CoinFund is a private cryptoasset investor and blockchain research and advisory firm that focuses on crypto and blockchain investments. The firm was founded in 2015 and is headquartered in Brooklyn, United States.

CoinFund

Cumberland VC is an early-staged investment firm based in Munich..

Cumberland VC

1kx is a crypto investment firm that specializes in ecosystem growth.

Distributed Global is an investment firm focused on the blockchain and digital asset ecosystem.

Distributed Global

We are ParaFi, an alternative asset management and technology firm that operates liquid and venture strategies focused on the digital asset ecosystem. Founded in 2018, ParaFi was among the earliest institutional investors in the blockchain industry and has evolved into a trusted partner by leading institutions globally.

ParaFi Capital

Breyer Capital is a premier global venture capital and private equity investor focused on catalyzing high-impact entrepreneurs in the United States and China. Founded by Jim Breyer in 2006, Breyer Capital makes long-term, idea-driven strategic investments in its chosen core areas: social media, entertainment/media, digital health, and financial technologies.  Breyer Capital actively partners with a diverse set of companies including early-stage startups building breakthrough technologies, fast growing companies, and established worldwide leading corporations. Its team enjoys helping to frame strategic investments anchored by the passion of founders and owner/operator teams, the insights of its network of world-class investors, and a conviction that artificial intelligence, machine learning, and virtual reality will transform technology and investment opportunities globally.

Breyer Capital

Nascent helps startups and businesses make a difference by creating digital experiences that people want to use

Nascent

ELEVATION CAPITAL: ​ Galaxy Venture Capital (GVC) provides startups and early stage companies with the collaborative elevation capital and entity-wide infrastructure support needed to garner true scalable enterprise value.  GVC invests in proof-of-concept and market-validated products and takes a hands-on approach with its investments. GVC Partners have salient expertise in global consumer packaged goods (CPG), internet, eCommerce, mobile, biotech, media and entertainment. GVC leverages its synergistic global networks, seasoned venture partners, investors and entrepreneurs to form a consortium of market experts and players.  GVC launched Galaxy I, LP as an investment vehicle to allow clients the opportunity to invest in some of the best early stage U.S. companies. Galaxy I is a designed to target 30-50 Early growth companies with an initial investment ranging from $500K - $2MM over the 5 year investment period.

Galaxy Venture Capital

Hack VC is an early-stage venture capital firm that invests in the cryptocurrency, fintech, and marketplaces sectors. The company was founded in 2017 and is headquartered in San Francisco, California, United States.

Hack VC

Arrington XRP Capital is a digital asset management firm in blockchain-based capital markets. The company was founded in 2017.

Arrington XRP Capital

CMT Digital is a venture capital firm engaging in the crypto asset and Blockchain technology industry. The firm focuses on asset trading, blockchain technology investments, and legal and policy. It was founded in 2017 and is based in Chicago, Illinois.

CMT Digital

Folius Ventures invests, popularizes, and participates in the construction of the Web3 ecosystem.

Folius Ventures

Road Capital

Modular Capital is a crypto investment firm with a fundamental and thesis-driven approach.  Founded in 2022 by James Ho and Vincent Jow, Modular has its headquarters in San Francisco, United States.

Modular Capital

The Department of XYZ features a network of LP Advisors comprised of former regulators and seasoned legal, compliance, regulatory, and risk professionals.

The Department of XYZ

Superstate

Superstate is a developer of legal and blockchain-based financial solutions. These solutions include short-term government bond funds that can be held in a cryptocurrency wallet or by a crypto custodian.

SuperState is a DeFi company that offers a range of financial services built on top of blockchain technology. The company's platform leverages smart contracts to provide users a secure environment for managing their digital assets, including trading, investing, lending, and borrowing.

Disrupting the traditional financial system using blockchain

Decentralized Finance (DeFi)

SuperState

Tokenized Asset Manager Superstate Debuts New Fund to Profit From Bitcoin, Ether 'Carry Trade'

SuperState is a DeFi company that offers a range of financial services built on top of blockchain technology. The company's platform leverages smart contracts to provide users a secure environment for managing their digital assets, including trading, investing, lending, and borrowing.Moreover, SuperState offers a range of self-custodial funds that let investors purchase tokenized versions of traditional assets via on-chain investment products that are composable with on-chain contracts and applications.Funding and financialsIn November 2023, SuperState raised USD 14 million in a Series A funding round co-led by Distributed Global and CoinFund to expand the company's team, initiate private funds for institutional investors, and create a framework for compliant, tokenized public registered investment funds.

