Crypto VC funding: Coinbase acquires Echo for $375m, Pave Bank raises $39m

Crypto venture capital activity has been brisk in recent months, with both established players and emerging projects securing significant funding to fuel the next wave of blockchain innovation.

The week of October 19-25 recorded $587.92 million in crypto VC funding across 22 projects.

Summary

• The crypto VC landscape remains dynamic, as platforms like Echo, Pave Bank, and Bluwhale attract millions in funding from major investors.
• In addition to these high-profile raises, a variety of smaller projects across sectors, including token distribution and decentralized finance, have also secured crucial early-stage investments.
• Pave Bank, EthSign, Bluwhale, and BitcoinOS also raised major rounds. These deals highlight the growing confidence in crypto’s long-term potential, despite the volatility in the broader market.

From Coinbase’s acquisition of Echo for $375 million to the steady stream of Series A and seed rounds backing on-chain infrastructure and digital finance platforms, investment in the space shows no signs of slowing.

Here’s a list of this week’s crypto funding activity according to Crypto Fundraising data.

Echo

• Coinbase continued its buying spree, offering $375 million for Echo
• Echo is a community-based on-chain investment platform
• This is the fifth major deal Coinbase announced in 2025. In January, it acquired Stryk, a Cyprus-based unit of BUX specializing in contract-for-difference (CFD) trading services for European residents. The same month, Coinbase also purchased Spindl, a San Francisco startup developing a blockchain-based attribution system to help businesses drive user growth. In May, the company acquired Deribit, a Netherlands-based cryptocurrency derivatives exchange. By July, Coinbase added Liquifi, a San Francisco startup focused on automating token vesting and lockups. Financial terms for the acquisitions were not disclosed.

Pave Bank

• Pave Bank secured $39 million in a Series A round
• Backed by Accel, Tether, and Wintermute Ventures
• The project has raised $44.2 million so far

Sign (Ethsign)

• Raised $25.5 million in an Unknown round
• Investors include YZiLabs and IDG Capital
• Sign is an on-chain infrastructure for token distribution and has raised $54.15 million so far

Bluwhale

• Bluwhale gathered $10 million in a Series A round
• Investment was backed by UOB, PAID Network, and Spartan Capital

BitcoinOS

• BitcoinOS Raised $10 million in an Unknown round
• Investors include Green Assets, Falcon X, and DNA Fund

Projects Under $10 Million

• Limitless, $9 million in a Seed round
• DepinSim, $8 million in a Strategic round
• Nubila Network, $8 million in a Seed round
• Pieverse, $7 million in a Strategic round
• METYA, $6 million in an Unknown round
• Turtle, $5.5 million in a Strategic round
• Open Campus, $5 million in a Strategic round
• TBook, $5 million in an Unknown round
• ME3 (Gacha Galaxy), $3 million in an Unknown round
• Loyal, $2.5 million in a Public sale with $5.24 million fully diluted valuation
• Lit Protocol, $2.5 million in an Unknown round
• Printr, $2 million in a Seed round
• Rayls (Parfin), $1.75 million in a Public sale
• Kinetiq, $1.75 million in a Seed round
• dm fun (Metrica Labs), $1.5 million in a Public sale
• Entry (ex Zekret Protocol), $1 million in a Pre-seed round
• ZKLSOL (Zero Knowledge SOL), $969,420 in a Public sale with $2.5 million fully diluted valuation