Author: DLNews
Compiled by: Deep潮 TechFlow
Original link:https://www.dlnews.com/articles/markets/crypto-startups-raise-883m-in-february/
DeepChain Overview: Even in a bear market, VCs are still investing—but the standards have changed. The era of raising funds based solely on narratives and PowerPoint presentations is over. Using DefiLlama data and direct quotes from frontline VCs, this article clearly outlines the new logic of the 2026 crypto primary market: stablecoins, AI agents, and institutional compliance tools are the top three focus areas. The reappearance of names like Andre Cronje and Tether is also worth noting.
According to DefiLlama data, despite market downturns, venture capital firms invested $883 million into crypto startups in February.
This figure represents a 13% decline compared to the same period last year, when startups raised over $1 billion during the crypto bull market.
Today, venture capital firms are still writing checks, but they are becoming increasingly cautious.
Last year, you could raise funds with just a narrative and a PowerPoint presentation," said Andrei Grachev, managing partner at crypto VC firm DWF Labs, to DL News.
"This year, investors want income, users, and reasons to believe the product can survive a bear market," he said. "The era of casting a wide net and hoping for luck is over."
Grachev said that bear markets "always bring opportunities," and some of DWF Labs' best investments were made during downturns.
He highlighted three core themes driving venture capital in 2026: stablecoins and payment infrastructure, AI agents, and institutional tools such as compliance and fund management.
Not sexy, but this is the pipeline that institutional capital worth $500 billion must flow through before touching any token.
Here are the largest funding rounds in February.
Flying Tulip, $206 million
Flying Tulip, founded by DeFi veteran architect Andre Cronje, raised $206 million this month through a token sale to build its described integrated financial technology stack.
The platform integrates spot trading, lending, and perpetual contract derivatives with its native stablecoin, ftUSD, positioning itself as a vertically integrated liquidity hub.
A core innovation is the ftPUT structure, which grants token holders perpetual redemption rights to anchor the floor value of FT tokens.
Capital is allocated to relatively conservative yield venues such as Aave and Lido, aiming to generate sustainable native returns.
This funding round demonstrates that the DeFi model combining structural downside protection with exchange-grade financial instruments is strongly favored by investors.
Whop, $200 million
The digital goods social commerce platform Whop has received a $200 million strategic investment from Tether, the stablecoin giant, valuing the company at $1.6 billion. The platform connects thousands of creators with over 18 million users, facilitating the sale of software, online courses, and subscription communities.
The core of this transaction lies in integrating Tether’s Wallet Development Kit to enable self-custodial settlement for USDT and the newly launched USAT stablecoin.
Whop states that by reducing reliance on traditional banking channels, the company aims to accelerate payments in the global creator economy, particularly in emerging markets.
This funding will support expansion in Europe and Asia and fund AI-driven business tools.
Anchorage Digital, $100 million
Anchorage Digital, the first federally regulated digital asset bank in the United States, received a $100 million strategic equity investment from Tether, raising its valuation to $4.2 billion.
This investment deepens the collaboration between both parties—in this partnership framework, Anchorage serves as the regulated issuer of Tether’s compliant USD stablecoin, USAT.
Anchorage provides institutional-grade custody, staking, governance, and settlement infrastructure, serving as a bridge between traditional capital markets and blockchain-native finance.