By Francisco Rodrigues
Publication Date: 2026-02-11 15:16:00
The intersection between crypto and artificial intelligence (AI) has entered a quieter, more selective phase, according to two prominent venture capitalists.
Canonical Crypto’s Anand Iyer and Spartan Group’s Kelvin Koh described the current climate as a post-hype moment for decentralized AI protocols, with capital and talent shifting toward more targeted, high-value applications during the Hong Kong 2026 Consensus.
“I think we’re in the trough right now,” said Iyer, whose San Francisco-based company supports early-stage infrastructure and applications built on decentralized networks. “We’ve been through a turbulent time. Now it’s about finding out where the true strength lies.”
Both Iyer and Koh criticized what they see as over-investment in GPU marketplaces and attempts to develop decentralized alternatives to large AI models like those from OpenAI or Anthropic. The capital required, Koh said, is “night and day” compared to what is available in cryptocurrencies.
Instead, they see potential in…
