Forget the Silicon Valley hype. While everybody else has been watching the show on the West Coast, a parallel and quieter revolution was taking place much further East. Asian crypto startups, often operating on a shoestring and facing unique regional challenges, are silently crushing it in the VC game, even amidst market stagnation. You’ll probably be aghast to learn that in June, the crypto industry actually won $136.8 million in venture funding. More shocking still is who’s receiving that money, and why.

Overlooked Innovation Wins The Day

Let’s be real: Western media loves to paint a certain picture of crypto innovation. It's all about Stanford dropouts building the next DeFi protocol in their parents' garage, right? Wrong. Dead wrong. You’ll be introduced to a dynamic landscape of Asian startups that are leveraging blockchain technology to solve tangible issues. They don’t always take center stage, but their effect is strong.

Think about it. Have you ever read an article about some startup developing a blockchain solution? They are advocating for better supply chain transparency to empower Filipino farmers. Or a regulatory technology platform enabling cross-border remittances for migrant workers in Southeast Asia, avoiding the need for exploitative middlemen? Probably not enough.

These are the stories that should lead the news. These examples represent amazing innovation motivated by need, not just a sheer desire to get rich quick. And guess what? VCs are starting to notice. They understand the untapped opportunity in these underserved markets and are inspired by those founders’ resilience and the compelling need for such solutions.

Take the Philippines, for example. It’s a land teeming with startup energy. It’s the same spirit that takes me back to the kundiman folk songs my grandmother would sing. It’s a magical place in that the people there are always figuring out new, creative ways to do more with less and survive. Filipino founders are beaming that entrepreneurial spirit into the crypto space. They are developing innovative solutions catered to their communities’ distinctive needs. It’s like the ringing kulintang music that travels through the mountains. It’s a clattering, throbbing, rhythmic undersubstance of invention.

Underdog Resilience Is The Secret Sauce

Let's be honest, the path isn't easy. Today, Asian crypto startups operate amidst a uniquely difficult set of challenges. They tend to have less access to capital than their Western counterparts. Regulatory landscapes can be murky and unpredictable. That’s true enough, and cultural differences can often add layers to communication challenges.

Unfortunately, this is where the underdog story really starts. These founders are the heroes of difficult moments. They are creative, flexible, and fiercely devoted to their neighborhoods. They’re developing solutions that are as culturally relevant as they are technologically sound.

Remember Rails, the new infrastructure-focused cryptocurrency exchange that raised $20 million in venture capital? And Beam, the stablecoin payment service provider that recently closed a $7 million round of funding. These have been two examples of a thriving class of Asian startups, successfully raising real money in their growing environments against the correcting headwinds. It’s these kinds of stories that will keep inspiring the next generation of Asian founders.

Debunking Myths: Asia Is The Future

It’s a damaging myth, this idea that Asia is somehow falling behind the West when it comes to crypto innovation. This simply isn't true. Whether it is high-speed rail, electric vehicles, or alternative energy, Asia is at the forefront. It’s a leader in mobile payments. It’s DeFi friendly. It combines crypto with traditional finance like no other.

The numbers speak for themselves. In June, investors closed 12 different rounds, totaling $136.8 million in venture capital. They’ve overall been super open to things such as blockchain infrastructure, AI, DePIN, tokenization, payments and RWAs, demonstrating their realization that there’s a lot of potential in Asian crypto startups.

It's not just about the money. But more important than the shiny objects, it’s about the change these startups are creating in their communities. Collectively, they’re creating jobs, empowering entrepreneurs, and driving economic growth, often times in spite of their federal counterparts. Together, they’re working to create a far more inclusive and equitable financial system.

Consider the convergence of AI and crypto, Inference Labs raised $6.3 million, and Gradient Network snagged $10 million. These are merely a few highlights from all the interesting things on Asia’s development frontier.

So the next time someone tells you that crypto is just a passing trend, listen closely. Asian crypto startups are quietly blowing up the VC market with their innovative methodologies. Honor their resilience, their resourcefulness, and their determination to stick with their communities.

Keep in mind that the future of crypto is global, and Asia is taking the lead.

So, what can you do? Support these startups. Invest in their vision. And assist in getting the word out about the amazing work they’re doing. Let’s replace the echo chambers with genuine plurality. Again, I’m not suggesting that you drop your loyalty to your local crypto heroes—I’m suggesting that you begin to turn your eyes towards the East. It will be worth it.

Reaching the summit of Mount Pulag, the highest peak in Luzon at 2,922 meters, is no easy feat. Just like Asian crypto startups’ own steep inclines, the stunning view from that summit makes it all worth it. Together with the support of their funders and the global community, they’re just beginning to realize their potential to soar ever higher.