Follow the Money: Lull in Corporate Segment, Kaiko’s $57M Round, and Several M&A Deals

Between September 12 and 19, 2026, inclusive, the Incrypted editorial team recorded 14 investment deals. Details, including the amount raised, are known for 10 of them. Overall, Web3 projects raised $198.25 million this week.

Venture Deals

This week saw eight rounds in this category, including:

• $57 million — Kaiko. The digital asset data provider raised about $57 million in an extended Series B round, increasing the total round size from $53 million to $110 million. It was led by S&P Global, with BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar, Susquehanna Private Equity Investments, and existing shareholders also participating. The funds will be used to grow Kaiko’s core analytics business and expand infrastructure for onchain capital markets. The company provides institutional clients with data, indices, and pricing information for digital assets.

• $20 million — Fin.com. The fintech startup raised $20 million in a seed round led by Expa and Uber co-founder Garrett Camp. They were joined by Coinbase Ventures, Tenet Fund, the founders of Figure, Mesh founder Bam Azizi, Second Sight Ventures, and other investors. Fin.com is building payments infrastructure that connects stablecoins to local banking systems and enables companies to accept, convert, store, and transfer funds through a single API. The company plans to expand its geographic footprint and payment corridors, including through acquisitions.

• $15 million — dtcpay. The payments company raised an additional $15 million as part of an expanded Series A, bringing the total round size to $25 million. The initial $10 million tranche was led by Vertex Ventures Southeast Asia & India, and SBI Group joined the extension via SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund. Other investors include Genedant Capital and Kwee Liong Tek. The funds will be used to scale the product lineup and merchant network, upgrade the corporate portal, and develop the app. dtcpay is building payments infrastructure for accepting, storing, and transferring stablecoins and fiat currencies.

• $13.25 million — Tare. The platform raised $13.25 million in a seed round led by Blockchain Capital. Participants also included Strobe Ventures, Janus Henderson, The Venture Dept, Neoclassic Capital, and the Avalanche Foundation, while angel investors included Aave CEO Stani Kulechov, Tether co-founder Phil Potter, and others. The funds will be used for continued product development, hiring, and onboarding new lenders and institutional investors. Tare is building blockchain infrastructure for the private credit market, bringing loan origination, servicing, and financing into a single system.

• $10 million — Velocity. In a comment to Incrypted, company representatives said the Series A round was expanded, bringing the total to $48 million. The financing included Visa Ventures, Circle Ventures, Ripple, Haun Ventures, Translink Capital, and Mirana Ventures. As Velocity CEO Eric Kuithem noted, the new capital will allow the company to respond faster to our customers’ needs. The firm is growing its commercial team to meet demand from banks and enterprises, and is also expanding the scope of its licenses, he added.

• about $10 million — Finloop. The Hong Kong-based company closed a Series A+ round of more than $10 million with participation from HSBC and People’s Capital. The funding will support continued development of solutions across wealth management, artificial intelligence, and real-world asset tokenization. Finloop is an asset management platform for financial institutions and corporate clients that brings together traditional instruments, digital assets, and RWA.

• $2.5 million — Deadstock. ATH Labs, the developer behind the platform, raised $2.5 million in a seed round led by Bullish Capital. A group of undisclosed angel investors also participated. The funds will be used for Deadstock’s public launch, expanding its vault and procurement operations in Japan, and building out infrastructure for custody, oracles, and tokenization. Deadstock is an onchain marketplace for trading collectible cards, where physical assets are held by a custodian and receive a digital twin on the Arbitrum network.

It is also worth noting that some projects do not disclose deal details. This week, there was only one such case:

• tZERO. The company closed a funding round led by Mark and Max Cohodes. Participants included Intercontinental Exchange, Bill Fleckenstein, and tZERO partner Dinari, while Neighborhood Intelligence committed to invest after the company announces a certain strategic transaction. The funds are intended to further commercialize and expand tZERO’s infrastructure for tokenized financial markets. The company provides regulated solutions for tokenization, custody, trading, and servicing of digital securities and other assets.

Token Sales

During the period in question, we recorded only one such case, namely:

• $500,000 — Gno.land (GNOT). The project raised $500,000 via an IEO on KuCoin Spotlight. During the token sale, 7.75 million GNOT were distributed at $0.0645 per token, with full unlocking after the sale ends. Gno.land is an L1 blockchain by NewTendermint for launching smart contracts and decentralized applications in the Gno language, built on Go.

You can follow updates in the relevant section on our website so you do not miss new cases. In addition, our team regularly updates our dedicated Telegram channel.

Corporate Deals and Placements

During the period in question, activity in this sector was muted. We found only two deals in this category, namely:

• $40 million — USD.AI (CHIP). The project raised $40 million via a revolving debt facility from K3 Capital. The financing is secured by sUSDai tokens and can be reused multiple times after the debt is repaid. The funds will be used to launch new lending products and support short-term liquidity. USD.AI is building onchain infrastructure to finance AI companies against collateral in GPUs and other compute assets.

• $30 million — Evernorth. The company agreed to raise $30 million through a private placement of 4% convertible senior PIK notes maturing in 2031. The buyer will be NH Investment & Securities, acting as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. The financing close is contingent on completion of Evernorth’s merger with Armada Acquisition Corp. II, which is expected in the fourth quarter of 2026. Evernorth is developing a public treasury company focused on XRP and plans to use the capital to participate in the asset’s ecosystem and build related infrastructure.

Mergers and Acquisitions

This week, we recorded several deals in this category. They include the following projects:

• OpenZeppelin. S&P Global agreed to acquire OpenZeppelin. After the deal closes, it will continue operating as a standalone unit under CEO Demian Brenner. The acquisition is expected to strengthen S&P Global’s digital asset risk assessment business and help expand tools for analyzing the security of onchain infrastructure. OpenZeppelin audits smart contracts and develops solutions for building them securely, including the widely used OpenZeppelin Contracts library.

• Nomina (NOM). The research organization IRF acquired the Nomina project along with its technologies, intellectual property, brand, and infrastructure. The key asset in the deal was SolverNet — an intent execution protocol that IRF plans to deploy as part of the infrastructure for AI agents interacting with DeFi. The solution enables automated routing, cross-chain transfers, and gas management, and Nomina’s infrastructure has processed more than 7.5 million transactions.

• LimeWire (LMWR). The BabyDoge ecosystem acquired the LimeWire platform. Following the deal, project management moved to Abel Chupor, while the LMWR token retained its role as the platform’s native asset. The new owners intend to focus on tools for content creators, decentralized data storage, and AI services. LimeWire is developing a Web3 platform for creating, distributing, and monetizing digital content.

Accelerators, Grants, and DAO Funding

As with token sales, there were no events in this category this week. 

Top Investors

Among the participants in this sector, Coinbase’s venture arm and Mirana Ventures stand out. They each have two rounds, while the rest have one.

What Was in Focus?

This week, two categories led the way at once — blockchain services and blockchain infrastructure.

Notably, between September 1 and 12, Web3 sector projects raised more than $804 million in total.

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