Participated · Series A · Jun 2024

Layer3 is building an omnichain identity and distribution protocol that aggregates user activity across multiple chains and dApps to create onchain identities and enable targeted token distributions. The protocol generates a unified view of a user’s onchain identity and lets projects programmatically route tokens based on criteria such as temporal triggers, asset ownership, onchain activity, credentials, social graph, and quest engagement. It supports distributions across 25 blockchains spanning EVM-compatible chains and Solana, and has been used by teams including Uniswap, Base, Arbitrum, Linea, Polygon, Gnosis, and Celo. Layer3's platform has served over 3 million users in 120 countries to date. The company raised $15M in the Series A reported here and has $21.2M in total funding to date. It intends to use the new capital to expand operations and further development of its distribution infrastructure.

Led · Seed · Jan 2022

D2X operates a MiFID II‑compliant multilateral trading facility (MTF) that offers crypto derivatives to institutional clients. The platform runs seven days a week and positions itself as the first regulated crypto derivatives exchange in a Tier‑1 jurisdiction to do so. D2X recently launched USD‑denominated bitcoin and ether futures and says options on both assets are coming soon. Collateral is held off‑exchange in partnership with banks to address custody and counterparty concerns for risk‑averse institutional investors. The company is using its regulated status and bank custody arrangements to bridge gaps in regulatory clarity and infrastructure that affect institutional participation in crypto markets. D2X is building a regulated (MiFID II) crypto futures and options trading venue aimed at institutional adoption. The platform is launching the first regulated crypto derivatives venue out of the Netherlands and will operate seven days a week. It facilitates off-exchange collateral accounts in partnership with a Tier-1 EU credit institution. Its initial product slate will feature cash-settled, EUR-denominated BTC and ETH derivatives. The company is led by CEO Frederic Colette and is positioning itself as a reliability-focused entry point for financial institutions into crypto derivatives. D2X recently raised funding that it plans to use to expand operations and development efforts. Founded in 2020 and based in Amsterdam, D2X is building an institutional-grade, regulated options and futures exchange for digital assets in Europe. The platform will list cash-settled derivatives denominated in euro to address operational and regulatory challenges limiting institutional adoption. D2X is designed as a plug-and-play solution for financial institutions, offering a robust risk management model and a reliable trading interface. The startup adopts a regulatory-first approach and plans to leverage upcoming EU crypto regulation to further extend its offering. The company aims to provide capital-efficient, clean exposure to digital assets while mitigating operational and regulatory risks. The €5 million seed round will be used to reinforce the core team and accelerate development of the exchange, with plans to expand internationally and to additional asset classes.

Participated · Series A · Jul 2021

Nym Technologies runs a layer-0 mixnet designed to protect metadata and conceal traffic across blockchains. The mixnet is compatible with any blockchain and is already used in integrations with projects such as Monero, Aztec, and Near. Nym’s technology splits data into equally sized encrypted Sphinx packets, routes them through three random global mix-node hops, and injects dummy cover traffic to obfuscate monitoring. The company says this combination prevents even powerful adversaries with a global network view from tracing metadata patterns. Nym recently secured a grant to extend its mixnet protections to the Zcash ecosystem, aiming to address network-level data leakage for Zcash users. The planned work includes integrating the mixnet into Electric Coin Company’s light client libraries so wallet developers can optionally enable the privacy protections. Nym Technologies offers an open-source mixnet that aims to provide anonymity of metadata at both the network-traffic and application levels. Its native $NYM token powers the platform and is used to incentivize developers, users and node operators to access the mixnet or run mix nodes. In a record CoinList sale the company generated $30 million in sales and recorded roughly 1.2 million registrants within the first five days, with about 51,000 people registering specifically to use the Nym mix network. Token distribution plans include allotting 1,000 $NYM to 50,000 immediate network users, authorizing 6,000 node runners to purchase 4,000 $NYM each, and rewarding more than 2,800 node runners already on the sandbox testnet. The team announced the successful generation of a billion $NYM tokens and said a large portion will be rewarded via a “mixmining” pool, while 10,000+ testnet participants are being considered for NYM prizes. Nym also plans to distribute a series of grants to support privacy research and encourage external developers to build applications atop the mixnet. Nym Technologies commercializes mixnets to provide privacy-centric network infrastructure, pairing an anonymizing overlay with crypto incentives. The startup is developing a mainnet for its mixnet and is preparing grants to attract third-party developers. Its test network currently runs roughly 5,000 nodes and about 30 validators (the company had reported ~9,000 nodes earlier in July). Nym has hired Chelsea Manning to work on client-side security and plans to expand its team to up to 30 people. The company is using recent funding to accelerate launch and ecosystem development. Forbes values the company at about $270 million following the latest financing. Nym Technologies is developing an open-source, decentralized privacy network that anonymizes app traffic using a mixnet that mixes individual packets to prevent traffic analysis. The network runs on over 9,000 distributed servers and injects cover traffic when needed to hide communication patterns. Nym aims to provide stronger privacy guarantees than VPNs, Tor, or corporate relays by combining cryptography, decentralization, and economic incentives inspired by Bitcoin. Its software is currently being tested worldwide but has not yet launched officially and it does not have paying clients. The company plans to more than double its headcount with the new funding, hiring cryptographers, developers, and marketing specialists focused on privacy. Nym also cites partnerships and ecosystem ties, including work with Blockstream, Mask Network, and interest from Brave, and has Ben Laurie on its scientific advisory board. Nym Technologies is developing protocols and software to mask IP addresses and user data at the network level, with applications for crypto wallets and mobile apps. The company’s stack is intended to let others provision infrastructure while Nym focuses on protocols. Nym plans to use a native token to charge fees, reward node operators and enable staking for service providers; its token economics are still under development. The team is integrating with projects such as Dark Wallet and has attracted crypto-focused talent, including a Chainspace founder who joined Nym. Management has said it intends to launch a testnet by 2020. Nym completed a 10-week incubation program with Binance Labs prior to the raise.