Weekly Newsletter, 31 October 2025

a16z’s State of Crypto 2025 is showing a maturing industry

Every year a16z publishes a State of Crypto report. This year they titled it “The year crypto went mainstream”. The report reads like a snapshot of a sector that has quietly matured, behind a sea of noise. Their 5 core takeaways:

1. 2025 has been the year of institutional adoption

2. The infrastructure is (almost) ready

3. AI and crypto are converging

4. The crypto industry in America is stronger than ever

5. Stablecoins have gone mainstream

To us there are two areas in particular where a16z’s interpretation carries a lot of weight.

Firstly, on the intersection of crypto and AI, with a16z being one of the most prolific investor in both technologies. Numerically, the report shows how this intersection has become one of the most prominent investment areas with about 25% of crypto companies building at this intersection. Qualitatively, it shows how crypto could solve some of AI’s most pressing challenges like differentiating between AI and human-generated activity, and unleashing the power of AI agents by enabling them to engage economically.

Secondly, it is on the topic of regulatory progress where a16z has been the industry’s most vocal and influential voice. This topic was also discussed in our interview with a16z’s Head of Government Affairs, Collin McCune, at our Legends4Legends conference this month and you can listen to that conversation HERE ).

There’s a wealth of data in the report, and we encourage you to take some time to explore it. It makes a convincing case for the industry’s ongoing maturation, and even includes a handy dashboard to track its progress in real time.

Also this week

Relevant financial updates

Padre, an onchain trading platform that offers a CEX-like interface for decentralized trading, was acquired by Pump.fun* for an undisclosed amount
MetaDAO*, a fundraising and organizational model that leverages the concept of futarchy, where decision-making is driven by market predictions, to overcome common governance issues like voter apathy and political capture, has raised a total of $9.9mln in a private token sale with investments from Variant, Paradigm, and 6th Man Ventures
MegaETH*, an Ethereum Layer 2 blockchain designed to provide Web2-level real-time performance, has raised $50mln in a Public Token Sale funding round.
Bron Labs, a self-custody platform focused on digital asset security, using cryptographic methods and modular architecture to address gaps in existing custody solutions, has raised $15mln in a Seed funding round with investments from GSR Investments, LocalGlobe and Fasanara Capital
ZAR*, a platform that facilitates the conversion of cash into digital dollars via local agents, has raised $12.90mln in a funding round with investments from Coinbase Ventures, Andreessen Horowitz, Dragonfly, VanEck and Endeavor Catalyst
Standard Economics, a financial‑technology company that uses stablecoin‑based payment infrastructure to enable cross‑border money transfers and remittances, has raised $9mln in a Seed funding round with investments from Paradigm and Lightspeed Venture Partners
Accountable*, a data verification platform that uses cryptographic technologies such as Zero-Knowledge Proofs and zkTLS to enhance transparency and privacy in financial transactions, has raised $7.50mln in a funding round with investments from OKX Ventures, Pantera Capital, Auros Global, Onigiri Capital, HB Ventures and 1 other

*Underlying TBV portfolio position | Prices as per 31/10

Interesting things to read

Upcoming events

Super Return Family Office, Amsterdam
iConnections, Singapore
Slush Investor Day, Helsinki