Crypto VC Firms to Watch: 2023 List, Updated for 2026

Crypto venture capitalists (VC) aim to invest in blockchain projects and companies with high potential. These firms usually provide early-stage startups with capital, guidance, and resources to help them expand. Venture capital firms are crucial to the blockchain ecosystem, as they offer valuable resources that enable projects to grow and scale rapidly. Here’s our picks for the top active crypto VCs you should follow and look out for.

2026 update: This article was originally published in May 2023. We have kept its original profiles substantially intact, but the investment counts, assets-under-management figures and “recent investment” examples below are historical snapshots, not live rankings. Private-fund data is often self-reported, delayed and calculated differently from firm to firm.

New research: Use our Crypto Venture Capital Map to trace current DeFi, RWA, stablecoin and crypto-AI rounds into linked investor profiles, or browse the underlying long-term crypto project research.

Which firms on the 2023 list are still active?

Firm in the original list	Verified position in 2026
Sequoia Capital	Active generalist VC with a public crypto portfolio.
Coinbase Ventures	Active crypto investment arm created by Coinbase.
Pantera Capital	Active crypto-focused investment manager.
Binance Labs	Rebranded as YZi Labs in January 2025 and expanded into Web3, AI and biotech.
Polychain Capital	Active digital-asset investment firm.
Digital Currency Group	Active crypto investor and operator, although the old subsidiary list has changed.
Paradigm	Active; now describes itself as investing across crypto and other frontier technologies.
a16z crypto	Active crypto-focused division of Andreessen Horowitz.
Ozaru Ventures	Some 2024 deals are reported by funding databases, but current activity could not be verified from a maintained first-party site.
FBG Capital	Its official site remains online, but it provides little dated information with which to verify current investment pace.
Union Square Ventures	Active generalist VC with historical crypto investments.
Draper Associates	Active generalist VC with a current crypto and blockchain portfolio.

Important: VC backing is not a safety certificate, a promise that a project will issue a token, or evidence that retail investors will receive the same terms as a fund. A public portfolio can also contain failed, exited or written-off investments.

What is a crypto VC?

A crypto VC, or crypto venture capitalist, is a type of venture capital firm that specializes in investing in early-stage startups that offer products or services related to cryptocurrency, blockchain technology, and digital assets. They typically fund projects through equity investments, token sales, or other financial instruments. In addition to providing capital, crypto VCs also offer guidance and advice to the startups in which they invest.

What does a crypto VC do?

Crypto VCs fund projects through equity investments, token sales or other financial instruments. In addition, they also provide guidance and advice to the startups in which they invest. Hence, they play a vital role in the blockchain ecosystem by providing valuable resources to support projects’ growth and scaling quickly.

What makes a good crypto VC?

There are several factors that contribute to a good crypto venture capital (VC) firm. These include:

Total assets under management (TUM)

This measures the total value of all the investments managed by a venture capital firm. It is used to measure the size and performance of a firm and can indicate its success in attracting investors and making successful investments.

Number of successful investments (track record)

This serves as an indicator of a firm’s ability to identify, invest in, and help grow promising businesses. It provides a measure of the firm’s performance over time and allows potential investors to gauge the quality and success of the investments made.

Reputation in the industry

A good reputation helps build trust, which is essential for successful fundraising and investment. Additionally, a solid reputation can help to create relationships with the most promising entrepreneurs and startups, leading to more successful investments and higher returns for the firm.

Network and resources

Having access to resources such as industry contacts, financial advisors, legal counsel, and other specialized professionals can help a venture capital firm make informed decisions, maximize investment returns and protect its interests. Additionally, having an extensive network of investors can provide a venture capital firm with additional funding sources for new investments and support existing portfolio companies.

The team

The quality of a venture capital firm’s team and staff plays a significant role in the decision-making process. They must be knowledgeable about the industry, have a good understanding of the market, and be able to identify and assess potential investments accurately.

Portfolio projects/companies

The quality of portfolio clients directly affects a crypto VC’s return on investment. Venture capital firms invest in companies expecting to generate a significant return. If the portfolio companies are unsuccessful, the venture capital firm won’t be able to generate a profit.

