Crypto Venture Weekly: June 30-July 4, 2025

Introduction

38 projects raised $177 million last week, led by Boba Network ($70M), Distinct Possibility Studios ($30.5M), and The Open Platform ($28.5M), while Coinbase, Thesis*, Ondo Finance, and Swyftx acquired companies to expand their product and market reach. Colosseum unveiled its third accelerator cohort, selecting ten teams from over 1,470 submissions. Rob Hadick critiqued tokenized equities' liquidity shortfalls, Tim Draper predicted bitcoin's displacement of the dollar, and Bridget Harris examined the regulatory friction around stablecoin banks. Here’s the breakdown of last week’s top deals and insights.

Key Highlights

• Notable Deals: Boba Network ($70M), Distinct Possibility Studios ($30.5M), The Open Platform ($28.5M), BACKSEAT ($9.7M), Zypher Network ($7M), Limitless Labs ($4M), Datagram ($4M), Metafide ($4M), inshAllah ($2.1M), and Crystalfall ($2M).
• M&A Activity: Coinbase acquired LiquiFi, Thesis* acquired Lolli, Ondo Finance acquired Oasis Pro, and Swyftx acquired Caleb & Brown.
• Accelerators: Colosseum Accelerator Cohort 3 selected ten winners.
• VC CT: Rob Hadick critiqued tokenized equities for lacking tradability and risk tooling; Tim Draper predicted Bitcoin will outcompete fiat as corporate treasury strategy; and Bridget Harris explored how a T-bill-backed stablecoin bank could disrupt U.S. financial regulation.

Notable Deals

38 projects collectively raised $177 million last week. Here are the ten that stood out:

Boba Network

• The Pitch: An L2 optimistic rollup using HybridCompute technology
• Round: $70 million funding
• Investors: Led by Awaken Foundation and LDA Capital

Distinct Possibility Studios

• The Pitch: A gaming studio developing Reaper Actual, a AAA-style shooter featuring tradable Web3 components
• Round: $30.5 million Seed
• Investors: Led by BITKRAFT Ventures and Brevan Howard

The Open Platform

• The Pitch: A core builder group supporting early-stage projects on TON
• Round: $28.5 million Series A at $1 billion valuation
• Investors: Led by Ribbit Capital with participation from Pantera Capital

BACKSEAT

• The Pitch: A Japan‑based cryptocurrency trading platform
• Round: $9.7 million Seed
• Investors: Led by Spiral Capital and Headline, with participation from East Ventures

Zypher Network

• The Pitch: A zero-knowledge computing layer for trustless AI agents and decentralized applications
• Round: $7 million funding
• Investors: Led by Signum Capital and UOB Venture Management with participation from HashKey Capital, DWF Labs, Cogitent Ventures, and more

Limitless Labs

• The Pitch: A decentralized prediction market on Base with over $270 million in trading volume
• Round: $4 million Strategic
• Investors: Coinbase Ventures, WAGMI Ventures, 1confirmation, Maelstrom, Collider Ventures, and more

Datagram

• The Pitch: A DePIN-focused L1 deployed on Avalanche
• Round: $4 million Pre-Seed
• Investors: Led by Blizzard Fund with participation from Animoca Brands, Amber Group, DePIN X, and more

Metafide

• The Pitch: A gamified predictive trading platform
• Round: $4 million funding
• Investors: Led by DIY Fund with participation from Cogitent Ventures, Blockchain Founders Fund, Comma3 Ventures, IBC Group, and more

inshAllah

• The Pitch: Building a suite of halal crypto products to address the needs of Muslim investors
• Round: $2.1 million Pre-Seed
• Investors: Led by AllianceDAO, with participation from Polymorphic Capital, Lingfeng Capital, Blockchain Builders Fund, and others

Crystalfall

• The Pitch: Upcoming free-to-play action role-playing game with Web3 elements
• Round: $2 million funding
• Investors: MH Ventures, CoinFund, SNZ Holding, Lyrik Ventures, A100x Ventures, Avalanche Ecosystem Fund, and more

M&A Activity

Coinbase acquired LiquiFi

Coinbase acquired LiquiFi, a token management platform focused on cap table, vesting, and compliance automation, to strengthen its token operations infrastructure. Liquifi’s team will join Coinbase and integrate their technology into Coinbase Prime, streamlining token launch and management for global clients. The acquisition expands Coinbase’s offerings for startups and projects seeking efficient and compliant token distribution.

Thesis* acquired Lolli

Thesis*, a Bitcoin-focused venture studio, acquired Lolli, a Bitcoin rewards platform. The acquisition aims to integrate Lolli's user-friendly platform into Thesis*'s broader ecosystem, facilitating a seamless loop where users can earn and spend Bitcoin in everyday life. Additionally, Lolli's enterprise rewards platform, Mirado, will spin out to operate independently, focusing on providing white-labeled rewards infrastructure across various fintech and crypto platforms.

Ondo Finance acquired Oasis Pro

Ondo Finance, a real-world asset tokenization platform, acquired Oasis Pro, an SEC-registered broker-dealer, alternative trading system (ATS), and transfer agent, to introduce regulated tokenized securities for US investors. The deal equips Ondo with critical licenses to expand its tokenization platform, which already manages over $1.4 billion in assets. Oasis Pro, a FINRA member since 2020, was among the first ATSs authorized to settle digital securities in fiat and stablecoins.

Swyftx acquired Caleb & Brown

Swyftx, an Australian crypto exchange, acquired Caleb & Brown, a boutique digital asset brokerage, for over $65.8 million, marking the largest crypto acquisition in Australia and New Zealand to date. The acquisition aims to expand Swyftx's presence in the U.S. market by leveraging Caleb & Brown's established client base of high-net-worth investors.

Accelerators

Colosseum Accelerator Cohort 3

Colosseum announced its third accelerator cohort, selecting 10 startups from over 1,470 Solana Breakout hackathon and Eternal challenge submissions, reflecting a 0.68% acceptance rate. Each winner, CargoBill, Crypto Fantasy League, Decal, LocalPay, MetEngine, Slant, TAPEDRIVE, Tempo, Trepa, and TypeX, received $250,000 in funding to scale their Solana-based products. The 8-week program combines remote mentorship with in-person sessions in San Francisco, guiding teams from devnet to mainnet. It will culminate in a private investor demo day, with a public recording to follow.

VC CT: What the VCs are saying on Crypto Twitter

Rob Hadick (Dragonfly Capital)

• Outlined the structural and liquidity limitations of current tokenized equities, arguing they remain ill-suited for professional trading and risk management despite their long-term potential.

Tim Draper (Draper Associates)

• Forecasted that bitcoin will hit $250,000 by the end of 2025 and fully replace the U.S. dollar within a decade, urging corporate treasuries to hold bitcoin reserves to hedge against fiat bank runs.

Bridget Harris (Founders Fund)

• Explained how a stablecoin bank backed 1:1 with T-bills could offer consumers safety and yield, but warned it poses a systemic threat to the U.S. banking model, making regulatory approval unlikely.

Quick Recap

• Total Deals: 38
• Total Raised: $177M
• Acquisitions: 4
• Accelerators: Colosseum Accelerator Cohort 3
• Newly Launched Funds: 0

That’s a wrap for this week’s Crypto Venture Weekly. Thanks for tuning in, and see you next week!

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