Crypto VC Funding: Naver Financial acquires Dunamu for $10.3B, Fordefi acquired for $100M

The week of November 23-29, 2025, was a notable period for crypto VC funding, with $10.46 billion in total activity across 10 projects.

Summary

• Crypto VC funding soared to $10.46B, led by Naver’s $10.3B acquisition of Dunamu.
• M&A dominated with Paxos buying Fordefi for $100M and multiple early-stage raises.
• Figure, Gonka, SpaceComputer and others secured new capital amid a strong VC week.

The week was headlined by Naver Financial’s $10.3 billion acquisition of Dunamu, the operator of cryptocurrency exchange Upbit.

M&A activity dominated the investment sector this week, with two major acquisitions representing the majority of funding.

Here’s a breakdown of this week’s crypto VC activity as per Cryptofundraising data:

Dunamu

• Dunamu was acquired for $10.30 billion through M&A
• Dunamu is a South Korea–based fintech and blockchain company and operator of Upbit cryptocurrency exchange
• Acquired by Naver Financial
• Share-swap deal valuing Dunamu at 15.1 trillion won
• Each Dunamu share exchanged at 2.54 Naver Financial shares

Fordefi

• Fordefi was acquired for $100 million through M&A
• The project is developing an institutional MPC wallet & security platform
• Fordefi was acquired by Paxos
• The project has raised $128 million so far

Figure

• Raised $25 million in an unknown round
• Figure is a blockchain technology startup that offers loan origination and equity management
• The investment was backed by Ondo

Gonka

• Gathered $12 million in a strategic round
• Gonka is an AI-powered prediction and social trading platform
• The investment was backed by Bitfury

SpaceComputer

• SpaceComputer raised $10 million in a seed round
• The project focuses on DePIN, infrastructure, security, and zero-knowledge.
• Investors include Maven11, Lattice, and Superscrypt

Funding Under $10 Million

• Nexton, $4 million in a strategic round
• Pruv Finance, $3 million in a Series A round
• CreatorFi (Insomnia Labs), $2 million in an unknown round
• Abrakadabra Games, $500,000 in an unknown round

Read last week’s crypto VC funding here.