As a cryptocurrency trader, it can be helpful to follow these good crypto VC firms. This is because a crypto VC firms offer capital and operational assistance to blockchain startups that are behind innovative, disruptive ideas. The firms spend countless hours of research into finding viable crypto projects with the most potential. Some crypto VC firms also publish parts of their portfolios, which can help retail investors discover projects and market trends. Those disclosures are incomplete and should be treated as a research lead rather than a signal to copy a fund's investments.

Original 2023 crypto VC list, with 2026 status

Based on the factors mentioned above, these were the active crypto VC firms highlighted in the original 2023 article. The numerical figures below are retained as a historical record and are not directly comparable across firms.

Sequoia Capital

2023 third-party snapshot — Number of investments: 1,805

2023 third-party snapshot — Total assets under management: $85 billion

Sequoia Capital is a highly regarded venture capital firm with a reputation for investing in some of the world’s most successful technology companies, such as OpenAI, Apple, Google, and LinkedIn. Its ability to identify and support early-stage startups has earned it widespread admiration from entrepreneurs, investors, and the broader tech community. Notably, Sequoia Capital participated in LayerZero Labs' US$120 million funding round; the round total was not an investment from Sequoia alone.

2026 note: Sequoia's current crypto portfolio includes LayerZero and numerous other crypto companies. LayerZero launched ZRO in 2024, so the original future-airdrop speculation is obsolete. LayerZero said in June 2026 that it had no plans for another airdrop. See our LayerZero ($ZRO) guide for the archived campaign details.

Coinbase Ventures

2023 third-party snapshot — Number of investments: 328

2023 third-party snapshot — Total assets under management: Over $30 billion

Coinbase Ventures was founded in 2018 by the Coinbase cryptocurrency exchange. Coinbase's own launch announcement describes it as a fund created by Coinbase to invest in early-stage crypto and blockchain companies; the original claim that it was not directly backed by the exchange was incorrect. It specializes in early-stage VC deals and operates almost exclusively in the blockchain and cryptocurrency space. Some of the firm’s 2023 investments included Dolomite.io, Cloudburst Technologies, and zkLink.

The firm mostly focuses on investing in Decentralized and Centralized finance (DeFi, CeFi), followed by crypto protocols and Web3 infrastructure.

Pantera Capital

2023 third-party snapshot — Number of investments: 220

2023 third-party snapshot — Total assets under management: $4.1 billion in blockchain or blockchain-related assets

Pantera Capital was founded on 12th February 2003 by Dan Morehead, a former CFO and head of Macro Trading at Tiger Management. Before 2014, Pantera’s focus was on global macro hedge fund investments. Since then, the firm has shifted its investment advisory services to concentrate solely on Bitcoin, other digital currencies, and related companies. Recent investments by Pantera Capital include OmniNetwork and Teahouse Finance. In particular, the recent investments into Prisim Labs and M’ZERO Labs were US$26 and US$22.5 million respectively.

2026 note: Pantera remains active. Its official site reported an estimated, unaudited $3.5 billion in assets under management as of March 31, 2026, while its 2025 review reported 31 venture rounds that year. These current first-party figures supersede the old snapshot but still should not be compared mechanically with other firms' estimates.

Binance Labs (now YZi Labs)

2023 third-party snapshot — Number of investments: 90

2023 third-party snapshot — Total assets under management: $7.5 billion

Binance Labs was a blockchain incubator and venture fund created by Binance, one of the world’s leading cryptocurrency exchanges. It built a major following in the industry for its commitment to helping startups succeed in the crypto and blockchain space. Binance Labs typically provided capital to blockchain startups in exchange for a stake in the new business. In addition to providing capital, it offered support and guidance to startups, assisting with developing their product/service, identifying potential customers and partners, and navigating the legal and regulatory environment. Its 2023 investments included Playbux, GOMBLE, Gameta and Polyhedra Network.

2026 note: Binance Labs rebranded as YZi Labs in January 2025, described itself as independent from Binance and broadened its focus to Web3, AI and biotech. Readers should use yzilabs.com; unrelated lookalike sites offering deposits or guaranteed distributions are not the firm's official website.

