Southeast Asia's blockchain funding market is recovering in 2026, but the rebound looks more concentrated than the sector's 2022 boom.

CoinDesk, citing market intelligence platform Tracxn, reported that blockchain companies in the region have raised $680 million in equity funding so far this year. That is well below the $2.2 billion raised in 2022, but it marks a recovery from the weaker funding environment that followed.

The shape of the rebound matters. The report counted 25 funding rounds in 2026, compared with 46 in 2025 and 206 in 2022. That suggests investors are writing larger checks to fewer companies rather than returning to broad early-stage speculation.

Crypto financial services accounted for the largest share of recent activity, with $498 million across 19 rounds over the past year. Tokenization platforms followed with $114 million, while decentralized application development platforms drew $77 million.

Singapore remains the center of gravity. Tracxn's data, as reported by CoinDesk, puts the city-state at 82.5% of the $6.2 billion raised historically by Southeast Asian blockchain companies. Jakarta was the next-largest funding hub at about 3%.

The conservative read is that regional crypto investment is not back to the all-cycle peak, but funding is no longer frozen. Capital is moving toward later-stage infrastructure, finance, and tokenization companies where investors can underwrite more mature businesses.