MakerDAO is a DAO (governed through the MKR token) that manages the Maker Protocol.Developed on the Ethereum blockchain, the Maker Protocol allows users to place their funds (through cryptocurrency) as collateral in exchange for its stablecoin DAI, which is pegged to the USD. DAI can be used like any other cryptocurrency and even as savings since holders of DAI are entitled to a return based on the DAI Savings Rate (DSR). The DSR is determined by members of the DAO using a mix of public and proprietary market data.MakerDAO offers access to investing and borrowing DAI through the Oasis app which was developed by some of the creators of Maker Protocol. In addition, the Maker Protocol is available for developers of DeFi apps who can build apps to facilitate earning, investing, and borrowing DAI. As of May 2024, the Maker Protocol had integrated with over 400 applications ranging from payment systems to gaming platforms. MakerDAO generates revenue through stability fees (akin to interest payment on borrowed DAI) and liquidation fees which is an additional charge that occurs when the value of the submitted collateral falls below a set liquidation amount.In April 2022, MakerDAO announced that it was bridging to StarkNet, a reportedly cheaper and faster zero-knowledge (ZK) overlay chain built by StarkWare. Along with its expansion on Ethereum, the DAO had planned to move toward a multi-chain offering with this rebuild. It planned to roll out this offering in four phases, beginning with a simple bridge between the main blockchain and StarkNet’s Layer 2.In February 2023, the company <a href="https://sp-edge.com/updates/16269?industryIds=64">launched a new lending platform</a> named Spark Protocol, to enable users to borrow, lend, and stake DAI, the protocol’s stablecoin. The platform, which is a fork of Aave's version 3 (v3), will be built by Phoenix Labs, a research and development company formed by the DAO. Additionally, the company also announced the deployment of etherDAI, a liquid staking derivative for Ethereum that will be pegged to the value of ETH. Furthermore, in March, MakerDAO went on to<a href="https://sp-edge.com/updates/17322"> approve several new proposals </a>that make changes to both its governance structure and the investment of its treasury. These changes divide the DAO’s current structure into smaller self-governed and self-sustained units named SubDAOs, which will also have their own tokens in the MakerDAO ecosystem. Moreover, the proposal also planned to increase the protocol’s revenues by investing a part of its reserves (worth USD 7 billion) into real-world assets and money-market funds.The platform outlined its plans for a major update (named Endgame) in May 2023. The launch was proposed to take place in five phases and will ultimately lead to the creation of a new blockchain. The road map is as follows: 1) launching new branding and website as well as upgraded versions of Dai and MKR tokens; 2) launching six Maker SubDAOs, specializing in user acquisition, decentralized frontends, and collateral allocation; 3) introducing new AI tools to assist governance, including tools for summarizing, interpreting, and generating governance proposals; 4) enabling rewards for governance participation; and 5) deploying a new blockchain to house backend logic for SubDAO tokenomics and MakerDAO governance security. The first phase of the update is expected to be rolled out in the summer of 2024.In August 2024, the protocol followed through with the first phase of its plans by <a href="https://sp-edge.com/updates/32993">rebranding itself under the new name "Sky"</a>, and launching new versions of Dai and MKR tokens named the USDS and SKY. Funding and financialsAs of May 2024, MakerDAO had around USD 8.1 billion in total value locked (TVL). The company’s most recent funding round was in April 2020 for an undisclosed sum. Previously, the company had raised USD 27.5 million through the sale of its MKR token to Dragonfly Partners and Paragon to expand its operations to Asia.