Polychain Capital

2023 third-party snapshot — Number of investments: 198

2023 third-party snapshot — Total assets under management: $6 billion

Polychain Capital was founded in 2016 by Olaf Carlson-Wee, who was previously an employee of Coinbase where he was Head of Risk. Investors of Polychain include Andreessen Horowitz, Sequoia Capital, Union Square Ventures and Founders Fund. Their latest crypto/blockchain investments include Webb Protocol, Thetanuts Finance, Polyhedra Network and Scroll.io.

2026 note: Polychain remains an active digital-asset investment firm. Scroll subsequently launched SCR and its first airdrop claim closed on January 20, 2025, so the original Q2 2023 prediction is no longer actionable. Our Scroll token airdrop guide preserves the campaign history.

Digital Currency Group

2023 third-party snapshot — Number of investments: 301

2023 third-party snapshot — Total assets under management: $3.5 billion

Digital Currency Group (DCG) was founded in 2015 by Barry Silbert. As recorded in 2023, DCG had made over 301 investments and had 36 exits. Some of its most notable exits included Coinbase, Voyager, and Silvergate Bank. The company was then commonly described through six main businesses: Grayscale Investments, Genesis, Foundry US, CoinDesk, Luno and TradeBlock. Grayscale Investments operates investment products that hold cryptocurrency assets such as Bitcoin and Ethereum. DCG was relatively quiet on the investment side in early 2023, making investments into Axoni and Coinflow Labs.

2026 note: That subsidiary list is no longer current. DCG sold CoinDesk to Bullish in November 2023, and Genesis went through bankruptcy. DCG's current portfolio page distinguishes active, acquired, public, exited and inactive holdings, which is more useful than the old aggregate count.

Paradigm

2023 third-party snapshot — Number of investments: 92

2023 third-party snapshot — Total assets under management: $1.51 billion

Paradigm was founded in June 2018 and has invested in some of the most successful projects in the space, including Ethereum, MakerDAO, Filecoin, 0x and DFINITY. Paradigm has made 92 investments and has had 5 exits. Some of its most notable exits include Coinbase, Compound, and Tagomi. The Company has only made 2 investments so far in 2023, namely Ulvetanna and Conduit.

2026 note: Paradigm remains active, but its current description has broadened from a crypto-only identity to a frontier-technology firm investing in crypto, AI, robotics and other areas. Its investment page includes both current and historical investments and explicitly warns that the list may lag its latest activity.

Andreessen Horowitz (a16z)

2023 third-party snapshot — Number of investments: 40

2023 third-party snapshot — Total assets under management: $4.5 billion

a16z, also known as Andreessen Horowitz, was founded in 2009 by Marc Andreessen and Ben Horowitz. The Company, headquartered in Menlo Park, California, supports bold entrepreneurs who are building the future through technology. They are stage agnostic and invest in seed to late-stage technology companies across various sectors including bio and healthcare, consumer, crypto, enterprise, fintech, games, and companies building toward American dynamism. a16z was one of the most active firms in our 2023 list, having made 9 investments that year. It participated in LayerZero Labs' US$120 million funding round; that amount was the total round, not a16z's disclosed individual investment.

2026 note: a16z crypto's current portfolio confirms that the dedicated crypto division remains active.

Ozaru Ventures

2023 third-party snapshot — Number of investments: 29

Ozaru Ventures was founded in 2021 and is currently based in Hong Kong. What sets Ozaru Ventures apart from other traditional VC firms is that it has an in-house creative content and PR marketing firm. This gives the Company a leading advantage in boosting the success of its investments in preparation for and after its public launch. Ozaru Ventures boasts an influencer network of over 1000 members and over 100 million followers across various social media platforms. This has allowed the Company to 5x the engagement and 300x the token launch of its portfolio companies. Notable investments in 2023 include an exclusive partnership with Hacken to tap into and promote its presence across Asia, which accounts for over 43% of global cryptocurrency activity.

2026 note: Funding databases associate Ozaru Ventures with several 2024 deals, but its first-party website was not available during this review. The promotional performance claims above could not be independently verified and should be read as an archived description, not as current due diligence.

FBG Capital

2023 third-party snapshot — Number of investments: 72

2023 third-party snapshot — Total assets under management: $312 million

FBG Capital was founded in 2015 and currently based in Singapore. They are one of the largest and earliest blockchain investment firms and their portfolio companies include Ampleforth, Dapp.com, FTX Exchange, Neutral Dollar, ThunderCore, and Wintermute Trading. FBG Capital have also been quite conservative in 2023, they have only 1 invested project, namely a US$3m investment in FilSwan.

