Tiger Research's report noted that in the third quarter, capital flowed into areas connecting traditional finance and the crypto ecosystem; DeepSeek is reportedly close to completing at least $12 billion in financing, and Moonshot AI's latest valuation is about $50 billion, with both Chinese large-model companies reported to be planning IPOs.
This Week's Highlights
According to Tiger Research's "2026 Q3 Crypto Industry Investment Report," the number of M&A transactions remained stable in Q3, but large acquisitions gave way to smaller deals, with buyers placing greater emphasis on specific capabilities such as licenses, payments, and institutional trading.
Last week, financing in the crypto and AI sectors showed a clear trend of capital concentration: investment focus in the crypto industry continued to extend toward RWA, stablecoin payments, and traditional financial infrastructure, while mature business models such as exchanges and digital asset insurance also attracted institutional capital.
According to incomplete statistics from PANews, last week (10.5-10.11) there were 11 investment and financing events in the global blockchain industry, with total funding exceeding $219 million. The overview is as follows:
Tokenized cash fund issuer Spiko announced the completion of a $90 million Series B round;
Navra completed an oversubscribed Series A round amounting to $19 million, led by Ribbit Capital;
Stablecoin payment infrastructure company Noah announced the completion of a $38 million seed round;
OKX completed a new financing round at a $25 billion valuation, with participation from Standard Chartered and Circle, among others.
In the AI industry, DeepSeek is reportedly close to completing at least $12 billion in financing, while Moonshot AI's latest valuation is approximately $50 billion, with both Chinese large-model companies reportedly planning IPOs. At the same time, companies such as TypeSafe AI and Butterfly Effect, the parent company of Manus, secured hundreds of millions of dollars in financing, reflecting continued capital bets on foundational model capabilities and the commercialization prospects of AI applications.
Crypto Financing
DeFi
Fintech startup Navra completes $19 million Series A round led by Ribbit Capital
Fintech startup Navra announced the completion of an oversubscribed $19 million Series A round. The round was led by Ribbit Capital, with participation from Baseline, DCM, Jump Crypto, and Figure Technology Solutions.
Navra primarily provides access to multiple blockchain venues through a single interface, directly connecting to DeFi yield protocols and cash rails, offering keyless self-custody services that meet qualified custody requirements, and embedding AI agents; the institutional version also supports enterprise team management and full audit trails. Navra said it plans to conduct a limited rollout to retail and institutional clients in late October, with Figure becoming its first blockchain partner, followed by the launch of white-label products.
Solana perpetual futures trading platform Imperial completes $1.5 million seed round led by Foundation Capital
Solana perpetual futures trading platform Imperial completed a $1.5 million seed round at a $15 million valuation, led by Foundation Capital, with support from Solana ecosystem angel investors. The funds will be used to expand Imperial's product suite, including a perpetual contract aggregator, a lending platform, and its flagship project Armada. Imperial's Armada is a perpetual contract AMM in the Solana ecosystem that sources liquidity from DeFi platforms such as Hyperliquid, enabling traders to access deeper order books without leaving Solana.
RWA
Spiko completes $90 million Series B round, tokenized cash fund AUM reaches $2.7 billion
Tokenized cash fund issuer Spiko announced the completion of a $90 million Series B round. The round was led by New Enterprise Associates (NEA), bringing the company's cumulative financing to $120 million.
Spiko said its tokenized cash fund business now covers more than 25 jurisdictions, with assets under management (AUM) reaching $2.7 billion. The company plans to use the proceeds to launch more fund products, expand into new markets, and grow its team, further advancing the development of on-chain traditional financial assets.
Infrastructure
Programmable privacy infrastructure Soda Labs completes $3 million seed round led by NextBlock
Programmable privacy infrastructure Soda Labs completed a $3 million seed round led by NextBlock. Over the past two and a half years, Soda Labs has developed a cryptographic privacy solution combining garbled circuits and multi-party computation (GC-MPC), relying on proven standard cryptography such as AES and SHA256. Its privacy engine runs on ordinary cloud CPUs without requiring specialized hardware, enabling applications to achieve privacy-preserving computation while maintaining connectivity to existing public blockchain infrastructure.