MakerDAO

Founded by former executives of Qualcomm, Solana Labs is the developer of the Solana blockchain, which uses the native cryptocurrency SOL. The company enables developers to create decentralized applications in its blockchain and is capable of carrying out 50,000 transactions per second (TPS) with a theoretical upper limit of 710,000 TPS for the architecture. As of May 2024, the blockchain averaged around 2,400 TPS. This is in contrast to Ethereum’s average of between 13 to 15 TPS. In addition to transaction speed, Solana also has other advantages such as lower transaction fees and improved scalability, given its proof-of-stake consensus mechanism and underlying architecture. The mechanism also enables users to stake their SOL and earn yields for validating the network. Solana provides the ability to create specialized tooling and programming functionality to tokens through <a href="https://sp-edge.com/updates/25910">Token Extensions</a>. This allows developers and businesses to establish rules for tokens, such as dictating their functionality and determining their holders, as well as embed features like whitelisting, automatic transfer fees, and confidentiality provisions for transfers.Solana also provides guides and a content aggregator website for developers to discover tools to create dApps on its blockchain. As of May 2024, more than 440 dApps were created on Solana, ranging across use cases such as DeFi, NFTs, and gaming. It also <a href="https://sp-edge.com/updates/18094">launched a ChatGPT </a>(a chatbot built on OpenAI's GPT model) plugin to allow developers and users to query the blockchain for on-chain data. The plugin works through the ChatGPT interface and allows users to perform various tasks such as checking wallet balances, transferring tokens, and purchasing NFTs.Key customers and partnershipsWeb browser developer Opera partnered with Solana in December 2021 to integrate the blockchain and create a built-in crypto wallet onto the Opera browser to improve accessibility to dApps hosted on the blockchain.As of May 2024, the company served several enterprise clients such as Shopify, Asics, Helio, and Tiplink.Funding and financialsThe total value locked (TVL) in DeFi projects across the Solana blockchain amounted to USD 4 billion as of May 2024. The company raised USD 314 million through an initial coin offering (ICO) of SOL. The ICO was co-led by Polychain Capital and Andreessen Horowitz. The funding was to be used to create a venture investing arm, a trading desk, and support the development of new applications in its blockchain.

Solana

Swiss-based Eidoo is a developer of a wallet that supports cryptocurrencies such as Bitcoin and Ethereum, along with tokens such as DAI, MKR, AAVE, and UNI, among others. In addition, Eidoo provides a DeFi marketplace that integrates with its wallet, allowing users to trade any tokens that they hold. Eidoo also offers a debit card that allows the conversion of digital assets into fiat currencies, such as the GBP and EURO, and spending or even withdrawing cash from ATMs.Eidoo began with the proprietary token EDO, which it also used to raise USD 27.9 million in an initial coin offering (ICO) in 2017. The token was then upgraded following its merger with blockchain oracle provider Provable Things to establish pNetwork, the infrastructure that facilitates cross-chain interactions between multiple decentralized apps, governed by the token PNT. To obtain an Eidoo debit card, users are required to stake PNT ranging from 20 to 200,000 for various service tiers.Eidoo had several applications such as virtual account numbers to deposit money and obtain a tokenized representation of their deposit as well as features to buy, hold, and trade NFTs in the roadmap as of December 2021.

Eidoo

Synthetix is a DAO (governed by holders of its native token SNX) that offers a platform on which users can trade and vote on the creation of on-chain synthetic assets, which are derivatives based on real-world assets. These synthetic assets enable traders to capture the price movements of assets such as cryptocurrencies, fiat currencies, stocks, and commodities, among others, with zero slippage. The protocol allows users to stake SNX as collateral for the debt pool and earn weekly rewards. As of April 2022, Synthetix had USD 642 million in total value locked (TVL).Additionally, Synthetix also offers the opportunity for developers to build on top of the platform to tap into its liquidity as well as develop decentralized perpetual futures, options markets, deal coordination markets, and more. As of December 2021, the protocol served large DeFi platforms including 1inch, Curve Finance, Yearn Finance, and Paraswap.In February 2023, Synthetix <a href="https://sp-edge.com/updates/16609?industryIds=64">deployed version 3 (v3) of its platform </a>on the Ethereum mainnet. V3 reportedly offers more efficient architecture that enables developers to create products that offer a liquid market for any financial derivative, as well as more complex decentralized applications. Additionally, the solution also offers staking and differentiated debt pools, to enable stakers to earn fees from supplying collateral to specific asset pools. The company went on to deploy its protocol on Base, an Ethereum Layer-2 blockchain developed by Coinbase, in April 2024. Moreover, the company announced plans to launch a new perpetual futures exchange named Infinex in the following months.Funding and financialsIn March 2023, Synthetix <a href="https://sp-edge.com/updates/17267">received an investment of USD 20 million </a>from DWF Labs, a Web3 venture capital company. Synthetix plans to use this investment to drive volume for its protocol across both centralized and decentralized exchanges and invest in product development.

