In March 2025, 125 Web3 and blockchain projects attracted investments, with $3.33 billion going to 96 companies. The Incrypted editorial team analyzed these funding rounds in detail.

The largest amount of funding in March, namely $2 billion, was raised by the cryptocurrency exchange Binance from the UAE-based investment firm MGX. The platform’s team noted that the deal was the largest investment in a crypto company and the first institutional contribution.

Among the top five projects in March by the amount of funds raised, the following are noteworthy:

• $200 million — MoonPay. The infrastructure provider secured a revolving credit line from Galaxy. The company cited the need to meet extreme liquidity demand due to events similar to the launch of meme coins by the family of U.S. President Donald Trump.

• $140 million — Walrus Foundation. The company received funds through a private token sale to expand and support a decentralized data storage and accessibility protocol. The round was led by Standard Crypto. Other investors included Andreessen Horowitz (a16z), Electric Capital, Franklin Templeton Investments, Comma3 Ventures, Karatage, Raptor Group, Lvna Capital, Protagonist, and RW3 Ventures.

• $100 million — Canaan. The mining equipment manufacturer received funding from an institutional investor through the issuance of Series A-1 preferred shares. The funds will be used for research, production, and mining infrastructure in the U.S. and Canada. This was only the first tranche for the company, as the second half of the $100 million will be disbursed upon meeting certain conditions.

• $87 million — Metaplanet. The Japanese investment company raised funds from EVO Fund in a post-IPO financing round to further acquire Bitcoin for its reserves.

Undisclosed Details

Throughout the month, many projects secured funding but chose not to disclose the details. These include: dev.fun, Staex, Ivorypay, Lendr Network, Tensorplex Labs, Harmonix Finance, Balmy, YieldNest, Nomadz, Shaga, MetaTdex, MemeCore, Odin.fun, Gyro Finance, Plume, Domin, Ekubo Protocol, Blockpit, DMND, Megapot, COCA, AegisAI, HashBeaver, Wecan, Miracle Play, Request Finance, Book.io, Amnis Finance, and Fhenix.

Artificial Intelligence

In March, several AI sector projects received investments. The Incrypted editorial team selected the five largest among them.

• $40 Billion — OpenAI. The developer of the ChatGPT chatbot closed a $40 billion funding round led by the Japanese company SoftBank. SoftBank will provide up to $30 billion by the end of 2025, contingent on OpenAI restructuring and issuing preferred shares no later than early 2026. An additional $10 billion will come from a consortium of investors, including Microsoft, Coatue, Altimeter, and Thrive. This transaction marks the largest private investment in the technology sector and raises OpenAI’s valuation to $300 billion. 
• $3.5 Billion — Anthropic. ChatGPT’s competitor, with its AI assistant Claude, secured investments in a Series E funding round led by Lightspeed Venture Partners. As a result, the company’s valuation rose to $61.5 billion. Other investors included Bessemer Venture Partners, Cisco Investments, and Salesforce Ventures. The raised capital will be used to develop AI systems, expand computing capabilities, and support international expansion. 
• $240 Million — Shield AI. The defense and aerospace startup, which develops AI systems to enhance the safety of military personnel and civilians, received funding as part of a strategic F-1 funding round. Investors included Hanwha Aerospace, L3 Harris Technologies, Andreessen Horowitz, the US Innovative Technology Fund, and Washington Harbour Partners. 
• $111 Million — Turing. The Palo Alto-based company, which develops code for AI projects, announced the closing of a Series E funding round led by Khazanah Nasional. The investment will support research and development, sales, and marketing for AGI Turing’s infrastructure, as well as expanding its customer base and application areas. According to the company, its total secured funding now stands at $225 million. 
• $110 Million — Nexthop AI. The AI infrastructure provider raised funds in a mixed financing round—Seed and Series A—led by Lightspeed Venture Partners, with participation from Kleiner Perkins, WestBridge Capital, Battery Ventures, and Emergent Ventures. The California-based startup will use the investment to support the development of specialized network infrastructure for hyperscale AI environments. 

Dynamics

The highest investment inflows occurred between March 8 and March 15, totaling $2.32 billion. This surge was primarily driven by a $2 billion capital injection into the Binance exchange from MGX. During this period, 23 projects also received funding, with investors focusing on blockchain infrastructure and blockchain services sectors.

Moreover, eight projects reported raising funds on the last day of the month, specifically:

• $10.8 million — Be Water: An Italian media company specializing in the production and distribution of content through digital platforms secured investments from the stablecoin issuer Tether in a strategic funding round. This partnership will allow the company to develop a comprehensive technological infrastructure that uses blockchain and advanced digital tools for the global distribution of high-quality, independent content.

• $8 million — The9: A Shanghai-based internet company specializing in the development and operation of online and mobile games raised funds in a strategic financing round from Bripheno Pte. Ltd, Elune Capital, and Fine Vision Fund. The company is known for its early partnership with Blizzard Entertainment, having obtained exclusive rights to World of Warcraft in China. The9 will create a new company to manage its global GameFi platform.

• $7.2 million — Ambient: An L1 blockchain combining Solana SVM compatibility and a Proof-of-Work consensus mechanism to ensure fast and affordable AI inference confirmation raised capital in a seed funding round from Delphi Ventures, crypto accelerator a16z – Crypto Startup Accelerator (CSX), and Amber Group.

• $5.9 million — Cambrian Network: An AI infrastructure protocol transforming blockchain and external data into accessible financial information announced it raised funds in a seed funding round from CSX and Blockchain Builders Fund.

• $5 million — Mahojin: A platform using AI to generate images closed a seed funding round with participation from CSX, Wagmi Ventures, Maelstrom, and Han Bridge, along with two business angels.

• $1.28 million — Stable Jack: A financial protocol on the Avalanche network raised funds through a public token sale. The protocol aims to ensure capital efficiency, eliminate liquidation risks, and promote decentralization.

• $1.26 million — Particle Network: A middleware platform supporting Web3 developers raised funds through a public token sale. It specializes in providing solutions for onboarding and wallets for decentralized applications (dApps).

• $1.05 million — Beraborrow: A decentralization protocol within the Berachain ecosystem offering interest-free loans via the stablecoin Nectar (NECT) secured investments in a public token sale. 

From March 1 to March 8, 2025, 25 projects secured funding totaling $331.1 million. Metaplanet and Flowdesk raised the largest amounts. 

From March 8 to March 15, 30 projects raised a total of $2.32 billion. In addition to the Binance cryptocurrency platform, the leading projects by funding amount were Canaan and Mesh. 

From March 15 to March 22, 40 projects secured $543.2 million in total. The largest capital raised during this period went to MoonPay, Walrus Foundation, and VIA. 

From March 22 to March 29, 23 projects raised $90.01 million in total. The leading projects by funding were Rain, CoreSky, and Chronicle. 

Investors and Segments

According to CryptoRank, the most active investors in March 2025 were Robot Ventures, Plug and Play, and XDC Foundation, each making six investments.

Throughout March, funding was secured by projects across various segments, including: DeFi, blockchain services, blockchain infrastructure, CeFi, GameFi and other.

Let us remind you that last month 111 projects secured investments, with over $1 billion received by 80 companies. More details can be found in the previous edition of the digest.  

Stay tuned to Incrypted to keep up with new investments in the development of the digital world.