CV VC

As we close out 2025, the impact of MiCAR is no longer theoretical - it is now the operating reality for every crypto company in Europe. The German Blockchain Report 2025, co-published by CV VC & the Frankfurt School Blockchain Center with support from Ledger Enterprise, highlights three major shifts that MiCAR has introduced across the industry since its stablecoin rules and CASP framework came into force: 1. A single authorization regime for CASPs across the EU Since December 30, 2024, crypto-asset service providers must comply with MiCAR’s harmonized licensing requirements. Companies now operate under unified rules covering organizational structure, conduct, reporting, and supervision - eliminating the fragmented national regimes that existed before. 2. Stablecoins now operate under full EU supervision MiCAR’s rules for asset-referenced tokens (ARTs) and electronic-money tokens (EMTs) have been in effect since June 30, 2024, requiring issuers to maintain compliant reserve structures, redemption rights, governance systems, custody arrangements, and disclosures. As the report states, “MiCAR shifted stablecoins from legal ambiguity to supervised instruments across the Union. Now the job is to convert that legal clarity into trustworthy euro liquidity that the market actually uses.” 3. Stricter AML/CFT and transfer obligations Under the Transfer of Funds Regulation (ToF), CASPs must apply governance and AML/CFT controls to any crypto-asset transfer of EUR 1,000 or more. This includes the documentation, verification, and monitoring expectations outlined in EBA guidance. Why this matters in 2025: MiCAR now sets the baseline for operating, scaling, and issuing digital assets in Europe. For companies, this clarity brings higher compliance costs - but far greater predictability, stronger market integrity, and the ability to scale across 27 EU jurisdictions under a single license. 📘 More regulatory details are available in the German Blockchain Report 2025: www.cvvc.com/germanreport

From the entire team at CV VC, we want to say thanks to Bastian Wetzel as he wraps up his time at CV VC & starts a new professional journey! Over the past four years, Bastian has been an important member of our team, managing projects across startups and investments - from supporting founders in the CV Labs Accelerator to working with our global portfolio through multiple funding rounds and key milestones. Thank you Bastian, for your enthusiasm, passion, and dedication in your role and within the team. We wish you all the best in your next role, leading investments at Cambrena Capital.

⚖️ Europe’s digital-asset regulation is undergoing one of its most significant transformations - what role does Germany play in the new future? Within the latest German Blockchain Report, co-published by Frankfurt School Blockchain Center, Dr. Thomas Weck, an Associate Professor at the Frankfurt School of Finance & Management, provides an overview of the regulatory impact of MiCAR on Germany's Web3 industry. From compliance to banking laws, Thomas dives into the impact for both Germany's businesses & regulatory bodies, as the implementation of MiCAR draws attention globally: 🔹 MiCAR now defines the EU’s overarching framework for crypto-assets, and as the report highlights, the regulation requires approximately 60 Level 2 and Level 3 measures to specify how its rules will work in practice. These measures include Regulatory Technical Standards, Implementing Technical Standards, Delegated Acts, and Implementing Acts that will shape how crypto-asset markets operate across the union. 🔹 Since the enactment of MiCAR, important changes have been made to various German laws to align with the wider regulation across the union. The report also outlines how these laws expand BaFin’s supervisory responsibilities - from licensing and market-abuse prevention to accounting standards, insolvency procedures, and the classification of crypto-assets versus financial instruments. 🔎 Why is this important? Regulatory clarity is becoming one of Europe’s strongest levers for innovation. The rules outlined in the report define who can operate, how stablecoins must be structured, what AML/CFT processes must look like, and how digital securities and crypto-assets interact with financial-instrument law. A clearer and more predictable framework allows builders, institutions, and investors to operate with confidence - setting the foundation for Europe’s digital-asset markets to scale responsibly. Read the full report for a full overview of the regulatory developments in Germany & Europe: www.cvvc.com/germanreport

