Codex Tops Funding as AI-Blockchain Startups Gain Momentum

Harshajit Sarmah·Apr 7, 2025·2 min read

Codex blockchain startup stablecoin funding round led by Dragonfly Capital

Codex leads the funding surge this week with $15.8 million raised to develop a stablecoin-focused blockchain, backed by Dragonfly Capital, Coinbase, Circle, and others.
Startups integrating AI, blockchain, and fintech—such as Ambient, Cambrian Network, and Mahojin—secured millions, signaling sustained investor interest in the space.

This week, several startups at the intersection of AI, blockchain, and fintech have secured significant funding, reflecting a surge in investor interest in these emerging technologies.

Among these, Codex, a blockchain startup focused on stablecoins, has raised the largest amount, securing $15.8 million in a seed round led by Dragonfly Capital.

1/ We’re coming out of stealth.

Codex has raised $16M from @dragonfly_xyz (led by @hosseeb and @HadickM ), @circle, @coinbase, @CumberlandLabs, @wmt_ventures, and others.

We’re building vertically integrated stablecoin infrastructure fit for business use.
— Victor (@victor_yaw_) April 4, 2025

Codex's funding round was notable for its focus on building a blockchain specifically designed for stablecoins, a market valued at over $230 billion.

Dragonfly Capital invested approximately $14 million, with additional contributions from prominent players like Coinbase, Circle, Cumberland, Wintermute, and Selini Capital.

This investment underscores the potential of stablecoins in enhancing financial transactions and aligns with broader trends in fintech innovation.

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Codex aims to create a layer-2 network on Optimism, an Ethereum scaling solution, to optimize stablecoin transactions by offering stable fees and seamless cash-out options for users. This approach disavows general-purpose blockchains, which Codex believes are inefficient for specific industry needs.

Other Notable Funding Rounds

Ultra: Luxembourg-based NOIA Capital led a $12 million funding round for Ultra, following the appointment of a new CEO.
The9 Limited: Secured an $8 million investment through private placement agreements with leading cryptocurrency funds.
Ambient: Raised $7.2 million in a seed round backed by a16z’s crypto accelerator and Delphi Digital, focusing on AI-driven blockchain services.
Cambrian Network: Raised $5.9 million to support its decentralized AI finance protocol.
Mahojin: Secured $5 million in a Series A round to develop AI-powered decentralized applications.

Smaller Rounds and Token Sales

Smaller funding rounds and token sales also made headlines. The Fragmetric token sale has a hard cap of $4 million, while luxury investment platform Collecto raised approximately $3.05 million (€2.8 million). The hyper-casual finance platform Hana Network raised $1.75 million, and Bloctopus secured $1 million in a seed round.

These investments reflect a broader trend where venture capitalists are increasingly drawn to startups that combine AI, blockchain, and fintech. As these technologies continue to evolve, they are expected to play a crucial role in shaping the future of financial services and digital transactions.

Despite challenges in the fintech sector, including declining valuations and slower growth rates, the integration of AI and blockchain is seen as a transformative force, attracting significant investment and attention from major players in the industry.

Edited by Harshajit Sarmah