Web3 Startups Are Ditching Traditional VCs as Institutional Crypto Crowdfunding Platforms Gain Traction

The crypto fundraising landscape is undergoing a major shift, with Web3 projects moving away from conventional venture capital in favor of large-scale, community-focused crypto launchpads. A new generation of institutional-grade crowdfunding platforms, including CoinList, Republic, Bitget LaunchX, Echo by Cobie, SeedList, and Kaito Capital Launchpad, is now shaping the future of token distribution. These platforms offer more than just financial backing; they bring mass blockchain onboarding, global branding opportunities, and faster go-to-market execution.

This transformation has been fueled by a wave of oversubscribed token sales, enhanced contributor systems, and frustration with exclusive VC deals that often exclude the broader crypto community. With over 100 token launches forecasted for the second half of 2025, institutional crypto crowdfunding platforms are rapidly becoming the primary path for top Web3 ventures aiming to break into the CoinMarketCap top 100.

Large-Scale Launchpads Are Driving the Most Anticipated Token Sales of the Year

Earlier this year, WalletConnect’s WCT token sale raised $10 million through a multi-platform offering across CoinList, Bitget LaunchX, and Echo, showcasing the growing reach of coordinated launchpad campaigns.

• Bitget LaunchX filled its $4 million allocation in under two hours, attracting $170 million in commitments from 40,000 participants.
  
  

• CoinList brought in over 18,000 contributors spanning 100 countries during its public offering.
  
  

• Echo’s $500,000 private round sold out in just 11 seconds, a testament to the demand generated by automated systems and strong communities.
  
  

Since that breakout success, CoinList, the U.S.-based spinout from AngelList, has launched additional offerings like Obol, Bitlayer, and DoubleZero, all leveraging its karma-based system to reward community engagement. Previous CoinList launches include well-known names such as Solana, Flow by Dapper Labs, and Filecoin.

Republic, supported by Galaxy Digital, has surpassed $120 million in token fundraising through its own launchpad, while continuing to deliver USDC dividends to Note token holders. Meanwhile, Jordan Fish (also known as Cobie) has introduced Echo’s modular token distribution stack, called “Sonar,” which supports compliant, self-hosted token sales for earlier-stage projects.

In July, the newly introduced Kaito Capital Launchpad, founded by former Citadel executive Yu Hu, entered the space with unique features such as social-reputation-based allocations, AI analytics, and Base chain integration. Kaito’s first offering, Espresso, included capped allocations, multi-phase vesting, and fee redistribution to KAITO token holders.

From Capital to Contribution: A New Focus for Crypto Launch Platforms

A more targeted generation of launchpads is beginning to take shape, emphasizing contributor value over capital. Leading the charge is SeedList, a Singapore-based platform that seeks to make capital raising more transparent and equitable by cutting out traditional VCs altogether and reallocating deal access to strategic contributors and KOLs.

SeedList sets itself apart with a proprietary, AI-driven merit system that allocates tokens based on meaningful inputs like developer contributions, influence from key opinion leaders, and real community engagement. Unlike other platforms that require token staking or lottery-style entry, SeedList prioritizes activity from contributors in underrepresented markets beyond the U.S.

“We’re building on the groundwork laid by CoinList and other pioneers, but our system is built for a new era of contributors,” said SeedList co-founder Rosa Pagani during a recent closed-door investor call. “We remove VCs entirely and instead reward microinfluencers and partners who help grow the ecosystem.”

SeedList also simplifies legal participation by offering non-fiat and non-crypto custody solutions, allowing users to join token sales without the complications tied to regulated fiat or crypto custody. Its network of strategic relationships across exchanges, marketing firms, and influencer groups enables SeedList to open early-stage access to deals previously reserved for insiders and institutional investors.

Much like CoinList and Kaito, SeedList has attracted notable support. Rosa Pagani, who also serves as CEO of WhiteBIT Australia (a division of the $18 billion WhiteBIT Global, Europe’s largest exchange with over 8 million users), is among its core backers. Another is Brijesh Patel, previously a partner at Pronomos Capital, a VC focused on decentralized city development and backed by Mark Andreesen (a16z), Balaji Srinivasan (former CTO of Coinbase), the Winklevoss twins (Gemini, Facebook), and Naval Ravikant (founder of AngelList, the parent of CoinList).

Solana advisor and ecosystem contributor CryptoSheldon commented:

“In a utopian world, founders would select launchpads based on needs. CoinList suits U.S.-based or VC-oriented projects. SeedList is ideal for L1 protocols and decentralized ecosystems that want global community participation through KOLs. And for those in the middle, platforms like Kaito or Echo provide flexibility.”

What’s Ahead for Crypto Fundraising

By mid-2025, the distinction between VCs, exchanges, and launchpads is starting to blur. Platforms like Republic, SeedList, CoinList, Echo, and Kaito now combine analytics, liquidity, and compliance features directly into the capital formation stack. This allows projects to raise funds while building loyal communities and achieving stronger price discovery right out of the gate.

Top crypto personalities, traditional finance professionals, and blockchain developers are increasingly building their own platforms to compete with venture capital. Jordan Fish (Cobie) launched Echo, Citadel alum Yu Hu established Kaito, and Solana-native builder CryptoSheldon founded SeedList.

As we approach the final quarters of the year, launchpads are preparing major token releases, with upcoming projects including AI-native protocols, Layer 2 infrastructure initiatives, and DePIN networks, spread across CoinList, Kaito, Bitget LaunchX, and SeedList. With better allocation models and more accessible participation mechanics, 2025 could be the turning point when token launchpads fully eclipse VCs as the crypto industry’s primary growth engine.