NAUT tracks 159 DEX investors that each backed 2 or more rounds at projects it tags as decentralised exchanges, and 96 of them backed 3 or more, on NAUT's record read 14 November 2026. The firms on the most DEX rounds are Coinbase Ventures on 23, CMS Holdings on 18 and Alliance DAO on 15.
How this list was built: on 14 November 2026 NAUT read every backer record on rounds at its 365 live projects tagged DEX (Decentralized Exchange). Those projects hold 535 round records, and 172 of them carry at least 1 backer organisation on NAUT's record. Only rows NAUT stores as investors are counted as decentralized exchange investors, so 5 organisations on 3 or more DEX rounds are left out because NAUT stores them as another kind of company: HashKey Group (8 rounds) and Animoca Brands (4) as projects, Skynet Trading (4) as a service, DAO Maker (3) as a platform and Starknet / Starkware (3) as a project. The DEX tag follows NAUT's sector field, so a tagged project may run more than an exchange. NAUT put the newest dated DEX round of 8 of the top 20 to a public report, and all 8 were confirmed; the other 12 were not checked outside NAUT.
Which funds invest in decentralised exchanges?
These are the top 20 DEX investors, ranked by DEX rounds on NAUT's record, ties in alphabetical order. Rounds is round records at DEX-tagged projects, Projects is the DEX projects backed, Kind is what the firm's own NAUT description says it is, and Newest is its newest dated DEX round.
| # | Investor | Kind | Rounds | Projects | Newest |
|---|---|---|---|---|---|
| 1 |  Coinbase Ventures |
Exchange arm | 23 | 16 | 26 Mar 2024 |
| 2 |  CMS Holdings |
Venture firm | 18 | 18 | 1 Feb 2024 |
| 3 |  Alliance DAO |
Accelerator | 15 | 15 | 5 Dec 2024 |
| 4 |  Alameda Research |
Past backer | 12 | 11 | 8 Dec 2021 |
| 5 |  GBV Capital |
Venture firm | 12 | 12 | 13 Mar 2024 |
| 6 |  Amber Group |
Trading firm | 10 | 6 | 26 Mar 2024 |
| 7 |  Framework Ventures |
Venture firm | 10 | 6 | 26 Mar 2024 |
| 8 |  GSR |
Trading firm | 10 | 10 | 21 Nov 2025 |
| 9 |  Wintermute |
Trading firm | 10 | 6 | 26 Mar 2024 |
| 10 |  AU21 Capital |
Venture firm | 9 | 9 | 22 Dec 2021 |
| 11 |  Dragonfly |
Venture firm | 9 | 8 | 4 Apr 2022 |
| 12 |  Genblock Capital |
Venture firm | 9 | 9 | 8 Jan 2024 |
| 13 |  Momentum 6 |
Venture firm | 9 | 9 | 17 Feb 2022 |
| 14 |  Paradigm |
Venture firm | 9 | 6 | 13 Oct 2022 |
| 15 |  Electric Capital |
Venture firm | 8 | 6 | 15 Jun 2021 |
| 16 |  Mirana Ventures |
Venture firm | 8 | 8 | 18 Apr 2024 |
| 17 |  Morningstar Ventures |
Venture firm | 8 | 8 | 17 Apr 2024 |
| 18 |  NGC Ventures |
Venture firm | 8 | 8 | 17 Feb 2022 |
| 19 |  QCP Capital |
Trading firm | 8 | 8 | 8 Dec 2021 |
| 20 |  Robot Ventures |
Venture firm | 8 | 5 | 26 Mar 2024 |
Shima Capital also sits on 8 DEX rounds and falls outside the 20 only on alphabetical order. Of the 159, 63 sit on exactly 2 rounds. Alameda Research is counted because NAUT still stores it as an investor, but it is a past backer only: FTX, FTX US and Alameda filed for Chapter 11 bankruptcy on 11 November 2022, per CoinDesk and The Block.
Which DEX investors back the most rounds?
9 investors sit on 10 or more DEX rounds; the other 11 in the table sit on 8 or 9.
A round count can hold repeat records. Reya Network carries 4 round records with a backer organisation on NAUT (its page lists 6 rounds in total, and only these 4 backed records are counted here): $10M dated 26 March 2024, $6M dated 21 January 2022, and an undated $10M and an undated $6M that may repeat the 2 dated raises. Coinbase Ventures, Amber Group, Framework Ventures, Wintermute and Robot Ventures sit on all 4, so each of their counts includes the 2 undated records. Projects, the distinct DEX projects backed, is the steadier measure: CMS Holdings backs 18, the most of any firm on the list.
Which rounds drew the most of the top 20 DEX investors?
