VC Fund Dossiers

1confirmation is one of the few crypto VCs that actually understands the technology deeply rather than just chasing hype. Nick and Richard have real conviction and won't invest in projects they don't believe in long-term, which means they're pickier but more supportive. They're particularly strong on technical due diligence and tokenomics design. The downside is they're crypto-only, so if your pivot plans include moving away from web3, they're not your fund. Also, being early in crypto means some of their big wins happened during the bubble, so jury's still out on their ability to pick winners in a more mature market.

Animoca Ventures is essentially the investment arm of Animoca Brands, which means they have genuine operational experience in blockchain gaming but also means they're heavily tied to the success of their parent company's bets. They caught lightning in a bottle with early investments in Axie Infinity and The Sandbox during the NFT boom, giving them credibility and capital. However, they're basically a one-trick pony focused almost exclusively on gaming and NFTs - if you're not building something that fits their very specific Web3 gaming thesis, don't waste your time. They do provide real value through their ecosystem of portfolio companies and can facilitate partnerships within the Animoca universe, but expect them to push hard on tokenomics and NFT integration even if it doesn't make sense for your product.

Binance Labs is the crypto VC arm you want if you're building something that fits their ecosystem and don't mind being tied to Binance's regulatory rollercoaster. They move fast, write decent checks, and their portfolio access is genuinely valuable - getting listed on Binance can make or break a crypto project. But they're also deeply intertwined with Binance's fortunes, which means regulatory scrutiny comes with the territory. The team knows crypto deeply but can be myopic about non-Binance ecosystems. If you're building pure Web3 infrastructure, they're solid. If you need help with traditional business development or regulatory strategy, look elsewhere.

CMT Digital is basically CME Group's venture arm trying to stay relevant in crypto, which cuts both ways. The upside: they have serious institutional connections and understand regulated markets better than most crypto VCs. The downside: they can be painfully slow to make decisions and sometimes miss the point on crypto-native innovations. Colleen Sullivan knows her stuff and founders generally respect her, but the fund sometimes feels like traditional finance tourists in crypto land. They're solid for B2B infrastructure plays but probably not your best bet for cutting-edge DeFi or consumer crypto.

Delphi is the rare crypto VC that actually puts their money where their mouth is - they invest their own capital, not LP money, which means they're genuinely aligned with founders rather than just collecting management fees. The Delphi Digital ecosystem gives them real deal flow advantages through their research arm, and they're not afraid to lead rounds and write big checks. However, they can be thesis-heavy to the point of being preachy about "freedom technology" - some founders find the philosophical approach refreshing, others think it's crypto-bro cringe. They're legitimately helpful post-investment with deep technical knowledge and ecosystem connections, but expect them to have strong opinions about your tokenomics and go-to-market strategy.

These guys are crypto OGs who deserve more respect than they get. Steindorff and Waterman were running a crypto fund in 2014 when most VCs thought Bitcoin was for drug dealers, and the fact that Brevan Howard picked them to run their crypto allocation tells you everything about their institutional credibility. Four unicorns including Worldcoin and Axelar is a solid track record, but they're surprisingly low-profile for a fund with this much success. The lack of social media presence either means they're too busy making money to tweet, or they haven't figured out that founder marketing matters in 2025. Either way, if you're building crypto infrastructure, these are the type of investors who actually understand the tech.

Electric Capital is basically what happens when actual engineers decide to do VC instead of MBAs cosplaying as tech experts. Unlike traditional VCs, two-thirds of their team are engineers who actively contribute code alongside investment activities. He's known for his public thesis that crypto will "re-centralize" talent back into Silicon Valley hubs rather than fully decentralizing startup geography, and he leads Electric Capital as an "engineer- and builder-led firm" that measures protocol health through developer activity and on-chain data. They're the rare fund that actually walks the walk on technical diligence because they can read the code themselves. Like many industry executives who have been through bear market cycles, Garg is unfazed. "I'm not too worried about overpaying because the headwinds will last 18, maybe 24 months, not six years," he said in an interview. The downside? They can be a bit Silicon Valley-centric in their worldview, and their engineering-first approach sometimes means they overthink simple business decisions.

Fenbushi is the greybeard of Asian crypto VCs - they were writing checks when most funds thought Bitcoin was Monopoly money. Founded by Bo Shen, Vitalik Buterin, and Xiao Feng in 2015, this A-class team made Fenbushi an investment shark on Asian and global crypto markets. With such considerable expertise, the Fenbushi Capital fund is deservedly regarded as one of the most influential players in Asia. The Vitalik connection (even as advisor now) still opens doors, but what's impressive is their portfolio depth - Circle went public, they nailed the infrastructure plays early. They have very strong network and influence in China and very tight connection with VeChain. The downside? They've been selling crypto assets at a loss recently, and with 300+ portfolio companies, you might get lost in the crowd unless you're a standout deal.

Framework was arguably the first VC to "go all in" on DeFi with early bets on Chainlink, Aave, Synthetix, and The Graph - they didn't just invest, they became the largest outside holders. These guys actually run critical infrastructure themselves including Chainlink nodes servicing 200+ price feeds and major Graph indexer nodes - as Vance puts it, "if you used crypto over the past few years, there's a very strong chance that you've interacted with us." They run a lean but highly effective platform with former founders who focus on behind-the-scenes deliverables that directly add value rather than churning out Twitter content, with a reputation for deep knowledge on business building, DeFi services, tech, governance, and tokenomics. Historically, they've led around 80% of the major funding rounds they participate in, showing genuine conviction rather than just following others.