In 2025, venture capitalists maintain interest in cryptocurrency and blockchain projects, with a growing focus on real-world use cases.
Ongoing Interest in Cryptocurrency
Venture firms continue to actively support cryptocurrency and blockchain startups in 2025. According to Xiao Xiao, a venture investments partner at HashKey Capital, the company focuses on sectors such as decentralized finance (DeFi), gaming, stablecoins, and artificial intelligence, with particular attention to solutions bridging Web2 and Web3.
Achievements and Prospects of DePIN and RWA
DePIN projects, using blockchains to bridge physical and digital worlds, are valued at $20 billion. In 2024, they raised more than $350 million across various funding rounds. Real-world asset tokenization (RWAs), reaching $17.1 billion, showed significant advancements, particularly in private credit and US Treasury debt.
Challenges and Market Trends
Xiao Xiao noted that despite the smooth fundraising process, choosing which projects to invest in has become more challenging due to increasing abundance and diversity of crypto ventures. The influence of the US political landscape on the global crypto market is also emphasized.
In 2025, the crypto market faces new challenges, yet optimism among investors persists. The DePIN and RWA sectors exhibit significant potential, and the project selection process becomes more rigorous.
