The Venture Codex Logo

The Venture Codex

Paper Ventures

29 Harley Street, London, England, W1G 9QR, United Kingdom

Overview

Our mission at Paper Ventures is to be at the very forefront of innovation, fostering groundbreaking ideas that redefine the boundaries of technology and finance. We believe in the transformative power of blockchain and are committed to supporting those who are as passionate about its potential as we are.

Total investments
17
Lead investments
5
Investments · 12mo
5
Active investors
4

Sector focus

  • Artificial Intelligence (AI)
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Software
  • Web3
Visit website

Investment portfolio

  • Cambrian

    Participated · Seed · Jun 2026

    Cambrian provides real-time and historical blockchain data via an API covering yield, risk, lending rates, trading activity, liquidity positions and market sentiment, and is building a verifiable oracle network to serve institutions and AI agents. The platform has processed millions of API calls, currently indexes $4.5 billion in lending total value locked across the four largest lending protocols, tracks 1,789 vaults across 895 curators, and monitors over 320,000 decentralized exchange pools across Base and Solana. Cambrian is in private beta, with TrueNorth as a close design partner using its trading data in production. The company supports Base and Solana in production and plans to add Ethereum mainnet and additional blockchains. Revenue plans include SaaS subscriptions, enterprise contracts, and support for agent-based payment systems such as x402. The team includes former employees of Edge & Node and Semiotic Labs.

  • Cluster Protocol

    Participated · Equity · Apr 2026

    Cluster Protocol develops Web3 infrastructure and an AI-driven, browser-native EVM development environment called CodeXero that translates natural-language requirements into smart contracts, DeFi logic, and token economic models. CodeXero runs on Cluster’s self-developed decentralized computing power and an AI engine trained on over 200 audited contract paradigms. The company reports that CodeXero has connected to over 300,000 wallets, processed more than 3 billion AI token calls, and deployed over 25,000 dApps. Following the $5 million raise led by DAO5, Cluster’s total funding stands at $7.75 million. Cluster plans to use the new capital to accelerate CodeXero’s development, expand its engineering team, strengthen AI workflows, and grow ecosystem partnerships.

  • Utexo

    Participated · Seed · Mar 2026

    Utexo is developing a Bitcoin-native execution and settlement layer that lets payment operators process USDT stablecoin transactions instantly with predictable costs and privacy. Its API and SDK combine the Lightning Network’s real-time transaction capability with RGB’s privacy-preserving asset issuance to remove the technical complexities of routing stablecoin payments on Bitcoin rails. By abstracting custody, compliance workflows, and user-experience changes, the platform enables operators to integrate Bitcoin-based settlement without rebuilding their systems. Led by Viktor Ihnatiuk and Chris Hutchinson, the company positions itself as critical infrastructure for stablecoin payment providers seeking speed and discretion. The freshly raised capital will be directed toward expanding operations and accelerating product development. No revenue, user, or other operating metrics were disclosed in the article.

  • Flying Tulip

    Participated · Series A · Jan 2026

    Flying Tulip’s core product is ftUSD, a delta-neutral stablecoin designed to maintain stability through on-chain mechanisms that let holders redeem tokens for their original contribution (e.g., ETH) at any time. All Flying Tulip (FT) tokens are sold at $0.10 with a capped fully-diluted valuation of $1 billion, and the token structure includes a perpetual put that enables continuous liquidity for investors. The project has attracted significant demand, garnering soft commitments of roughly $1.6 billion even though it expects to accept only about $400 million in upcoming whitelist rounds. In October, Flying Tulip closed a $200 million seed round, and its recent raises have lifted total funding to $225 million. The team has already collected $25.5 million in a Series A token round and $50 million through Impossible Finance’s Curated platform, and it has earmarked another $200 million allocation for an upcoming CoinList sale. Management plans additional whitelist rounds to reach a combined $1 billion target raise. With billions of dollars of interest already logged on Impossible Finance and CoinList, the fundraising is likely to be oversubscribed, underscoring strong market appetite for the ftUSD model.

  • Temple

    Led · Seed · Oct 2025

    Temple Digital Group is developing an institutional-grade trading stack that combines traditional electronic market features—such as automated order routing, all-to-all liquidity and post-trade reporting—with blockchain innovations like instant settlement, non-custodial wallets and tokenization. Built on the privacy-preserving Canton Network, the platform is designed to offer 24/7 compliant markets that integrate seamlessly with the broader digital-asset economy. The company is led by CEO Evan Varsamis and CSO Dan Simerman, who bring deep experience in trading systems and decentralized networks. With its recent seed financing, Temple plans to extend support to additional asset classes, financial instruments and cross-chain integrations. Canton Network already processes trillions in monthly volume for partners such as Goldman Sachs and BNP Paribas, giving Temple a robust institutional foundation. Financially, Temple has raised $5 million to date, and no revenue or user figures have been disclosed. Headquartered in New York, the startup positions itself as a core trading engine for institutions entering digital asset markets.

Team