These 7 rounds each drew 5 or more of the 20 DEX investors above, ranked by that count. Founders can read them as syndicates these firms already join.
| Project | Round on NAUT | Date | Of the 20 |
|---|---|---|---|
 Polkadex |
Seed and private, $3M | 4 Mar 2021 | 7 |
 Dfyn |
$2.4M | 27 Apr 2021 | 6 |
 Reya Network |
$10M | 26 Mar 2024 | 5 |
| Reya Network |
Seed, $6M | 21 Jan 2022 | 5 |
 Zeta Markets |
Strategic, $8.5M | 8 Dec 2021 | 5 |
 Atlas DEX |
Private, $6M | 22 Dec 2021 | 5 |
 Aevo |
Series A+, $8.75M | Undated | 5 |
The 7 on Polkadex are CMS Holdings, GBV Capital, AU21 Capital, Genblock Capital, Momentum 6, NGC Ventures and QCP Capital. The $10M Reya Network round of 26 March 2024 is confirmed by a Metaverse Post report that names Framework Ventures, Coinbase Ventures, Wintermute, Amber Group and Robot Ventures among its backers. The Zeta Markets press release names Alameda Research among its investors ("Alameda Research, Solana Capital, MGNR, 3kVC, Orthogonal Trading, LedgerPrime, and SkyVision Capital") (PR Newswire).
What this tells a DEX founder raising
- Dated activity is old at the top. 12 of the 20 have a dated DEX round since 1 January 2024, and only GSR has one dated 2025 or later: the $7M RateX_Dex round of 21 November 2025, confirmed by a ChainCatcher report.
- Undated records can be recent, so open the fund page before you rule a firm out. Coinbase Ventures holds 11 undated DEX records, Alliance DAO 10 and Dragonfly 6.
- Alliance DAO suits a team applying to an accelerator: 8 of its 15 DEX records are undated $350,000 entries, the amount its NAUT description gives for its program.
- Outside the 20, Shima Capital and Big Brain Holdings both sit on the $5M PERPTools seed of 1 October 2026, the newest dated DEX round among the 30 most active DEX investors on NAUT.
- 5 of the 20 are trading firms by their own NAUT descriptions (Amber Group, GSR, Wintermute, QCP Capital and the past backer Alameda Research). The 4 still active can bring trading relationships with the cheque.
- Start with recent moneyGSR on 21 November 2025, then Shima Capital and Big Brain Holdings on 1 October 2026.
- Find the syndicatePolkadex drew 7 of the 20 and Reya Network 5; check which of them back your stage.
- Match the stageAlliance DAO for an accelerator entry, a venture firm for a priced round.
- Open the fund pageEach investor's NAUT page lists its team and full portfolio, dated and undated.
What this tells a BD team about DEX VCs
- These DEX VCs are routes into many exchange teams at once: CMS Holdings backs 18 DEX projects on NAUT's record, Coinbase Ventures 16 and Alliance DAO 15.
- Recent portfolio companies are the warmest accounts: VelarBTC ($3.5M seed, 1 February 2024, CMS Holdings), OrangeDX ($1.5M, 13 March 2024, GBV Capital), Saros, Kodiak, Thruster and Aark Digital all hold a dated 2024 round with a top 20 backer.
- A press release for VelarBTC's seed names CMS Holdings among the participants (Chainwire).
- Pick a hubCMS Holdings backs 18 DEX projects, Coinbase Ventures 16.
- List the portfolioOpen the investor's NAUT page and copy its DEX projects.
- Ask for the introAsk the partner on the deal to introduce you to the team.
- Reach the teamEach project's NAUT page lists its people and the channels NAUT has on file.
How to reach the decision makers
Every investor and project above links to its NAUT page. Each page lists the team, their titles and which contact channels NAUT has on file. Start with the partner who sits on the DEX deals, then use the project pages to reach the founders the fund backed. For the exchanges themselves, the decentralized exchanges list sorts the DEX teams on NAUT.
Related reading on NAUT: Decentralized exchanges list: 196 DEXs on NAUT, 37 run perps and How to verify a crypto investor: 6 checks, 143 funds pass 4.
Can you pull this data through the NAUT API?
Yes: a call such as GET https://api.naut.so/v1/investors/coinbase-ventures returns 1 fund with its team and portfolio, each row carrying the company, round type, amount, announce date and lead flag, so 20 calls cover the table above at 5 credits each (API docs, pricing). Send your key as $NAUT_KEY in the Authorization header; a key without enough credits gets clearly marked sample data, so you can build first. Verified Telegram, email and LinkedIn for these teams unlock on any paid NAUT plan, so you can start a 7-day trial.
DEX investors FAQ
Which funds invest in decentralised exchanges?
On NAUT's record read 14 November 2026, 159 crypto investors backed 2 or more rounds at DEX-tagged projects and 96 backed 3 or more, led by Coinbase Ventures on 23, CMS Holdings on 18 and Alliance DAO on 15. Alameda Research and GBV Capital follow on 12 each, with Alameda a past backer after its November 2022 bankruptcy filing.
Which DEX investors backed a round since 2024?
Of the top 20 DEX investors on NAUT, read 14 November 2026, 12 have a dated DEX round since 1 January 2024, and GSR is the only one with a round dated 2025 or later, the $7M RateX_Dex round of 21 November 2025. Shima Capital and Big Brain Holdings sit on the $5M PERPTools seed of 1 October 2026.
Which DEX round drew the most repeat investors?
Polkadex's $3M seed and private rounds of 4 March 2021 drew 7 of the 20 most active DEX investors on NAUT, including CMS Holdings, GBV Capital and QCP Capital.
Where can I find DEX investors and their contact channels?
NAUT lists all 159 DEX investors on 2 or more rounds, each with a page showing its team and portfolio, and GET https://api.naut.so/v1/investors/<slug> returns the same data in 1 call per fund. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan: start a 7-day trial.