The Venture Codex

Participated · Series F · Jun 2026

Digital Asset builds and operates the Canton Network, a public, permissionless Layer 1 blockchain that provides protocol-level privacy and confidentiality guarantees and runs applications written in its open-source smart contract language, Daml. Canton is designed to enable tokenized asset workflows across multiple parties while keeping transaction data confidential, and it has attracted marquee institutional participants including Visa, Goldman Sachs, and DTCC. The network has processed or issued more than $6 trillion in tokenized assets according to prior reporting, and Visa became a Canton Super Validator and added Canton to a stablecoin settlement pilot. The Canton ecosystem has also seen activity such as a $540 million raise by Canton Strategic Holdings (formerly Tharimmune) to build a Canton Coin treasury and a project called Zenith completing atomic swaps between Canton and an EVM-compatible environment. On the financing front, Digital Asset raised $135 million in June 2025 and $50 million in December 2025, and is now pursuing a roughly $300 million round led by a16z crypto. The company is backed by trading firms and banks including DRW Holdings and Citadel Securities.

Led · Series B · Mar 2026

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 · Equity · Nov 2025

Tharimmune Inc. develops clinical-stage biotechnology assets while simultaneously executing a new digital-asset treasury strategy. The company plans to purchase Canton Coin, the utility token of the Canton Network, and run a Super Validator node on that blockchain to earn additional tokens. To lead this initiative, Tharimmune appointed Mark Wendland as chief executive officer and Mark Toomey as president, while its existing team continues to advance the firm’s biotech pipeline. Canton Network, which connects major financial institutions such as Goldman Sachs, DTCC, and BNP Paribas, recorded more than 500,000 daily transactions as of 30 September 2025, underscoring the scale of the ecosystem Tharimmune is entering. The $540 million capital raise gives the company significant resources for both token acquisition and general working capital. Shares in the financing were priced at $3.075 each. The securities were sold to accredited institutional investors under Section 4(a)(2) of the Securities Act and were not registered with the SEC.

Led · Series C · Sep 2025

Fnality International is building a global settlement network that uses distributed ledger technology (DLT) to connect established wholesale markets with emerging institutional tokenized assets. Its flagship offering, the Sterling Fnality Payment System (launched in the U.K. in December 2023), provides 24/7, central-bank-backed cash rails for real-time delivery-versus-payment of tokenized securities, payment-versus-payment foreign-exchange settlement, and on-demand repo transactions. Fnality’s platform leverages ‘earmarking’ to secure settlement while optimizing liquidity management across participants. The company works closely with central banks and major financial market infrastructures to ensure regulatory compliance and interoperability with innovations such as stablecoins and tokenized deposits. Near-term plans include extending the network to additional major currencies and enhancing liquidity tools to support a broader digital-asset ecosystem. By fusing decentralized finance operational efficiencies with traditional finance capital efficiency, Fnality aims to become a foundational pillar of the next-generation financial market infrastructure.

Participated · Equity · May 2024

Securitize provides infrastructure to tokenize real-world assets, enabling asset managers and institutions to issue blockchain-based versions of funds, bonds and private credit. The firm, backed by investors including BlackRock and Ark Invest, has worked with clients such as Apollo, KKR, Hamilton Lane and VanEck. Earlier this year it assisted the New York Stock Exchange in building a tokenized securities platform. Securitize is moving to go public via a SPAC merger with Cantor Equity Partners II and expects the combined company to list on the NYSE under the ticker SECZ after closing. The company is positioning itself within a tokenized real-world assets market that observers estimate has grown to more than $30 billion and could expand substantially over the next decade.