🌍 How did the German blockchain ecosystem perform compared to the rest of the world? In the recent German Blockchain Report 2025, co-published by CV VC & Frankfurt School Blockchain Center and supported by Ledger Enterprise, blockchain venture funding data has been collated, offering a holistic overview of where investment is driving innovation. How did Germany perform in Q3'23-Q2'24 in comparison the globe: 🔹 On a global scale, blockchain ventures in Q3'23-Q2'24 raised $13.25b across 998 deals, up 33.1% in funding, however deal count saw a 20.3% decline. North America continued to show dominance in the industry, accounting for 45.4% of funding and 44.4% of deals. 🔹 Compared to global funding, Germany's small percentage saw even further decline, as the nation's share of global blockchain venture activity fell to 0.3% of funding (from 1.1%) and 1.3% of deals (from 1.4%). 🔹 Looking through a European lens, although Germany is one of the financial powerhouses in the continent, the numbers demonstrate a lack of investment interest in the blockchain. Although Germany’s share of blockchain deals rose to 6.0% in Q3'23-Q2'24 (from 5.5%), its funding share fell to 1.9% (from 5.1%), indicating more, smaller transactions. 📘 Dive deeper into Germany’s positioning in the global Web3 landscape inside the German Blockchain Report 2025: www.cvvc.com/germanreport

🇩🇪 Germany’s blockchain venture funding has become increasingly concentrated - and the data makes it clear. AS highlighted in the latest German Blockchain Report 2025, co-published by Frankfurt School Blockchain Center & supported by Ledger Enterprise, Germany raised $44.7M across 13 deals between Q3’24-Q2’25. Here’s how that capital was distributed across the country’s leading regions: 🔹 Berlin dominates the landscape, raising $32.7M across 7 deals, accounting for 73.2% of total funding and 53.8% of all deals. Investor appetite remained steady YoY, with the same number of deals and a somewhat modest $4.3M decrease in total capital deployed. 🔹 Bavaria showed upward momentum, securing $6.91M (15.4%) across 3 deals, marking a $2.1M increase in funding with one additional deal compared to the previous four quarters. 🔹 Hamburg experienced a steep pullback. After capturing 28.1% ($29.6M) of funding in Q3’23-Q2’24, it saw deployment fall sharply to just $1.5M (3% of total funding) in the most recent period. 🔹 Baden-Württemberg remained stagnant, attracting no blockchain venture investment across both timeframes. Overall, while Berlin continues to attract the majority of Germany’s blockchain funding, the broader picture shows a significant national slowdown. Limited activity across key financial centers, including Frankfurt, highlights how investment appetite has cooled across most of the country. 📘 Explore the full regional analysis in the German Blockchain Report: www.cvvc.com/germanreport

🚀 ALTITUDES by RSNDL Frankfurt brought together an inspiring community of independent thinkers, entrepreneurs, family offices, and global founders, all united by a mindset to challenge the status quo. Hosted inside the striking Sveta Art Gallery by Stefan Groepper, the evening blended innovation with culture and impact. On stage were voices who have rewritten their own playbooks: 👉 Olaf Hannemann - Co-Founder & CIO of CV VC, pioneering blockchain & AI investment long before it was mainstream 👉 Jürgen Schmitt - ex-Deutsche Bank trader turned leading Finfluencer 👉 Adrian Politowski - investor backing media innovation at Align 👉 Dr. Emil Kendziorra - Founder of Tomorrow Biostasis, reshaping the future of longevity 3 Startups, 3 Continents, 3 Tech Uses Cases for a better world: Olaf Hannemann summarised CV VC's approach to invest into technologies for tomorrow "T4T", using three examples from our startup portfolio that use tech to challenge & optimise incumbent solutions and drive positive impact: 🔹 asvin GmbH (GER): Cybersecurity for industrial environments 🔹 Coala Pay (USA): Borderless, programmable aid payments 🔹 Sytemap / HouseAfrica (NIG): Digital land registry bringing trust to real estate in Nigeria What started as a short program grew into hours of conversations, new connections, and genuine curiosity about emerging technologies and bold visions. A huge thank you to Bjorn Rosendahl and Elena Rosendahl for curating this inspiring event

