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Today's News Recap
Regulatory Review - New Zealand to ban crypto ATMs in broader efforts to combat money laundering.
ETF Delay - Eigen Labs lays off 25% of staff to focus on building EigenCloud.
Market Stillness - Crypto trading firm galaxy expands institutional staking with Fireblocks.
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Messari Protocol Reporting
Messari's protocol reports give you a deep dive on the foundation and state of top crypto protocols, including key metrics and notable events. See the complete list of protocol reports here and get a preview of our latest report below.
Leading Web3 credential and identity platform
Enable applications to leverage user behavior, reputation, and history across blockchains
Gravity Protocol is Galxe’s decentralized infrastructure layer powering identity, reputation, and credential issuance
20 million+ users and hundreds of ecosystem partners have used Galxe for campaigns, quests, and credential-powered experiences
Identity & Privacy Infrastructure: Middleware / Identity Verification
Use palm biometrics and ZK proofs to verify users’ liveness and uniqueness without storing raw biometric data
Verified users generate non-transferable Human IDs to attest to traits like age, location, or access
Acquired Moongate to integrate onchain ticketing—tickets are bound to Human IDs, preventing scalping and fraud
DePIN / Cloud Compute Marketplace
Lease revenue surpassed $1 million (+38% QoQ)
Average GPU capacity rose 55% to 897 units, with usage up 54%
AI training/inference, websites, blockchain nodes, game servers
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Messari Research
State of Crypto Fundraising: Q2 2025
By: Jake Koch-Gallup
In Q2 2025, crypto fundraising followed the same split seen a quarter earlier: venture funding cooled while strategic buyers stayed active. Venture rounds raised $4.99 billion (down 20% QoQ) across 516 transactions (down 24%), the third consecutive quarterly decline and the lowest count since late 2023. By contrast, M&A volume slipped only 6% to 80 deals, and the six largest disclosed acquisitions, led by Coinbase/Deribit ($2.9 billion) and Ripple/Hidden Road ($1.25 billion), totaled $5.44 billion, exceeding all capital raised by startups. Investor participation narrowed further: the count of unique backers fell 35% QoQ to 1,000, the lowest quarterly investor participation since Q4 2020. Public-market exits re-emerged, with Circle’s $1.10 billion and eToro’s $500 million IPOs accounting for more than half of the quarter’s $2.86 billion in top ten raises. Fund formation also slowed, with 19 newly launched funds (down 10%) securing $1.56 billion (down 21%), signaling that LPs remain selective even as late-stage liquidity options improve.
