Crypto companies raised $600m in April despite despite market downturn, VCs say

Crypto companies raised just over $600 million from venture investors in April, DefiLlama data shows.

That’s despite the epidemic of “disingenuous innovation” that is plaguing the digital assets industry, Diego Martin, CEO of Yellow Capital, told DL News, referring to grand promises widely made by crypto startup teams that are rarely fulfilled.

“Institutional investors typically wait for retail demand before taking a punt on innovation,” Martin said.

To be sure, fundraising in April fell some 75% from March, which was a blockbuster month that saw massive raises in the prediction market sector amid a shifting focus in the crypto industry.

“Trust is the primary barrier — and opportunity — to tap into, due to the nature of the technology we work with,” Martin said.

Still, marquee investors including German banking giant Deutsche Börse Group, Andreessen Horowitz, Paradigm and Coinbase, all piled on capital into crypto companies including Kraken, OpenGradient, and Pixie Chess.

These are the top three raises in April.

Kraken, $200 million

Payward, the parent company of crypto exchange Kraken, raised $200 million through a secondary share sale to Deutsche Börse.

The deal gives the German banking group a minority stake as it moves deeper into digital assets.

The move values Kraken at about $13.3 billion, down from $20 billion in late 2025.

The company made five acquisition deals in 2025. Kraken’s co-CEO Arjun Sethi told DL News in September that the firm had more transactions lined up.

Slash, $100 million

Neobanking platform Slash raised $100 million in a Series C round led by Ribbit Capital. Khosla Ventures and Goodwater Capital also backed the raise.

Slash provides banking tools for online businesses, including those using crypto.

The latest round pushes Slash into unicorn territory, valuing the company at over $1 billion and bringing total funding past $160 million.

New Enterprise Associates and Y Combinator also joined the round, marking their fourth investment in the company.

Pharos, $44 million 

Pharos raised $44 million in a Series A round backed by SNZ Holding, Chainlink, and Flow Traders, Coindesk reported. The company is building a Layer 1 blockchain focused on handling large-scale financial activity.

Pharos supports Ethereum-compatible applications, making it easier for crypto-native developers to use.

You’re reading the latest instalment of The Weekly Raise, our column covering fundraising deals across the crypto and DeFi spaces, powered by DefiLlama.

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at lance@dlnews.com.