Led · Equity · Oct 2021

Bitwage provides Bitcoin and cryptocurrency payroll, invoicing, and benefits services. The company reports $120MM in transactions processed, 50k registered users, and 2k registered companies. Bitwage says its U.S. business doubled in 2021 and a key Latin American market grew 20x since the start of COVID-19. Founded in 2014, the firm emphasizes years of product development and relationships across the crypto and banking ecosystems. Bitwage attributes recent exponential growth to the pandemic, remote-work trends, and accelerated adoption of blockchain assets. The company positions itself to capitalize on expanding demand for crypto payroll and related infrastructure. Bitwage is a bitcoin payroll startup focused on bringing Bitcoin to international payroll. The company provides payroll-related services that enable employers and employees to transact in bitcoin and emphasizes real-world use to kickstart bitcoin adoption. Bitwage recently completed a fundraising period that brought in $760,000. It plans to use the funds to build out its infrastructure, expand into the European market, and enhance its user experience to simplify client integrations. During the fundraising the company joined the Silicon Valley startup accelerator run by Orange. Founder Jonathan Chester has said the team will streamline the integration process as a priority.

Participated · Series A · Aug 2021

FV Bank operates an online-only banking platform that provides integrated traditional banking services and payments for fintech, blockchain, and cryptocurrency companies. It is the first bank in Puerto Rico with an OCIF digital asset custody license and offers a hybrid solution allowing firms to hold fiat and digital assets in the same account and convert digital assets to fiat. The company announced an integration with Fireblocks to provide MPC-based custody infrastructure and streamline liquidity settlement for corporate clients. Founded in 2018 by Miles Paschini and Nitin Agarwal, FV Bank plans to launch a regulated digital asset custody division, expand its product offering, and develop a debit card. FV Bank has also stated it will accelerate international expansion. Financially, the company closed an $8M Series A at a $48.9M post-money valuation.

Led · Equity · Jul 2020

Celsius Network operates a blockchain-based, fee-free platform that provides compounding yield services and instant low-cost loans accessible through web and mobile apps. Led by CEO Alex Mashinsky, the company serves hundreds of thousands of consumers worldwide and recently reported more than 1 million registered customers. As of October 8, 2021, Celsius said total assets crossed the $25 billion threshold and it had paid over $850 million in interest to users through its Earn product. The company employed 486 people and plans to use new funding to double headcount to nearly 1,000. Proceeds will also be used to expand its product offering, build bridges between traditional finance and cryptocurrencies, and launch institutional-grade products. Celsius intends to expand globally through strategic acquisitions. Celsius Network is a London, UK-based interest-earning platform that delivers high-interest income and low-cost loans through a mobile app. The company operates a blockchain-based, no-fee platform. Led by CEO Alex Mashinsky, Celsius says it addresses the financial needs of consumers worldwide. It has made equity available to its community via the online investment platform BnkToTheFuture. Previously the company announced a $10M investment from Tether.to at a $120M pre-money valuation. Qualified investors were able to participate in its equity round with investments as small as $1,000.

Led · Crowdfunding · Jun 2019

Kraken operates a cryptocurrency exchange and is run by parent company Payward Inc. The company has pursued strategic partnerships with traditional financial infrastructure players, most recently teaming with Deutsche Börse to enhance access for institutional clients across trading, custody, settlement, collateral management, and tokenized assets. In November, Kraken announced an $800 million fundraising that included a $200 million investment from Citadel Securities. Plans for an initial public offering were announced last year but have been deferred amid unfavorable market conditions. The Deutsche Börse investment values Kraken at roughly $13.3 billion and is expected to close pending regulatory approval. Beyond trading, the partnership with Deutsche Börse and other initiatives aim to expand Kraken's institutional product set in Europe.

Participated · Seed · Jun 2019

Bitrefill builds products for Bitcoin's Lightning Network with a stated mission to help people live on cryptocurrency. The platform enables purchases of gift cards and mobile phone top-ups using Lightning, Bitcoin, or other cryptocurrencies. It sells cards and refills from more than 1,650 businesses across 170 countries. Founded in 2017 and based in Stockholm, the company currently has a team of 16 people. Bitrefill says it will use the recent funding to expand its development and marketing teams.