Stablecoin Payments
Stablecoin payment infrastructure Noah completes $38 million seed round with participation from FJ Labs and others
Stablecoin payment infrastructure company Noah announced the completion of a $38 million seed round, with participation from Endeit Capital, FJ Labs, LocalGlobe, Felix Capital, and several well-known angel investors. The new funds will be used to expand international remittance operations, broaden regulatory coverage, and provide stablecoin-based cross-border payment services to businesses and individuals.
Singapore fintech company IPID completes $16 million Series A round led by Foundation Capital
Singapore fintech company IPID announced the completion of a $16 million Series A round led by Foundation Capital, with participation from Citigroup, HSBC, and existing investors QED Investors, Monk's Hill Ventures, and Quona Capital. The new funds will be used to optimize its global payment intelligence network and expand into building U.S. payment rails, stablecoins, and digital asset markets.
Enterprise stablecoin payment company Anyflo announces acquisition of Native and receives $1 million in financing from Mysten Labs
Anyflo, a stablecoin payment orchestration service for enterprises, announced on October 8, 2026, in Singapore that it was emerging from stealth and made its public debut at Sui Basecamp during TOKEN2049. The company was incubated within Mysten Labs, an original contributor to Sui. Founder and CEO Lola Oyelayo-Pearson previously served as General Manager of Product at Mysten and had also worked at Shopify and Capital One. Anyflo acquired Native in a talent acquisition. Prior to the acquisition, Native had raised slightly less than $2 million and had launched a marketable Bitcoin lending platform on Sui, placing in the top five among 630 projects at Sui Overflow 2025. Co-founder Robert Zaremba and his team will join Anyflo.
Anyflo positions itself as an orchestration layer, providing multi-chain stablecoin access and handling the complexities related to blockchain networks, liquidity, and routing. The company plans to enter private alpha in October 2026, including production previews and liquidity access, with beta planned for Q1 2027. In addition to incubation, Mysten Labs also invested $1 million in the company.
Centralized Finance
Bitcoin life insurance company Meanwhile completes $37 million financing led by Bain Capital Crypto
Bitcoin life insurance company Meanwhile, backed by Sam Altman, completed a new $37 million financing round at a $350 million valuation. The round was led by Bain Capital Crypto, with other participants including Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital. The funds will be used to meet demand for Bitcoin-denominated life insurance in Asia, Europe, and the Middle East.Bermuda-based insurer Meanwhile is the first life insurance company approved to conduct business entirely in Bitcoin. Meanwhile has signed 15 brokerage firms serving wealthy families since its founding, covering insurance hubs such as Singapore, Hong Kong, the UAE, and Switzerland. Meanwhile's total funding has now exceeded $180 million.
OKX Completes New Funding at $25 Billion Valuation, with Standard Chartered and Circle Among Investors
Crypto exchange OKX has completed a new round of funding at a $25 billion valuation, with investors including existing partners and hedge fund Qube Research & Technologies, as well as Circle, Ripple, and Standard Chartered's investment arm SC Ventures. OKX did not disclose the amount raised, but said this is an extension of a March funding round in which Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, invested approximately $200 million in OKX at the same valuation. OKX Global Managing Partner Haider Rafique said this round focuses on strengthening OKX's long-term market infrastructure.
Crypto Proprietary Trading Platform Vest Completes $13 Million Seed Round, Led by Portal Ventures
Crypto proprietary trading platform Vest announced the completion of a $13 million seed round led by Portal Ventures, with participation from individual investors including executives at Citadel Securities, BlackRock, and KKR. Vest allows eligible traders to conduct 24-hour real perpetual contract trading and shares profits with traders. The round was reportedly completed in July but only publicly disclosed recently.
AI
Robinhood Ecosystem AI Project orbio Completes $1.2 Million Seed Round
Robinhood ecosystem AI project orbio announced the completion of a $1.2 million seed round, with participating institutions not yet disclosed. The team said the funds will be used to build rails for agents to self-configure compute, hardware, and first-class private infrastructure.
