Singapore dominates Southeast Asia blockchain funding

Tracxn has published a report on Southeast Asia's blockchain technology sector, which has raised USD $6.2 billion in equity funding across 1,323 companies.

The data shows a market that has expanded across thousands of companies but remains heavily concentrated in Singapore and among a relatively small group of funded businesses. Of 3,957 tracked companies in the region, only 167 have progressed to Series A or beyond, and just four have reached Series D or beyond.

Funding trends

Annual funding peaked at USD $2.2 billion in 2022 before dropping to USD $386 million in 2023. It recovered to USD $804 million in 2024, eased to USD $319 million in 2025, and stood at USD $680 million year to date in 2026.

Deal activity followed a similar pattern. The number of rounds fell from 206 in 2022 to 46 in 2025 and 25 year to date in 2026, with the sharpest decline at seed stage.

Over the past year, Crypto Financial Services attracted the largest share of capital among the sector's business models, raising USD $498 million across 19 rounds, up 48.4% from a year earlier.

Digital Asset Fractionalization Platforms followed with USD $114 million across three rounds. Dapp Development Platforms raised USD $77.0 million, while Blockchain Network companies brought in USD $49.5 million.

The largest recent transaction was CRYPTO's USD $400 million Series D round in July 2026. Other large rounds included Edena Capital's USD $100 million Series D and Startale's USD $50 million Series A.

Singapore dominance

Singapore accounts for 82.5% of total funding in Southeast Asia's blockchain sector and is home to 2,285 of the region's 3,957 tracked companies.

Jakarta contributes 3.0% of total funding, while Mandaluyong, Metro Manila, Makati and Bali each account for about 1%. Bangkok, Kuala Lumpur and Ho Chi Minh City were also identified as important regional hubs, each hosting more than 120 companies.

The figures underline how strongly capital and company formation remain centred in Singapore, even as blockchain businesses have spread across the region. They also suggest that many other Southeast Asian markets remain much smaller in both funding volume and company count.

Stage concentration

The report describes a sector with a broad base of early-stage companies but a narrow path to later funding rounds. Of the 1,323 companies that have secured institutional funding, 50 have reached Series B or beyond, 14 have reached Series C or beyond, and four have advanced to Series D or beyond.

That pattern suggests that while investor interest has created a large startup pipeline, relatively few companies are maturing into later-stage businesses. The data also shows how much of the recent capital has been absorbed by a limited number of larger transactions.

Southeast Asia has produced six blockchain unicorns: Sygnum, Polyhedra Network, Multichain, Bitkub, Sky Mavis and Amber Group. Those companies reached billion-dollar valuations in an average of 1.7 years from Series A, compared with a global average of 5.5 years.

They raised an average of USD $47.7 million before becoming unicorns, versus a global average of USD $117 million. The report also identifies 60 soonicorns and 124 minicorns within the Crypto Financial Services model.

Exit routes

Acquisitions remain the main exit path for blockchain companies in the region. The report recorded 43 acquisitions and four initial public offerings.

Companies reached acquisition in an average of 6.2 years from first funding, with an average acquisition price of USD $54.9 million. Recent deals included SBI Group's acquisition of CoinHako and Bybit's acquisition of NOBI.

The largest disclosed acquisition deals were CGCX at USD $153 million and Satang at USD $103 million. On public markets, Antalpha listed in May 2025 and Tridentity in September 2024.

Many acquirers are based outside Southeast Asia, including SBI Group, Bybit and Consensys. That cross-border buyer interest has helped make acquisitions a more common outcome than stock market listings for blockchain companies in the region.

Overall, the sector remains active but uneven, with sizeable funding still available for selected businesses even as total deal flow stays below its 2022 peak. Singapore continues to dominate the landscape, Crypto Financial Services draws the biggest rounds, and acquisitions outnumber IPOs by more than 10 to 1.