Interesting statistics came out this month. Crypto startups raised $883 million in February, even though the market was showing signs of decline. According to DefiLlama, this is 13% less compared to February last year, when the industry was in full bloom and startups raised over a billion dollars. But what's interesting is that venture firms haven't stopped working, they just changed their approach.

Andriy Hrachov from DWF Labs told me something revealing: last year, it was possible to raise money simply based on a story and a good presentation. This year, everything else. Investors now demand real numbers — revenue, users, proof that the product will survive the bear cycle. The era when you could shoot from the hip is over.

Paradoxically, Hrachov says that bear markets always create the best opportunities. DWF Labs made some of the strongest investments precisely during downturns. He highlights three areas currently driving venture capital: stablecoins and payment infrastructure, artificial intelligence, and tools for institutions — compliance, treasury management. It doesn't sound very sexy, but these are the areas where the next $500 billion of institutional capital should flow before it touches any tokens.

I looked at the biggest rounds this month. Flying Tulip, founded by Andre Cronje, raised $206 million through token sales. They are building what they call a universal financial stack — spot trading, lending, perpetual derivatives, plus their own stablecoin ftUSD. An interesting detail — the ftPUT structure gives token holders a perpetual buyback right to lock in a minimum value. Capital is allocated to conservative sources — Aave, Lido — for stable returns.

Whop attracted $200 million from Tether. It’s a social commerce platform for digital goods, connecting thousands of creators with 18 million users. They sell software, courses, build communities. Tether is integrating its Wallet Development Kit for USDT payments and the new stablecoin USAT. Whop aims to reduce dependence on traditional banks and accelerate payments in the global creator economy, especially in emerging markets. The funds will go toward expansion in Europe and Asia, plus development of AI tools for commerce.

Anchorage Digital, the first federally regulated digital asset bank in the US, raised $100 million from the same Tether. This boosted their valuation to $4.2 billion. Anchorage operates as a regulated issuer of USAT, providing institutional infrastructure for custody, staking, management, and settlements. They serve as a bridge between traditional finance and blockchain.

Overall, the picture is clear — venture capital hasn't left crypto, but it has become more selective. Now, a real business model is required, not just a good story.