The Venture Codex Logo

The Venture Codex

Lightspeed Faction

2200 Sand Hill Road, Menlo Park, CA, 94025, United States

Overview

Lightspeed Faction is a joint venture with Lightspeed Venture Partners, and as a result, combines Faction's crypto-only approach with Lightspeed's deep Silicon Valley roots and platform business scaling resources. Faction collaborates with Lightspeed on blockchain-related matters, but operates the fund independently.

Total investments
43
Lead investments
22
Investments · 12mo
10
Active investors
7

Sector focus

  • Blockchain
  • Finance
  • Venture Capital
Visit website

Investment portfolio

  • Glacis Labs

    Led · Seed · Jul 2026

    Glacis Labs builds the clearing layer for digital assets through its flagship product, ZeroDelta, a multichain clearinghouse that matches, nets, and settles digital asset flows with non-custodial, atomic delivery. ZeroDelta sits above bridges and transport layers and leverages underlying components called Glacis Core (a cross-chain messaging layer) and AirLift (the token transport layer) to handle routing and chain-to-chain movement. The company reports that ZeroDelta has cleared over $1 billion in lifetime volume and operates at a $1.5 billion annualized run rate across more than 40 chains. Glacis initially focuses on stablecoins given current volume and serves stablecoin issuers, financial institutions, and protocols building on tokenized assets. The firm states its architecture is asset-agnostic and intends to extend into tokenized securities, real-world assets, and FX as those markets mature. The company positions its product as providing final, auditable settlement to reduce slippage, custody risk, and fragmented audit trails that limit institutional adoption.

  • Turnkey

    Participated · Equity · May 2026

    Turnkey builds programmable infrastructure that combines non-custodial embedded wallets with a verifiable cloud environment to enable automated on-chain transactions, gas sponsorship, and secure off-chain workload enforcement. The company powers major digital-asset platforms including Polymarket, Flutterwave, Anchorage Digital, and Tools for Humanity’s World App. Turnkey is led by CEO and co-founder Bryce Ferguson alongside co-founder Jack. It has raised over $65m in total funding to date and recently secured an additional $12.5m. The new capital is earmarked to accelerate the public launch of its Turnkey Verifiable Cloud, expand its engineering team, and grow operational infrastructure across crypto, fintech, and AI. The company is headquartered in New York City.

  • Latitude

    Participated · Seed · Apr 2026

    Latitude builds a stablecoin-powered cross-border payments network called Global Payouts that enables US businesses to pay into personal accounts in over 50 countries by converting USD to stablecoins and then to local fiat. The startup also offers stablecoin deposit infrastructure for crypto-native apps, helping platforms and prediction markets convert local currencies into stablecoins in markets like Mexico and the Philippines. Latitude already serves customers such as content creator platform Zencastr. The company is currently in a testing phase and monetizes transactions through fees. Its team comprises 11 employees. Latitude completed an $8 million funding round led by NEA, with participation from Lightspeed Faction, Coinbase, Paxos, and the Solana Foundation.

  • OpenFX

    Participated · Series A · Mar 2026

    Founded in 2024 by Prabhakar Reddy, OpenFX builds infrastructure for instant, 24/7 cross-border foreign exchange and payments using a stablecoin-native network. The platform connects traditional banking systems with blockchain-based currencies to enable near-instant FX conversion and claims settlement times under an hour versus typical 2–5 day cycles. OpenFX primarily serves B2B treasury and remittance use cases, offering API-based FX, treasury management, and instant payout capabilities for fintechs, neobanks, remittance providers, and payroll platforms. The company claims to reduce costs by up to 90% compared to traditional banking systems and to operate round-the-clock. Reported annualized payment volume exceeds $45 billion, up from $4 billion a year earlier, reflecting rapid growth. OpenFX says it operates across the U.S., the U.K., the UAE, and India and in December 2025 appointed Sourav Karmakar to lead its India business.

  • Meld

    Led · Equity · Jan 2026

    Meld operates the largest network for accessing digital assets and stablecoins, allowing fintechs, developers and merchants to swap more than 150 fiat currencies for any stablecoin or token through a simple app integration. The platform supports global payouts, remittances and cross-border trade settlement in over 180 countries, leveraging card, local payment and virtual-account bank rails. It also enables onboarding to native blockchains such as Ethereum and Solana to facilitate trading and investment for crypto-native users. Meld partners with industry leaders including Uniswap, Phantom and Metamask to provide instant, secure and compliant connectivity between traditional finance and digital assets. With more than 50 partners worldwide, the company is positioning itself as critical infrastructure bridging fiat and crypto ecosystems. Meld has raised $15 million to date, resources it is channeling into expanding the Meld Network, scaling sales, and bolstering customer success and operational capabilities.

Team