HashKey Capital Sees DePIN and RWA as Key Crypto Investment Trends in 2025

In the rapidly evolving landscape of cryptocurrency investments, venture capital firms are increasingly focusing on innovative blockchain solutions that bridge the gap between Web2 and Web3 technologies.
HashKey Capital, a prominent Hong Kong-based investment firm, is particularly optimistic about decentralized physical infrastructure networks (DePINs) and real-world asset (RWA) tokenization. Xiao Xiao, a partner at HashKey, highlighted these emerging sectors as critical investment opportunities for 2025.
The DePIN sector has demonstrated remarkable growth, with a current market capitalization of nearly $20 billion. In 2024 alone, DePIN projects raised over $350 million across various funding rounds, showcasing the increasing investor interest in blockchain-powered physical infrastructure networks.
Real-world asset tokenization has also gained significant traction, reaching a cumulative value of $17.1 billion. Private credit and US Treasury debt have emerged as the most prominent use cases for financial tokenization, indicating a mature approach to integrating traditional assets with blockchain technology.
HashKey’s investment strategy reflects a broader trend in the crypto venture capital market. Investors are becoming more selective, prioritizing projects with clear real-world applications and potential for bridging Web2 and Web3 ecosystems. The firm is particularly interested in sectors like decentralized finance (DeFi), gaming, stablecoins, and artificial intelligence.
The investment landscape is expected to be influenced by various factors, including potential regulatory changes and the potential return of Donald Trump to the US presidency. Xiao suggests that the political environment could accelerate crypto regulation and activity across Asia.
Industry projections are optimistic, with PitchBook expecting crypto funding deals to reach $18 billion in 2025, up from $13.6 billion in 2024. Galaxy Research anticipates that declining interest rates and increased regulatory clarity in the United States will further support venture capital funding.
A notable shift in the investment approach is the growing preference for consumer-facing projects over infrastructure-focused initiatives. This trend indicates a maturing market where early-stage teams can more efficiently develop applications by leveraging established infrastructure and AI advancements.
As the cryptocurrency ecosystem continues to evolve, HashKey Capital’s strategic focus on DePIN and RWA tokenization represents a forward-thinking approach to blockchain investments, highlighting the industry’s ongoing transformation and potential for real-world impact.