From 24 to 1 to 5: YC No Longer Invests in Crypto, But Crypto Hasn't Disappeared

marsbitPubblicato 2026-02-20Pubblicato ultima volta 2026-02-20

Introduzione

The article analyzes Y Combinator's shifting investment strategy in crypto, moving from a peak of 24 crypto startups in a single batch (Winter 2022) to a low of just 1 (Summer 2024), with a recent modest rebound to 5 in Winter 2026. The key insight is that while the *number* of crypto investments has drastically fallen, the *nature* of these investments has fundamentally changed. YC is no longer funding traditional crypto-native sectors like L1/L2 protocols, DeFi, or NFTs. Instead, the five recent investments are infrastructure companies that use crypto as a backend tool to solve specific problems, with the end-user often unaware of the underlying blockchain technology. Examples include: * **Unifold:** A Stripe-like API for crypto deposits. * **SpotPay:** A cross-border neobank powered by stablecoins. * **Sequence Markets:** An execution engine for digital asset trading. * **Orthogonal:** A payment gateway for AI agents to pay for APIs, utilizing crypto for machine-to-machine micropayments. * **Forum:** A regulated "attention exchange" to trade on cultural trends, potentially involving tokenization. The author, a professional in both crypto and AI, concludes that Silicon Valley's mainstream is redefining crypto's value proposition: its greatest potential is not as a standalone industry but as invisible infrastructure for other sectors, particularly in stablecoin financial services and emerging fields like AI agent economies. The message for crypto builders is to f...

Author: aiwatch, Crypto industry 6+ years, deeply involved in the AI track for the past two years, based in Silicon Valley, focused on GenAI product analysis and Crypto×AI cross-domain research.

I've been in the Crypto industry for six or seven years, and for the past two years, I've also been deeply involved in the AI track, based in Silicon Valley. Being in both circles, a very clear feeling is: in the mainstream Silicon Valley circles, the term Crypto is mentioned less and less, but the things Crypto does are being used more and more.

I want to bring back some signals from the AI side for Crypto practitioners to reference.

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Domande pertinenti

QWhat is the main trend in Y Combinator's investment strategy regarding crypto companies, as described in the article?

AYC is no longer investing in crypto industry per se, but rather in companies that use crypto as infrastructure to solve real-world problems, with users often unaware they are interacting with blockchain technology.

QHow did YC's crypto investment numbers change from the peak in 2022 to Winter 2026?

AYC's crypto investments peaked in 2022 with 24 companies in Winter and 20 in Summer (44 total), then dramatically dropped to just 1 company in Summer 2024, before slightly recovering to 5 companies in Winter 2026.

QWhat are the two most notable crypto-related projects from YC Winter 2026 and what problems do they solve?

AOrthogonal creates a payment gateway for AI Agents to make micro-payments for API calls using crypto, while Forum is building a regulated attention exchange that quantifies and allows trading of attention as an asset class.

QWhat significant shift occurred in YC's Request for Startups (RFS) regarding crypto in Spring 2026?

AYC's Spring 2026 RFS specifically mentioned 'Stablecoin Financial Services' for the first time in nearly two years, highlighting regulatory developments and opportunities in yield-bearing accounts, tokenized real-world assets, and cross-border payment infrastructure.

QAccording to the article, what does the author believe is the most accurate interpretation of YC's changing crypto investment pattern?

AThe author believes the pattern indicates crypto is being redefined - its greatest value may not be as a standalone industry but as infrastructure for other industries, where the best crypto products are those where users don't even notice crypto's presence.

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