Southeast Asia Blockchain Funding More Than Doubles From Year Earlier as Deal Count Drops by Half

Southeast Asian blockchain companies have raised more than twice as much funding as a year earlier, even as the number of deals fell by nearly half. The uneven trend suggests the market has yet to stage a broad recovery, with capital concentrated in crypto financial services and a small group of more mature companies.

CoinDesk reported on September 4 that blockchain companies in Southeast Asia have raised $680 million so far this year. That is up 113% from the $319 million raised in all of last year.

Deal volume moved in the opposite direction. Completed funding rounds totaled 25 this year, down 45.7% from 46 last year. At the peak of the funding boom in 2022, the region recorded 206 deals. The market has effectively shifted toward a structure in which a handful of companies with proven business models secure large sums, rather than early-stage startups receiving capital more evenly.

The biggest deal this year was Crypto.com's $400 million Series D funding round. That single transaction accounted for 58.8% of total funding. Excluding it, the other 24 blockchain companies raised just $280 million combined.

By segment, crypto financial services companies raised $498 million across 19 deals, up 48.4% from a year earlier. Tokenization platforms, which convert real-world assets into digital securities, drew $114 million, while decentralized application development platforms attracted $77 million.

The number of companies dropped sharply at later funding stages. Of the 3,957 Southeast Asian blockchain companies tracked by Tracxn, 1,323 had received outside equity investment. Only 167 had reached Series A or beyond. There were 50 at Series B, 14 at Series C and just four at Series D or later.

Singapore's dominance stood out by geography. Of the sector's cumulative $6.2 billion in funding in Southeast Asia, Singapore-based companies accounted for 82.5%. The city-state was also home to 2,285 companies, about 58% of the total. Jakarta, Indonesia, the second-largest funding hub, accounted for just 3%.

Annual funding raised by Southeast Asian blockchain companies peaked at $2.2 billion in 2022, then fell sharply to $386 million in 2023. It rebounded to $804 million in 2024 before declining again to $319 million last year.