Participated · Equity · Nov 2025

Maha develops core on-chain infrastructure and related tools designed to bring the next wave of users onto blockchain networks. Its platform focuses on expanding global infrastructure, fostering collaborations across the Web3 ecosystem, and accelerating product innovation for decentralized applications. The company positions itself as a partner to both institutional and retail participants by delivering scalable, user-friendly solutions. Backed by a strong roster of crypto-native funds and strategic angels, Maha is doubling down on product development and ecosystem growth. Future plans include broadening international infrastructure footprints and deepening integrations with industry partners. Financially, Maha has secured $17 million in venture backing across two rounds since February 2024, providing the capital to execute its roadmap. No revenue or user metrics were disclosed in the fundraising announcement.

Led · Equity · Oct 2024

The Open Network is a layer 1 blockchain overseen by a decentralized community of developers and closely aligned with the Telegram ecosystem. It uses the native token Toncoin, which Telegram now uses to share ad revenue with channel owners, and Telegram’s off-chain currency Stars can be withdrawn in TON. TON has seen explosive growth following Telegram integrations and the rise of TON games like Hamster Kombat and X Empire, which run on the network and are playable on Telegram via mini-apps. Unique wallets holding Toncoin recently surged past 100 million, and the TON Foundation launched a $24 million incentive program in September to fuel DeFi growth on the network. Gate.io announced a $10 million strategic investment to enhance collaborations with the TON Foundation and accelerate Telegram-based projects. Gate.io said it will deepen involvement in TON governance, contribute to blockchain development, and launch new products including a CeFi Telegram mini-app and a Gate Wallet within Telegram. The Open Network (TON) is a blockchain that supports Telegram-based projects and a growing ecosystem of dApps. Its ecosystem emphasizes Tap-to-Earn, GameFi, and other emerging Web3 trends. A recent $30 million investment will be allocated through acquisition of TON tokens to accelerate adoption of those use cases. Bitget and Foresight Ventures plan to engage in TON governance and support future development and the go-to-market of additional dApps. The article frames TON-based projects as a strong use case for the expanding Telegram ecosystem. Coverage links TON’s momentum to ecosystem activities such as Bitget Wallet’s TONNECT 2024 event and rising user interest on app charts in markets like Nigeria. TON (The Open Network) is a Layer 1 blockchain originally designed by Telegram and continued by the open-source community, comprising TON Blockchain, TON Storage, TON DNS, and TON Services. Its dynamic sharding architecture is described as enabling high performance and scalability, capable of processing millions of transactions per second and supporting applications for hundreds of millions of users. TON is tightly integrated with Telegram’s distribution: Telegram has over 900 million monthly active users, Wallet in Telegram has 15 million users, and over 360 million users engage monthly with Telegram "Mini Apps." The ecosystem includes more than 300 projects and several high‑traction apps — StormTrade (~$10M in daily trading volume), Fragment (over $350M in sales of custom usernames and virtual phone numbers), Catizen (4M users, ~700k daily), and Notcoin (over 30M users). Recent developments include Tether’s deployment of USDt on TON (April 19, 2024), built-in on/off ramps, Wallet in Telegram’s custodial and self‑custodial flows, and a TON Foundation incentive program to reward successful apps. TON’s positioning emphasizes easy onboarding, low per‑transaction fees (~$0.10 for user-to-user transfers), NFT and creator monetization, and broad consumer payments via Telegram. The Open Network (TON) builds a Web3 ecosystem integrated with Telegram, including the native @wallet and support for Toncoin. TON’s stated mission is to empower 500 million users with digital identity, data, and assets by 2028 and to deliver crypto in every pocket. The project focuses on user-first deployment by leveraging Telegram’s large user base rather than building before finding users. Telegram’s monthly active users recently topped 900 million, which TON and its partners cite as a core distribution advantage. TON’s ecosystem includes startups such as Tonstarter, Fanton and PlayDeck, and third parties like LearnCrypto.com are being engaged to drive education and adoption. Activity metrics referenced in the articles include over 1 million sign-ups for @whale and roughly 15,000 daily active players within the TON ecosystem. TON (The Open Network) is a blockchain platform that powers on-Telegram decentralized applications and gaming, including TON Play, a gaming infrastructure for launching projects directly onto Telegram. The network aims to onboard Telegram’s large user base to Web3, with the article citing a potential reach of roughly 800 million active Telegram users. The partnership with Animoca Brands centers on gaming and GameFi adoption, and Animoca has supported TON with funding, research (two detailed study reports), and an analytics dashboard to track key metrics. Animoca intends to port a portion of its ~400 Web3 projects into Telegram via web apps and @playdeckbot, enabling developers to deliver games through the Telegram Web App. The collaboration focuses on improving scalability, user-friendliness, and developer tooling to accelerate third-party application growth within the TON ecosystem.

Participated · Series A · Jun 2024

Crossover Markets builds and operates CROSSx, one of the industry’s first execution-only electronic communication networks (ECNs) for spot cryptocurrency trading. The platform offers single-digit-microsecond matching, anonymous and disclosed bilateral liquidity pools, advanced order types and FIX connectivity designed for high-frequency and algorithmic strategies. Since launch, CROSSx has processed more than $50 billion in notional volume across 12 million trades and now supports nearly 100 live institutional participants. Headquartered in Wilmington, Delaware, the company positions itself as a neutral execution layer that eliminates conflicts of interest common on centralized exchanges. With its new capital, Crossover plans to enhance the CROSSx technology stack, expand global operations and deepen integrations with institutional partners such as Tradeweb. Management believes the collaboration with Tradeweb will extend the firm’s global distribution and embed traditional electronic-trading standards into digital assets. The firm’s growth strategy centers on servicing the rapidly converging traditional-finance and crypto markets while maintaining best-in-class speed, transparency and execution quality.

Participated · Seed · May 2024

Smart Transaction is a solver-run decentralized framework that enables creation and execution of transactions with user-defined conditions for timing and execution. Built on smart contracts, the platform is designed to be MEV-resistant, context-aware, and support dynamic execution based on precise conditions and time. It allows users to set specific execution conditions and timing, enabling secure, conditional, and customizable transactions across various blockchain applications. The framework's solver architecture processes and executes transactions according to those conditions, aiming to reduce MEV-related risks and increase execution precision. Smart Transaction completed a $5.5 million seed financing; valuation and additional financial terms were not disclosed. The company did not disclose operating metrics in the article.

Participated · Equity · May 2024

Gamic is developing a community application that runs the rails to Web3, aiming to help digital communities connect, engage and transact. The company says its platform has seen tremendous growth in users, communities and transactions. Its stated vision is to transform digital communities into vibrant economic networks and to provide tools for broader decentralized, user‑empowered participation. Gamic is backed and incubated by Binance Labs, with Fundamental Labs serving as its development partner. The startup has raised $1.8 million across multiple rounds to fund product development and expansion. It is currently working toward launching Gamic V3 and plans to collaborate closely with partners and investors to execute its roadmap.