Fun, a crypto onramping platform processing $18 billion in annual transaction volume, secured $72 million in Series A funding co-led by Multicoin Capital and SignalFire. The round, announced May 1, marks a significant bet on blockchain infrastructure at a time when VC funding for crypto has contracted sharply. Fun operates backend settlement infrastructure for major protocols including Aave, Polymarket, and Lighter, covering over 100 countries.
Why Onramping Infrastructure Matters Now
Fun solves a critical friction point in crypto adoption: converting fiat currency into blockchain assets without requiring users to navigate complex exchange interfaces. Founder and CEO Alex Fine stated the problem directly: “The infrastructure for moving money has not kept up with how the world actually works. We are building a system where value moves instantly, globally, and without friction.”
The company was founded in 2022 and previously raised a $3.9 million seed round. That early capital proved sufficient to process $18 billion in annual transaction volume across a distributed user base spanning 100+ countries. The infrastructure layer Fun built now underpins some of crypto’s most active applications, suggesting onramping has shifted from convenience feature to core infrastructure requirement.
Series A Signals Renewed VC Confidence in Payments
The $72 million raise arrives as crypto VC deal volume has declined broadly through 2025. However, financial services and infrastructure remain exceptions to that trend. Multicoin Capital and SignalFire’s co-leadership indicates institutional conviction that onramping solutions will capture meaningful value as retail and institutional users scale.
Fun competes directly with established players MoonPay, Ramp Network, and Transak in a market that has consolidated around a handful of dominant providers. The Series A capital provides Fun with resources to differentiate through geographic expansion, product depth, or integration breadth. The company plans to enter Asia-Pacific markets, where on-chain adoption and payment infrastructure gaps remain acute.
Why Asia-Pacific Expansion Matters for Crypto Infrastructure
Asia-Pacific represents the fastest-growing region for blockchain adoption, but onramping solutions remain fragmented and region-specific. Fun’s expansion into the region signals confidence that a global onramping platform can compete against localized competitors. Success in Asia-Pacific would validate the thesis that infrastructure winners consolidate globally rather than regionally.
The timing also reflects broader VC interest in rebuilding crypto’s base layer. As regulatory clarity improves in key jurisdictions, infrastructure providers that solved payment friction during bear markets now operate in a stronger institutional environment. Fun’s $18 billion annual volume provides a concrete foundation for that expansion story.
Next Steps and Unresolved Questions
Fun has not disclosed post-money valuation or named additional Series A investors beyond Multicoin and SignalFire. The timeline for opening a Singapore office and specific product roadmap for Asia-Pacific remain unannounced. The company’s ability to scale globally while competing against established onramping providers will determine whether this $72 million round represents a category winner or a well-funded challenger.
