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The Venture Codex

L1 Digital

Limmatquai 1, Zurich, ZH, 8001, Switzerland

Overview

Our thesis is that the blockchain industry will disrupt entire industries. The huge influx of talent and capital leads to rapid innovation, with impressive start-up teams racing to build the most secure, decentralized and scalable Layer1 protocols, as well as developing dApps reaching mass adoption. With the regulatory side and infrastructure improving, institutional investors are moving into the new asset class. There are in excess of 700 funds active in the space today, with strategies reaching from SAFTs and pre-ICOs to fundamental long-only, long/short trading, trend-following, arbitrage, and market-making. We want to provide investors with access to this new asset class, by - sourcing the best crypto and blockchain funds globally - diversifying across strategies, geographies and managers - providing institutional quality structuring, due diligence and monitoring.

Total investments
17
Lead investments
1
Investments · 12mo
4
Active investors
8

Sector focus

  • Blockchain
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Investment portfolio

  • Exponent

    Participated · Seed · Apr 2026

    Exponent operates an onchain yield exchange on Solana that lets users convert variable yield exposures—such as staking or lending returns—into fixed-rate or leveraged positions via an onchain interest rate order book. The company is updating its platform to introduce fully onchain order book functionality and strategy vaults that allow asset managers to package interest-rate strategies for users under predefined governance policies. Exponent has processed over $2 billion in yield volume across more than 35,000 users since launching in late 2024 and generates revenue from fees on issuing derivative positions tied to yield assets and from trading activity. It is onboarding partners and preparing markets across stablecoins, real-world assets, and Solana-denominated products, with early strategy-vault partners including RockawayX, Hastra, OnRe, and Solstice. The startup operates with a 12-person team, plans to allocate part of its recent funding toward security (audits and a bug bounty), and intends to remain focused on building on Solana. The company began fundraising for its seed in May and closed the round in August.

  • Squads

    Participated · Equity · Apr 2026

    Squads builds financial infrastructure on Solana and operates two primary products: Squads Multisig, the smart account standard, and Altitude, a financial operating system for businesses. Squads Multisig secures over $10 billion in assets across the Solana ecosystem. Altitude provides businesses multi-currency accounts, corporate cards, global payments, APY on balances, and a CFO stack, and since its public launch in December 2025 has processed over $200 million in payments. Altitude holds treasury in stablecoins, settles on stablecoin rails for instant, low-cost transfers, and routes to traditional banking rails through a network of licensed PSPs. The company emphasizes compliance and security with a proprietary compliance engine and layered controls, and plans to use recent funding to expand its team, payment network, and product roadmap. Squads has raised a total of $42.9 million to date.

  • Oh

    Participated · Series A · Apr 2026

    Oh develops uncensored generative AI models and applications and operates an ecosystem that includes OhChat, an immersive interactive platform featuring AI characters, and the OH token used for governance and platform utilities. The team emphasizes decentralizing AI governance and providing monetization opportunities for creators via interoperable AI characters. The company has raised $12 million to date, including the recent $7.5 million Series A. Coverage does not provide revenue, user counts, or a founding year. Public statements highlight continued product and ecosystem development aligned with its decentralization and creator-monetization goals.

  • Printr

    Participated · Seed · Oct 2025

    Printr is an operating omnichain launchpad that supports token launches across 69-plus chains, including Solana, Base, and BNB, and has climbed to third place among Solana-based launch platforms. The platform earns fees from every launch and distributes those fees to stakers in real SOL via its $BELIEF staking token, having paid out over 2,100 SOL to date. Printr is issuing $PRINT as its governance and utility token, distinct from $BELIEF, and has opened a public community sale to give retail users direct ownership. The project was incubated by Bybit Ventures Studio and previously raised $4.5 million in institutional funding across pre-seed and seed-extension rounds. Printr’s current positioning emphasizes regulatory engagement (KYC via Sonar) and growth of total throughput as the path to increasing fee revenue and token value.

  • XP

    Participated · Equity · May 2025

    XP operates a fan-centric ticket marketplace that combines robust inventory and transparent, fair-market pricing to improve the live-event experience. The platform offers more than 50 million tickets to concerts, sporting events, and shows nationwide and records millions of dollars in annualized ticket sales. XP provides fan-focused features such as Price Alerts, which notify users when seats hit target prices, and Tixpy, which compares total ticket prices across sites. The company emphasizes transparent pricing and technology-driven discovery to make ticket buying more trustworthy and rewarding. XP is investing heavily in identity-driven features powered by AI and blockchain to deepen fan engagement, foster community, and deliver personalized rewards tied to fandom. Founder and CEO Michael Saunders positions the product as returning control to fans, artists, athletes, and entertainers while creating more meaningful connections around live events.

Team

  • Ray Hindi

    Managing Partner

    LinkedIn
  • Nina Müller

    Business Development

  • Sebastien Genoud

    Capital Formation

    LinkedIn
  • Neil Schwam

    Head of Operations

    LinkedIn