Era of Raising Millions on Just a Whitepaper in Crypto Is Over, CoinTerminal CTO Says
The crypto industry has moved beyond its early “wild west” days, according to Patrick Carey, CTO of CoinTerminal — the launch platform that has helped raise more than $65 million in token offerings for over 500,000 crypto users.
In an exclusive interview with Ecoinimist, Carey explained why today’s crypto projects need proven utility, strong communities, and realistic expectations before attempting token raises.
From Whitepapers to Real Utility in Crypto
Carey, who previously served as a systems architect at Deutsche Bank, Thomson Reuters, and Hayfin Capital, reflected on how crypto fundraising has evolved.
He explained that the early years of crypto fundraising, when projects raised substantial sums based only on promises, are firmly behind us. Instead, he said projects today need to prove they have real utility and, ideally, a community backing them before they even consider approaching investors, he said.
He added that founders should prioritize investors with a long-term outlook rather than those with a gambling mindset, stressing that the right investor alignment can determine whether a project thrives or fades.
Adjusting Expectations
Another key shift, according to Carey, is that project teams must adjust their expectations and remain realistic when it comes to valuations.
He also cautioned against overreliance on Crypto Twitter (CT) for fundraising, describing it as “highly-botted” and increasingly unreliable after many retail investors followed influencer advice and were left burned.
Institutional Influence and the Road Ahead
Despite the challenges, Carey remains optimistic about the industry’s trajectory. He pointed out that this bull market is unique in the fact that it is being driven by institutional investors rather than retail frenzy.
Looking further ahead, Carey predicts that Web3 and traditional finance are on track to merge. He said that crypto likely won’t form its own independent economy — at least not in the near term.
Instead, blockchain technology will enhance banking by making it more transparent, Carey said. He added that full separation would require years of unwinding entrenched financial systems.
