We Raised $2.2B. Here’s Why.

The crypto industry is transitioning from an ideological, cypherpunk movement toward a pragmatic, mainstream-focused era, underscored by the launch of a16z’s Crypto Fund 5. This evolution prioritizes real-world utility, particularly through stablecoins and on-chain financial infrastructure, which now rival traditional payment networks in volume. Regulatory clarity is fostering institutional participation, moving the sector beyond speculative cycles toward sustainable, fundamentals-based growth. The convergence of AI and crypto represents a critical frontier; AI agents, functioning as autonomous economic actors, require programmable, low-fee payment rails like stablecoins. Simultaneously, zero-knowledge cryptography addresses the scalability trilemma and provides essential privacy, serving as a defensive moat for network effects. This shift emphasizes go-to-market execution and the development of enduring, composable networks that offer a decentralized alternative to the consolidation currently defining the AI and internet landscape.