Psalion announced its third and largest fund, a $50 million vehicle. The fund is structured as a Singapore-domiciled VCC and managed by Conduit Asset Management, which is regulated by MAS. The strategy targets pre-seed and seed-stage projects across infrastructure, middleware, trade finance, RWA, stablecoins and DeFi.

The news shows that capital for early Web3 projects has not disappeared, but it has become more selective. Investors are increasingly looking beyond a token story toward blockchain links with the real economy: credit, assets, settlement, trade processes and consumer applications.

The risk is that the phrase real economy does not itself prove product-market fit. Next, watch the fund's first investments, the share of infrastructure deals and whether Psalion can reach beyond the usual crypto-native founder circle.