🔎 Where did Germany’s blockchain funding actually go this year? The German Blockchain Report 2025, co-published by the Frankfurt School Blockchain Center & supported Ledger Enterprise, reveals a clear reshaping of industry priorities, with only $44.7M deployed across 13 deals. With limited funding across the German ecosystem, most of the remaining capital flowed into Data Management, Verification & Analytics, accounting for 33.7% of all funding. Here’s how the German blockchain venture capital flowed: 🔹Data Management, Verification & Analytics accrued $15.1M over 5 deals across Q3'24-Q2'25. Although the sector saw a 10.3% increase comparing to Q3'23-Q2'24, the total funding & number of deals still decline 🔹 Blockchain Networks took second place, reaching $10M in funding across Q3'24-Q2'25. Although only one deal took place in the timeframe, this marks a significant comeback in comparison to Q3'23-Q2'24, which saw no funding in this sector. 🔹 Gaming, NFTs & Metaverse continued to capture approximately 20% of total funding. A YoY decline of $11.5M in funding and only 2 additional deals, when comparing Q3'23-Q2'24 & Q3'24-Q2'25, is evidence that the sector is seeing a decline in large ticket investments 🔹 Centralized Blockchain Financial Services witnessed the largest decline in Q3'24-Q2'25, amounting to only $6.77M in total funding (15.1%) across one deal. Comparing to Q3'23-Q2'24, which saw $59.5M in funding across 7 deals, the industry shows little innovation & investor appetite in the German ecosystem 📘 Uncover the full industry analysis in the German Blockchain Report 2025: www.cvvc.com/germanreport

🌍 CV VC onstage across Africa! Throughout November, Jarryd Kennedy & Brenton Naicker from our CV VC Africa team took the stage at leading industry events to discuss how Web3 is reshaping financial access and infrastructure across the continent. 🔹 Africa Tech Festival  Brenton Naicker (Principal and Head of Growth, CV VC) joined industry leaders at Africa Tech Festival for the panel “Embedded Finance in Action – Building Seamless Financial Journeys on Everyday Platforms.” The discussion explored how digital platforms are becoming the new delivery rails for financial services - embedding payments, lending, and insurance directly into user experiences at scale. Brenton spoke alongside leaders from EBANX, Konga Group, and Standard Bank Group, highlighting how fintechs are building compliant, inclusive solutions for Africa’s mobile-first users. In addition to the panel discussion, Brenton caught up with some familiar faces across Africa's Web3 ecosystem, expanding the CV VC network and supporting industry-wide growth. 🔹 Africa Stablecoin Summit  Jarryd Kennedy, Head of Investments-Africa, also represented CV VC at the Africa Stablecoin Summit, speaking on “Building the Stablecoin Ecosystem in Africa: Perspectives from Developers, Accelerators, and Startups.” Joined by experts from Linum Labs, WeThinkCode, and the Alliance for Innovative Regulation (AIR). These conversations reflect CV VC’s commitment to supporting founders, strengthening local ecosystems, and backing the technologies driving real-world impact across Africa

🚀 Check out the VC funded companies powering innovation in Germany! In the recent CV VC German Blockchain Report, co-published by Frankfurt School Blockchain Center and supported by Ledger Enterprise, we explored how Germany's ecosystem has developed over the previous 2 years. From Blockchain Networks to Gaming, NFTs, & the Metaverse, explore which companies are driving the future of technology in the full report: www.cvvc.com/germanreport

📊 Germany’s blockchain venture scene is recalibrating with conviction In the latest CV VC German Blockchain Report, co-published by Frankfurt School Blockchain Center & supported by Ledger Enterprise, the data reveals a more complicated story in Germany's blockchain evolution. Although the last edition highlighted Germany as a bright spot, today the story differs. Q3'24 to Q2'25 marked a global recovery of venture capital deployment, however blockchain in Germany struggled to keep up with the pace. Here are some key insights from the latest report: 🔹 $9.3B secured across 522 deals, up 10.4% from $8.44B 🔹 Median deal size surged 59.2% to $4.9M, 97.8% above Europe’s median and 33.2% above the global median. 🔹 Germany captured 15.5% of Europe’s blockchain funding and 9.1% of deals As global venture funding reached $411.9B (+19.5%), Germany’s ecosystem is proving that precision, not speed, drives sustainable growth. Read the full report to explore how regulation, capital, and conviction are shaping Europe’s blockchain future. 📘 Access the latest German Blockchain Report: www.cvvc.com/germanreport