Weekly Funding Signal
Centralized finance and stablecoin infrastructure captured the bulk of capital, with mega-deals underscoring a flight to scale in payments, trading, and cross-border settlement.
Key Deals
| Project | Sector | Amount | Investors | Why It Matters |
|---|---|---|---|---|
| Crypto.com | CeFi | $400M | Citadel Securities | First institutional round for the Singapore-headquartered exchange, targeting tokenized securities and derivatives. |
| Alpaca | CeFi | $135M | Peak XV (lead), Elefund, Opera Tech Ventures, Unbound | Agent-first brokerage for tokenized markets, with Peak XV's strong Asia ties signaling regional expansion. |
| Flex | CeFi | $70M | Halo Fund (lead) | Stablecoin-based cross-border banking platform serving 170 countries from a California base, with clear Asia trade corridors. |
| Trasia | DeFi | $35M ($1.75M seed) | Multicoin Capital (lead) | Hyperliquid-based, Asia-first perp trading platform for Asian equities—explicitly targeting Asian assets. |
| Coinhako (acquisition by SBI) | CeFi | UNDISCLOSED | SBI Holdings | Japanese giant SBI acquires Singapore-licensed exchange, deepening its regional footprint. |
| Quote Trade | DeFi | $4M | Undisclosed | Dubai-based AI-Native DEX building infrastructure for autonomous agents and human traders. |
| Emergent | AI | $130M Series C | Creaegis (lead), SoftBank Vision Fund 2, Lightspeed, Y Combinator, etc. | Indian AI coding platform valued at $1.5B, targeting SMEs globally—taps into Asia's engineering talent pool. |
Builder to Watch
- Trasia: Trasia is developing a non-custodial, Asia-first trading platform on Hyperliquid, offering perpetual contracts on Asian equities. The startup raised $35M in total, with a $1.75M seed round led by Multicoin Capital. Its focus on cash-settled reference price contracts for Asian securities positions it uniquely at the intersection of DeFi infrastructure and regional equity demand. With support for Chinese and English at launch, Trasia is directly targeting the liquidity and regulatory nuances of Asian markets, making its Asia connection the strongest among this week's deals.
Also Noted
- Cyclops: Miami-based payment infra startup raised $20M Series A to accelerate stablecoin settlement. While not Asia-headquartered, its stablecoin rails could facilitate cross-border flows into Asian markets.
- Pact Labs: Tether led a $7M Series A to embed USA₮ into U.S. payroll and payments. Tether's growing Asia stablecoin dominance creates indirect Asia relevance.
- Velocity: London-based stablecoin settlement firm raised $38M led by Dragonfly. It plans to expand into Africa and LatAm, with potential future Asia entry.
- Ualá: Tether invested $20M in the Argentine digital bank; Tether's involvement as a financial investor links to its broader emerging market strategy, including Asia.
- AXON Finance: PayFi L1 raised $2M with UZ Capital and BMF participating—both have Asia connections, though not lead.
- MoonPay acquires Glide: MoonPay bought YC-backed crypto deposit startup Glide. The acquisition includes a team with Asian co-founder ties (Qinyu Tong).
Capital Flow
- Centralized finance and stablecoin payment rails drew the largest rounds, reflecting investor conviction in scalable, compliance-ready infrastructure.
- Projects bridging traditional finance and crypto via API brokerages, stablecoin settlement, and cross-border banking attracted the most capital.
- The strongest Asia angle appeared in equity-focused DeFi platforms and strategic acquisitions by Japanese and Indian players, signaling deepening regional integration.
PANews View
The concentration of mega-rounds in CeFi and stablecoins suggests a maturing market where scale and regulatory moats are prized. Trasia's explicit Asia equity focus and SBI's grab for Coinhako hint at a coming battle for regional trading volume. Meanwhile, AI-infused infrastructure is the stealth play—projects that embed AI into payments or compliance may unlock the next wave of institutional adoption in Asia.