2026 note: FBG's official website remains online, but contains little dated activity data. FTX in the list above is a historical investment—not an active exchange—and the old portfolio and AUM figures should not be used as a current ranking.

Union Square Ventures

2023 third-party snapshot — Number of investments: 414

2023 third-party snapshot — Total assets under management: $1.5 billion

Union Square Ventures (USV) entered the blockchain and cryptocurrency space in 2011. As of last year, companies in the blockchain/cryptocurrency space made up 15% of its portfolio, and the fund invested in blockchain-related companies for a quarter of its most recent investments. Some of their notable investments in the cryptocurrency space include Coinbase. In 2023, USV made 7 investments, a high number compared to a lot of funds on this list. Of these, notable investments include a $14m and $55m investment into m3ter and Zeitview respectively.

2026 note: USV remains active, but it is a generalist VC rather than a dedicated crypto fund. The 15% figure and “most recent investments” wording above refer to the original article's time frame.

Draper Associates

2023 third-party snapshot — Number of investments: 355

2023 third-party snapshot — Total assets under management: $5 billion

Draper Associates is a seed-stage venture capital firm founded in 1985 by Tim Draper, who also founded the Silicon Valley venture capital firm known as Draper Fisher Jurvetson (DFJ). Draper Associates encourages entrepreneurs to drive their businesses to greatness and transform industries with new technologies. The firm has invested in many successful companies, including Tesla, Skype, Baidu, Twitch, and Robinhood. The Company has so far made 9 investments in 2023 in various industries, only 1 of which relates to cryptocurrency i.e. a $4m investment into Amboss.

2026 note: Draper remains active and publishes a current crypto and blockchain investment thesis and portfolio. It is still a multi-sector firm, so its total investment count is not a measure of crypto specialization.

Conclusion

Crypto venture capitalists are experts in investing in early-stage startups that focus on cryptocurrency, blockchain technology, and digital assets. They provide funding through various means such as equity investments and token sales and offer valuable guidance and advice to the startups they invest in.

While the VC firms mentioned in this article have established themselves as leaders in their field, there are many others that are still emerging. The cryptocurrency and blockchain space is constantly evolving with new companies entering the market. However, receiving VC funding does not guarantee success for a startup. It is ultimately up to the startup to demonstrate that their product or service is a worthwhile investment for VC firms.

Frequently asked questions

Which crypto VC firms from this list are active in 2026?

Sequoia, Coinbase Ventures, Pantera, YZi Labs (formerly Binance Labs), Polychain, DCG, Paradigm, a16z crypto, USV and Draper all have current first-party websites or portfolio activity. FBG's site remains online but offers limited dated evidence, while Ozaru's current status could not be verified from a maintained first-party site.

Is Binance Labs still called Binance Labs?

No. Binance Labs rebranded as YZi Labs in January 2025, became independent from the Binance brand and expanded its mandate beyond Web3 to AI and biotech.

Does backing from a major VC make a crypto project safe?

No. Venture investors can be wrong, projects can fail, and funds may receive different prices, lockups, information rights or exit opportunities from retail buyers. FTX's appearance in historical VC portfolios is a clear reminder that prominent backing does not remove business, token or custody risk.

Should retail investors copy a crypto VC portfolio?

No. Public portfolio pages are incomplete and may include equity that retail buyers cannot purchase, tokens acquired at private-round prices, exited investments and failed companies. Use them to generate research ideas, then examine the product, team, token supply, vesting, treasury, security and legal risks independently.

Do VC investment counts and AUM show which firm is best?

Not by themselves. Firms disclose data on different schedules and may count funds, liquid tokens, equity positions or follow-on rounds differently. Track record, realized outcomes, fund strategy, conflicts, portfolio support and the date of the data matter more than a single headline number.

Does VC backing mean a project will have an airdrop?

No. Funding does not guarantee that a project will create a token or distribute one to users. LayerZero and Scroll illustrate why campaign predictions also expire: both later launched tokens, and their original claim events are no longer open.