Andreessen Horowitz · Goldman Sachs · Strait of Hormuz · CoinDesk
The $11.2 billion in 2026 funding that killed crypto’s permissionless era
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In the first six months of 2026, the crypto industry raised $11.2 billion.
Key facts
- The top three sectors by capital raised were payments and stablecoins at $3.7 billion, prediction markets at $2 billion and crypto exchanges and trading platforms at $1.7 billion
- Abu Dhabi's sovereign wealth fund, ADIA, backed a $355 million institutional blockchain round in Canton Network alongside a16z, Apollo, and HSBC, she said
- Kalshi raised $1 billion in May in a round that included Sequoia Capital, Morgan Stanley, Ark Invest, and Andreessen Horowitz (a16z), among others
- In the first six months of 2026, the crypto industry raised $11.2 billion
Summary
Crypto startups raised $11.2 billion in the first half of 2026, with all disclosed funding flowing to regulated, permissioned businesses rather than the permissionless projects that once defined the industry. Payments and stablecoins, prediction markets, and exchanges and trading platforms drew the most capital, much of it from major Wall Street and global financial institutions that are prioritizing licensed, compliant ventures. Investors and founders increasingly view regulatory licenses as scarce, defensible assets that confer competitive advantage, even as retail users continue to trade largely on unlicensed or alternative venues outside the main funding flows. "There is an irony at the heart of crypto, and it took an $11.2 billion dataset to make it obvious," said Dubai-based crypto lawyer Irina Heaver, founder of NeosLegal.