Crypto Venture Weekly: June 9-15, 2025

Introduction

23 projects raised $245 million last week, led by Hypernative’s $40 million and Yupp’s $33 million rounds, while Stripe acquired Privy, Humanity Protocol acquired Moongate, and Zelgor acquired Mixie. No Limit Holdings and ClearVue Partners closed their oversubscribed $115 million CVP NoLimit Fund II to back frontier blockchain sectors. a16z crypto outlined 11 emerging crypto-AI use cases; Shawn Ding highlighted Binance Alpha’s superior launch-peak upside; and Lex Sokolin cautioned that fintech IPOs often follow a hype-to-fair-value pattern. Here’s the breakdown of last week’s top deals and insights.

Key Highlights

• Notable Deals: Hypernative ($40M), Yupp ($33M), Turnkey ($30M), Noah ($22M), OneBalance ($20M), Try Your Best ($11M), OpenTrade ($7M), NuConstruct ($6M), SOON ($5M), and Orange Cap Games ($3.5M).
• M&A Activity: Stripe acquired Privy, Humanity Protocol acquired Moongate, and Zelgor acquired Mixie.
• Funds: CVP NoLimit Fund II ($115M) launched.
• VC CT: a16z crypto outlined 11 emerging use cases at the intersection of crypto and AI; Shawn Ding analyzed token performance across Binance's listing venues, highlighting Alpha's upside potential; and Lex Sokolin warned of the cyclical hype driving fintech IPOs, citing Circle's recent surge.

Notable Deals

23 projects collectively raised $245 million last week. Here are ten that stood out:

Hypernative

• The Pitch: A real-time monitoring, risk detection, and automated response solution for Web3 threats
• Round: $40 million Series B
• Investors: Led by Ballistic Ventures and Ten Eleven Ventures, with participation from Quantstamp, Boldstart Ventures, StepStone Group, and more

Yupp

• The Pitch: A free platform to compare, use, and get rewarded for rating AI models
• Round: $33 million Seed
• Investors: Led by a16z crypto with participation from Coinbase Ventures, Gokul Rajaram, Kunal Shah, Biz Stone, and more

Turnkey

• The Pitch: Private key management infrastructure to create wallets, sign transactions, and automate onchain actions
• Round: $30 million Series B
• Investors: Led by Bain Capital Crypto with participation from Galaxy Ventures, Sequoia Capital, Wintermute, Variant, Faction VC, and more

Noah

• The Pitch: Building payment infrastructure for global money movement using stablecoins
• Round: $22 million Seed
• Investors: Led by LocalGlobe with participation from FJ Labs, Felix Capital, David Helgason, Joe Lonsdale, and more

OneBalance

• The Pitch: A framework for creating chain-abstracted experiences with a single API
• Round: $20 million funding
• Investors: Led by cyber.Fund and Blockchain Capital, with participation from Mirana Ventures, L2 Iterative Ventures, and more

Try Your Best

• The Pitch: Loyalty infrastructure for consumer brands
• Round: $11 million Series A
• Investors: Led by Strobe Ventures and Offline Ventures, with participation from Coinbase Ventures, Castle Island Ventures, and more

OpenTrade

• The Pitch: Yield-as-a-Service platform designed for fintech apps, exchanges, and neobanks
• Round: $7 million Strategic
• Investors: Led by Notion Capital and Mercury Fund, with participation from a16z crypto, CMCC Global, and more

NuConstruct

• The Pitch: Building TOOL, a middleware solution for faster, cheaper offchain Ethereum order flow execution
• Round: $6 million Seed
• Investors: Led by cyber.Fund with participation from Digital Currency Group, Maven 11 Capital, Greenfield Capital, Eden Block, and more

SOON

• The Pitch: A high-performance SVM rollup powered by decoupled SVM, Merklization, and horizontal scaling
• Round: $5 million Strategic
• Investors: Amber Group, Jump Crypto, Chris Hermida, Mark Hull, Nana Murugesan, and more

Orange Cap Games

• The Pitch: A game and experience design studio that develops Vibes TCG and owns Moonbirds IP
• Round: $3.5 million Seed
• Investors: Led by 1kx and Yuga Labs, with participation from Infinity Ventures Crypto, Bing Ventures, and more

M&A Activity

Stripe acquired Privy

Stripe acquired Privy, a wallet infrastructure provider powering over 75 million accounts across more than 1,000 developer teams, to bolster its crypto capabilities and improve crypto-fiat interoperability. Privy will continue operating independently, offering its developer-focused API for seamless wallet creation, transaction signing, and asset interaction. The acquisition positions Stripe to better support onchain applications like Farcaster, Hyperliquid, and Toku, while reinforcing its strategy to make digital ownership more accessible by integrating crypto-native experiences into mainstream fintech workflows.

Humanity Protocol acquired Moongate

Humanity Protocol acquired Moongate, a Web3 event infrastructure platform that has issued over 300,000 onchain tickets for conferences like TOKEN2049, Binance Blockchain Week, and ETHDenver. The acquisition brings Moongate’s event ticketing, credentialing, and access control stack into Humanity Protocol’s decentralized identity ecosystem, supporting its palm-based Proof of Humanity system. Moongate will continue operating independently while enabling Humanity Protocol to expand real-world identity use cases through event-based activations and biometric access.

Zelgor acquired Mixie

Zelgor, a Netcapital portfolio company, acquired Mixie, a blockchain-native platform for Web3 gaming, creator media, and decentralized engagement. Mixie’s ecosystem includes an AI-powered no-code game engine, a media network with over 100 million monthly impressions, and an accelerator for early-stage crypto projects. The acquisition enhances Zelgor’s ability to create transformative gaming experiences and scale across Web2 and Web3.

Funds

CVP NoLimit Fund II – $115M

No Limit Holdings and ClearVue Partners closed their oversubscribed $115 million CVP NoLimit Fund II to back native crypto projects. Building on the 2022 CVP NoLimit Fund I, which supported over 40 portfolio companies and provided early liquidity for Pendle, GMX, and Morpho Labs while backing Ethena, Resolv, Sei Network, and Sui Network, Fund II will target frontier sectors such as AI x Crypto, DePIN, and the Hyperliquid ecosystem. It has already made initial investments in Altius, Aro Network, Blum, Hyperlend, and ICN Protocol.

VC CT: What the VCs are saying on Crypto Twitter

a16z crypto

• Outlined 11 emerging use cases at the intersection of crypto and AI that explore decentralized identity, infrastructure, economic models, and user ownership of AI interactions.

Shawn Ding (IOSG Ventures)

• Analyzed token performance across Binance's listing venues (Alpha, IDO, Futures, Spot) and subsequent CEX listings, finding that most tokens peak at launch, with Alpha showing the highest upside potential but greater variance.

Lex Sokolin (Generative Ventures)

• Warned that despite Circle's recent 3x surge, fintech IPOs often follow a pattern of initial hype and FOMO, followed by a return to fair value, citing examples of Robinhood, Marqeta, and SoFi.

Quick Recap

• Total Deals: 23
• Total Raised: $245M
• Acquisitions: 3
• New Funds: CVP NoLimit Fund II – $115M

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

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