Most crypto startups never reach Series A, but survivors…
Selection pressure explains the pattern: only 16% of pre-seed projects clear the Series A bar, yet conversion rates climb steadily at every stage beyond that.
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Selection pressure explains the pattern: only 16% of pre-seed projects clear the Series A bar, yet conversion rates climb steadily at every stage beyond that.
Only 4.7% reached both milestones, pointing to token launches and Series A rounds as alternative graduation paths rather than sequential steps.
Yuliya Barabash of SBSB Fintech argues the EU's flagship crypto regime is credibility-positive but filters out early-stage firms before they prove their model, and the balance may be off.
The 2017 ICO model is gone: legal, licensing, and banking costs now match traditional finance, while venture funding and M&A consolidate among a handful of well-resourced incumbents.
Capital floors, white-paper fees and ongoing audit overhead under MiCA create a moat for incumbents — Ledger's Charles Guillemet says startups get priced out while banks move in.
Variant has closed a $222 million fund targeting early-stage crypto and AI startups, with a stated thesis around…