As of press time, according to GMGN market data, the ORBIO token has a market cap of $53.42 million, up 26% in 24 hours. ORBIO was issued on the Pons platform, with Nvidia stock tokens as the base pool. Public information shows the project aims to build a low-cost AI credit trading market, offering discounted trading of credits for more than 400 AI models, including Claude Fable and GPT Astra. Related token trading volume is relatively small and price volatility is high, so users should invest with caution.
M&A
NEAR Treasury Company SVRN Acquires Infrastructure Platform FastNEAR
NEAR treasury company SVRN has completed the acquisition of NEAR infrastructure platform FastNEAR. After the transaction, FastNEAR became a wholly owned subsidiary of SVRN, and its co-founders Evgeny (Eugene) Kuzyakov and Mike Purvis also joined the SVRN team.
Public information shows that FastNEAR is a high-performance RPC infrastructure service provider supporting the operation of NEAR applications, and also provides underlying support for most of NEAR's data layer. Its business covers server clusters handling network read and write operations, archival infrastructure preserving complete transaction history, and NEARDATA, a historical data processing data source for developers.
Anchorage Digital Acquires B2B Payments Platform Routable to Expand Stablecoin Payments Business
Anchorage Digital, the first federally chartered digital asset bank in the United States, has acquired B2B payments platform Routable for an undisclosed amount. Through developer-first APIs, Routable helps businesses onboard and verify payees, automate tax and compliance processes, and make batch payments to creators, contractors, sellers, and others in more than 220 countries, supporting both fiat and stablecoin payments. Anchorage Digital said its clients will expand from crypto-native companies to traditional financial institutions entering digital assets, as well as large tech companies and Fortune 500 enterprises with large payment needs. Routable will operate under a new brand, with stablecoin and tokenized deposit products expected to launch in the coming quarters.
AI Funding Highlights
Models & Infrastructure
Moonshot AI Reportedly Completes Pre-IPO Funding, Latest Valuation About $50 Billion
Moonshot AI has completed its final private funding round at a valuation of about $50 billion and is advancing an initial public offering (IPO) in Hong Kong in the first quarter of next year. Sources said the company has also begun preparing to gauge investor interest and may start preliminary talks with investors as early as this month. The people said discussions are still ongoing and the timing of the IPO may change.
DeepSeek Funding Size May Reach $12 Billion, with Tencent and CATL Planning to Invest
AI company DeepSeek is close to completing a new funding round expected to reach at least RMB 80 billion (about $12 billion), far exceeding the company's previous funding target of about RMB 50 billion.
People familiar with the matter said Tencent Holdings and CATL have committed to investing larger amounts in this round, and the financing transaction is expected to be completed soon. Due to significantly increased market demand and investment interest after the release of DeepSeek's latest AI model, this round exceeded expectations, and the final amount may even approach RMB 100 billion.
Previously, DeepSeek sought to raise about RMB 50 billion, while investor interest in its AI technology progress pushed the funding size further up. DeepSeek had already attracted attention from institutions including Tencent and CATL, and has used financing to expand computing infrastructure, AI model research and development, and team building. Bloomberg Línea
According to reports, DeepSeek plans an initial public offering (IPO) in early 2027, and this large-scale financing will provide funding support for its pre-listing development. DeepSeek has gained global attention with low-cost, high-performance AI models and is currently increasing investment in next-generation AI technology and computing resources.
Jev Developer TypeSafe AI Raises $870 Million at $7.5 Billion Valuation, Led by a16z
AI startup TypeSafe AI has completed about $870 million in funding, led by venture capital firm Andreessen Horowitz (a16z), at a valuation of $7.5 billion. Its AI model Jev quickly went viral weeks after release. Co-founder Diogo Almeida said that after the launch video went viral, the company received significant attention from corporate executives, developers, and investors. It is now used by about one-third of Fortune 500 companies and surpassed 1 million users within days.
AI Model Evaluation Platform Arena Completes $200 Million Funding at $3.1 Billion Valuation
AI model evaluation platform Arena has completed a new $200 million funding round at a valuation of $3.1 billion, nearly double its $1.7 billion valuation in January this year. The round was led by Lightspeed Venture Partners and Khosla Ventures, with participation from Salesforce Ventures and Dell Technologies Capital. Arena originated from the Chatbot Arena research project at the University of California, Berkeley, and is known for its public large model leaderboard. Its annualized revenue reached $100 million in June this year.