Synthetix

Compound is an open-source lending protocol built on Ethereum that allows developers to build DeFi applications for functions such as deposits and lending. Compound offers adjusted money market interest rates based on asset-specific supply and demand and supports a number of Ethereum-based assets for users to take collateralized loans and lock-up assets without borrowing. Locked assets are automatically liquidated if an independent oracle determines that the price has dropped too low. Additionally, since assets are stored in a shared pool, even users with liquidated collateral can claim tokens if they are able to repay the general pool. Compound also <a href="https://sp-edge.com/updates/13038">offers borrowing services</a> for institutional clients that allow them to borrow USD or USDC at a fixed annual percentage rate of 6% using cryptocurrencies such as Bitcoin or Ether as collateral, with a loan-to-value of 90%.As of April 2024, Compound had a total value locked (TVL) of USD 2.3 billion. The protocol is governed by its native-token COMP, which along with a variety of other digital assets that are a part of the Compound ecosystem, are supported by Coinbase Custody, a crypto asset custodian. In August 2022, Compound launched a version of its protocol named “Compound III” which features a single borrowable asset. Users can supply collateral that can never be withdrawn by other users (except during liquidation) and borrow USDC.In May 2022, Compound<a href="https://sp-edge.com/updates/10267"> received a B- credit rating from S&amp;P Global Ratings</a> on its enterprise credit facility which offers 4% annually on deposits of the stablecoin USDC. Notably, Compound claims that this is the first time an "institutional DeFi" product has been scored by a major credit rating agency.Funding and financialsCompound’s last funding round was in November 2019 where it raised USD 25 million in a Series A led by Andreessen Horowitz’s a16z crypto fund to help the company further decentralize the protocol by enabling crypto exchanges and custodians such as Coinbase to maintain the protocol going forward.

Compound

Organizations and protocols that allow individuals to lend their crypto assets and take out collateralized or uncollateralized loans from to/from these projects

Organizations that allow individuals to invest in tokenized financial and real assets

Organizations that provide fully decentralized insurance products

Organizations that apply NFTs across areas of finance such as documentation and non-fractionalized ownership records for assets

Decentralized exchanges that help connect buyers and sellers of DeFi tokens without the need to rely on an intermediary

Organizations that provide digital wallets for users to take custody of DeFi tokens

Blockchains and related protocols that allow developers to build DeFi apps

All companies within this industry are either blockchain-based platforms or offer blockchain-centric services

Promotes financial inclusivity, allowing those that won't traditionally have access to credit to raise funds

Companies with the infrastructure segment offer solutions for users to build decentralized applications

Offers a platform for individuals and businesses to invest in sustainability-related companies, projects, and investment portfolios.

<div>
 
 <ul>
 <li>Asset management firm Superstate raised USD 14 million in a Series A funding round co-led by Distributed Global and CoinFund, with participation from Breyer Capital, Galaxy, Arrington Capital, and others.</li>
 <li>The funds raised will be used to expand the company's team, initiate private funds for institutional investors, and create a framework for compliant, tokenized public registered investment funds.</li>
 <li>Superstate offers a platform for creating regulated, self-custodied on-chain funds that enable investors to experience fast moving, programmable, and compliant benefits of tokenization. In June 2023, the company filed a draft prospectus for the Superstate Short-Term Government Bond Fund with the US Security and Exchange Commission.</li>
 </ul>
 
</div>

Asset management firm Superstate has raised USD 14 million in a Series A funding round. The funding was co-led by Distributed Global and CoinFund, with participation from Breyer Capital, Galaxy, Arrington Capital, and others. The company plans to use the funds to expand its team, initiate private funds for institutional investors, and create a framework for compliant, tokenized public registered investment funds. Superstate offers a platform for creating regulated, self-custodied on-chain funds that provide investors with the benefits of tokenization. In June 2023, the company filed a draft prospectus for the Superstate Short-Term Government Bond Fund with the US Security and Exchange Commission.

SuperState

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