Author: DLNews
Compiled by: Deep Tide TechFlow
Original link:https://www.dlnews.com/articles/markets/crypto-startups-raise-883m-in-february/
Deep Tide Guide: VCs are still investing in the bear market, but the standards have changed—the era of "raising funds with narratives and PowerPoints" is over. This article, using DefiLlama data and quotes from top-tier VCs, clearly presents the new logic of the crypto primary market in 2026: stablecoins, AI agents, and institutional compliance tools are the three current hotspots. The reappearance of names like Andre Cronje and Tether is also worth noting.
According to DefiLlama data, despite the market downturn, venture capital firms injected $883 million into crypto startups in February.
This figure represents a 13% decrease compared to the same period last year—when startups raised over $1 billion during the crypto bull market.
Now, venture capital firms are still writing checks, but they are becoming increasingly cautious.
"Last year, you could raise funds with just a narrative and a PowerPoint," Andrei Grachev, managing partner of crypto VC firm DWF Labs, told DL News.
"This year, investors want revenue, users, and reasons to believe the product can survive the bear market cycle," he said. "The era of scattershot investing and hoping for luck is over."
Grachev stated that bear markets "always bring opportunities," and some of DWF Labs' best investments were made during downturns.
He pointed to three core themes driving venture capital in 2026: stablecoin and payment infrastructure, AI agents, and institutional tools for compliance and capital management.
"It's not sexy, but this is the pipeline that the next $500 billion in institutional capital must flow through before touching any token."
Here are the largest funding rounds in February.
Flying Tulip, $206 Million
Flying Tulip, founded by DeFi veteran architect Andre Cronje, raised $206 million this month through a token sale to build what it describes as an all-in-one financial technology stack.
The platform integrates spot trading, lending, and perpetual derivative contracts with its native stablecoin, ftUSD, positioning itself as a vertically integrated liquidity hub.
A core innovation is the ftPUT structure, which grants token holders a perpetual put right to anchor the floor value of the FT token.
Capital is allocated to relatively conservative yield venues, such as Aave and Lido, aiming to generate sustainable native returns.
This funding round indicates strong investor appetite for DeFi models that combine structural downside protection with exchange-level financial tools.
Whop, $200 Million
Digital goods social commerce marketplace Whop received a $200 million strategic investment from stablecoin giant Tether, valuing the company at $1.6 billion. The platform connects thousands of creators with over 18 million users, facilitating the sale of software, online courses, and subscription communities.
The core of this deal lies in integrating Tether's Wallet Development Kit (WDK) to enable self-custody settlements in USDT and the newly launched USAT stablecoin.
Whop stated that by reducing reliance on traditional banking rails, the company aims to accelerate payments in the global creator economy, especially in emerging markets.
This funding will support expansion into Europe and Asia and fund AI-driven business tools.
Anchorage Digital, $100 Million
Anchorage Digital, the first federally chartered digital asset bank in the U.S., received a $100 million strategic equity investment from Tether, raising its valuation to $4.2 billion.
This investment deepens their collaboration—under this framework, Anchorage serves as the regulated issuer of Tether's compliant dollar stablecoin, USAT.
Anchorage provides institutional-grade custody, staking, governance, and settlement infrastructure, acting as a bridge between traditional capital markets and blockchain-native finance.
