Web3 Funding Reaches $3.9B in October, Second-Highest Ever

Web3 secured $3.877 billion in funding in October 2025, driven by three companies that took over 70% of the total.

Polymarket raised $2 billion from Intercontinental Exchange (ICE), owner of the New York Stock Exchange. Tempo, a Stripe-backed blockchain payments firm, secured $500 million in a Series A at a $5 billion valuation. Kalshi closed over $300 million in funding. These three accounted for over 70% of October's total.​

October Second Only to 2021 Peak

The $3.877 billion total trails only November 2021's $7 billion record. Data comes from DefiLlama, a blockchain analytics platform tracking venture activity. October's figure marks sharp capital concentration compared to 2025 monthly averages.​

Prediction Markets Draw Capital

Two of the three largest deals went to prediction market platforms where users bet on real-world events. ICE's investment valued Polymarket at $9 billion. Kalshi raised funds weeks later while expanding overseas.​

Payments Infrastructure Takes Third

Tempo builds stablecoin payment rails for cross-border transactions. Paradigm and Thrive Capital led the round, with Stripe backing. The raise positioned Tempo among the most valuable blockchain infrastructure startups.