Gate News, April 4: According to DefiLlama data, in the first quarter of 2026, crypto startups raised nearly $5 billion in funding in total, down 16% year over year. However, the investment ecosystem continues to evolve, and capital flows have clearly shifted from speculative tokens toward practical tracks such as payment and trading infrastructure. Within this, the prediction market sector led with more than $1.7 billion; payment and trading infrastructure attracted $735 million and $423 million, respectively. Top non-crypto institutions such as Sequoia Capital, Founders Fund, Bain Capital, and Alibaba have also accelerated their entry.
The top 10 funding projects in Q1 are as follows: Kalshi raised $1 billion, with a valuation of $22 billion; Coatue Management led the round, for the CFTC-regulated prediction market leader. Polymarket raised $600 million, with the Intercontinental Exchange (ICE) investing, for a leading decentralized prediction market platform. Rain completed a $250 million Series C round, with a valuation of nearly $2 billion; Iconiq Capital led the round, focusing on stablecoin payment infrastructure. BitGo raised $213 million through a New York Stock Exchange IPO, with a valuation of more than $2 billion, as a crypto custody institution. Flying Tulip raised $206 million via a public token sale, led by DeFi architect Andre Cronje, integrating trading/lending/insurance functions. Whop raised $200 million, with Tether participating. Information on the other four projects is currently not fully disclosed.
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