The Venture Codex

Participated · Equity · Jul 2024

Build on Bitcoin (BOB) is creating a technology stack that makes Bitcoin-based DeFi possible, positioning itself as the “Gateway to Bitcoin DeFi.” Its core product is the first hybrid zero-knowledge (ZK) rollup designed for Bitcoin, which the team has already brought to testnet. BOB has also launched a BitVM bridge in collaboration with institutional partners and introduced the first Bitcoin intents system that offers one-click BTC access across major chains. The project plans an imminent token generation event (TGE) and a full transition to community governance, reflecting its goal of decentralized ownership. To date, BOB has secured more than $25 million in funding, comprising $21 million from seed and strategic rounds plus a recently completed community sale. This capital is being used to refine its rollup technology, expand cross-chain connectivity, and onboard users and developers into Bitcoin-based DeFi.

Participated · Series A · Apr 2024

Centrifuge builds a middleware stack for tokenization, covering token issuance, asset management and onchain composability while abstracting institutional-grade technical complexity. Its deRWA framework on Base aims to wrap institutional assets into tokens that can interact with DeFi where legally permitted. A flagship example is deSPXA, a tokenized exposure to an Anemoy S&P 500 fund created with S&P Dow Jones Indices and managed by Janus Henderson. Centrifuge has worked with clients such as Apollo, Janus Henderson and S&P Dow Jones Indices to tokenize complex assets. The company is positioned to help managers, originators, fintechs and DeFi protocols launch vaults without building infrastructure from scratch. As part of the Coinbase strategic investment and Preferred Tokenization Infrastructure designation, Centrifuge seeks to scale distribution and liquidity for tokenized assets while maintaining compliance constraints (noting offerings like deSPXA are limited to non-U.S. eligible investors under Regulation S).