well, along with an angel whose name carries weight in Frankfurt and Zurich: Axel Weber, the former Bundesbank president who went on to chair UBS for ten years. Spiko has raised about $120 million since it was founded in 2023.

Fasset closed a $68 million round led by Japan’s SBI Group at a $1 billion valuation, announced Monday. The gap between this round and the last one is the detail worth pausing on: the company raised $51 million in May, which puts total funding for the year at $119 million and compresses the whole journey to unicorn status into roughly three months of calendar time.

Valuations that move that fast usually signal one of two things. Either the market is repricing a category wholesale, or the company put numbers on the table that changed the conversation. In this case it looks like both.

Ant International has closed a Series A equity round of approximately $1.2 billion, with existing backers Ant Group and Alibaba Group joined by a group of undisclosed international institutional investors. The round follows weeks of reporting that pegged the target closer to $1 billion at a pre-money valuation near $10 billion, meaning the final raise came in above earlier expectations.

The Singapore-headquartered company was carved out of Ant Group as an independently operated business in 2024. It now connects more than 150 million merchants with over 2 billion user accounts globally, running the business through four units: Alipay+ for cross-border wallet interoperability, Antom for merchant payment acceptance, WorldFirst for cross-border trade payments, and Bettr for SME lending and treasury services.

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.

Squads has closed an $18 million strategic round led by Solana Ventures, with participation from Coinbase Ventures, Haun Ventures, L1D, Collab+Currency, Electric Capital, Placeholder, Jump Crypto, and Robot Ventures. Total funding now stands at $42.9 million. The capital is directed at Altitude, a financial operating system built on stablecoin infrastructure.

The underlying thesis is structural, not speculative. For most of the last decade, building financial products for businesses meant building on top of banks — partnerships required to hold customer funds, access payment rails, and clear compliance in every new market. Blockchains changed the underlying layer. Stablecoins turned money into software, separating treasury and payments from the fractional reserve system for the first time. That separation created a new category of licensed Payment Service Providers capable of moving funds across both stablecoin and traditional banking rails simultaneously.

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.

MoonPay, KOSDAQ-listed Sungho Electronics, and its controlling shareholder Seoryong Electronics have signed an agreement to jointly acquire a stake in Finger, one of Korea’s original fintech companies, in a deal structured to build a Korean won stablecoin ecosystem from the issuance layer down to point-of-payment usage. Pantos Holdings, a vehicle wholly owned by Koo Bon-ho — a member of the LG founding family and former major shareholder of LX Pantos — joins as a strategic investor. The total transaction is valued at approximately KRW 110 billion, or around $76 million.