AI Applications & Agents
Manus Parent Butterfly Effect Completes New Funding Round of Over $500 Million
According to Butterfly Effect's official WeChat account, Manus parent company Butterfly Effect recently completed a new funding round of more than $500 million. The round was led by Boyu Capital and IDG Capital, with existing shareholders Tencent, Sequoia China, and ZhenFund continuing to participate. Butterfly Effect also said recruitment for domestic and overseas roles is ongoing.
Nous Research Completes $90 Million Funding at $1.5 Billion Valuation
Nous Research, developer of open-source agent Hermes, announced the completion of $90 million in funding at a $1.5 billion valuation. It plans to bring open-source AI assistant tools to enterprise users. The company previously launched local and cloud AI agent Hermes, which has built-in skills such as search, coding, and image understanding, and can automatically learn and expand capabilities from user usage.AI security company Hadrian completes $40 million funding round, with HV Capital and others participating
AI security company Hadrian announced the completion of a $40 million funding round, led jointly by Forgepoint Capital International and SmartFin, with participation from existing investors including HV Capital, Motive Partners, Picus Capital, and Oetker Ventures. The company combines Continuous Exposure Management and AI agent penetration testing to simulate an attacker's perspective for enterprises, helping them discover external attack surfaces, validate real risks, and optimize remediation priorities. Following this funding round, Hadrian's cumulative funding has reached $65 million. The funds will be used to expand into European and American markets, grow its engineering and research teams, and further develop its AI-driven cybersecurity platform.
AI trading agent startup Catalyst completes $30 million seed funding round, led by Sequoia Capital
AI trading agent startup Catalyst announced the completion of a $30 million seed funding round, led by Sequoia Capital, with participation from Jump Trading, Peak XV, Lux Capital, AntiFund, Coinbase, and Premji Invest. The company was co-founded by Justin Zheng and Dylan Iskandar in 2025, aiming to help ordinary investors formulate and execute trading strategies through AI agents. Users can express investment goals in natural language, and the AI agent then translates them into trading strategies, completing processes such as asset selection, cost optimization, and trade execution. However, final trades still require user confirmation. It is reported that Catalyst has already completed a round of testing for high-frequency trading users.
Physical AI
Robotics data startup Mecka AI completes $60 million Series B funding round, led by Sequoia Capital
Robotics data startup Mecka AI completed a $60 million Series B funding round, led by Sequoia Capital, with participation from Nvidia, Microsoft's venture fund M12, Qualcomm, and Samsung Electronics. Mecka AI is a startup dedicated to collecting and analyzing human motion data to train humanoid robots and other types of robots. Earlier reports indicated that Mecka AI would complete a funding round led by Sequoia at a valuation of approximately $500 million.
Robotics company Ultra completes $50 million Series A funding round, led by Framework
Warehousing robotics company Ultra announced cumulative funding of $62 million, including a $50 million Series A led by Framework Ventures with participation from Y Combinator; the previous $12 million seed round was co-led by Y Combinator and NextView Ventures. Ultra adopts a "Robotics-as-a-Service" model.
Investment Institutions
Venture capital firm USV establishes a $900 million new fund, focusing on early-stage investments in AI and other fields
Venture capital firm Union Square Ventures (USV) announced it has raised a $900 million new fund, dedicated to supporting startups building at the forefront of large markets undergoing technological transformation. USV stated that its previous core fund was $275 million; this expansion is intended to lead more rounds in the AI era, support companies for longer periods, and invest in areas requiring more capital such as robotics, manufacturing, and energy.
Additionally, the team has welcomed several new members, including General Partner (GP) Michael Mignano (co-founder of Anchor), Venture Partner Jared Hecht (co-founder of GroupMe and Fundera), and Product Advisory Partner Scott Belsky (co-founder of Behance, former Chief Product Officer at Adobe). These new members will join USV's veteran investors Fred Wilson, Rebecca Kaden, Nick Grossman, and Nikhil Raman to form the core investment team of the future; meanwhile, Andy Weissman, Albert Wenger, John Buttrick, and Brad Burnham will continue to support USV and its portfolio companies.