Participated · 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 · Seed · Jul 2025

BridgePort offers an agnostic middleware platform that connects exchanges, custodians, and trading firms to coordinate capital allocation and post-trade settlement. Its system uses real-time messaging and coordinated collateral management to eliminate the need for prefunding and address credit and settlement risk. The platform is live in production on AWS and supports integration via REST APIs, FIX protocol, and bespoke connectivity. The company emphasizes interoperability across the institutional crypto market and is actively onboarding exchanges and regulated custodians to extend its settlement network. BridgePort is led by executives with decades of experience building fixed income and FX trading platforms for large traditional financial institutions. The company recently raised $3.2M in a seed round to accelerate platform development and expand the team to meet growing institutional demand.

Participated · Equity · Jun 2025

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.

Participated · Equity · Mar 2023

Eris Innovations created Eris SOFR Swap futures, a listed futures product designed to provide a capital-efficient way to access swap spread risk. The company plans to launch Eris Options in June, a standardized, exchange-traded product intended to deliver swaption-like exposure with futures-style margining. Eris SOFR activity has accelerated: open interest rose from 237,000 contracts in January 2025 to 713,000 in April 2026, market participants more than doubled over the same period, and average daily volume exceeded 22,000 contracts in Q1 2026 with a monthly record of 44,863 in March. Market participants have used Eris SOFR to achieve initial margin savings of more than 60% compared with traditional OTC swaps, and the company positions Eris Options to extend those capital and operational advantages. Eris Innovations licenses its patented Eris Methodology to partner exchanges and emphasizes building deep, transparent markets through alignment with experienced liquidity providers.

Participated · Series B · Apr 2019

ErisX launched a spot market supporting dollar trading pairs for bitcoin, bitcoin cash, litecoin and ethereum, plus bitcoin trading pairs with the other three cryptocurrencies. Its platform includes both an exchange and a clearinghouse, allowing custody of cash and digital assets. The company says the spot launch is an initial step toward broader plans to offer futures, which are pending regulatory approval of its derivatives clearing organization (DCO) application with the CFTC. ErisX is continuing to build out its exchange and clearinghouse technology stacks and to onboard clients. Management expects customers for both spot and futures markets in the coming months as the platform develops. The company has been fundraising to support that development and has also added NYDIG COO/CFO Rob Flatley to its board alongside ConsenSys' Joseph Lubin. ErisX operates a single platform for individuals and institutions to access digital asset spot and futures markets, combining professional trading tools with regulatory oversight. The company plans to enable trading of cryptocurrencies such as Bitcoin, Litecoin, and ether on both spot and futures markets starting next year, pending regulatory approval. ErisX intends to operate as an intermediary-friendly, CFTC-registered futures exchange with a clearing organization registration pending, and to run a regulated spot market for digital assets. The firm emphasizes security and regulatory compliance as core differentiators for institutional and individual participants. Leadership includes CEO Thomas Chippas, chief commercial officer Kelly Brown, and Head of Clearing Liz James. Financially, the company recently completed a Series B round to fund platform development and team expansion. ErisX is launching a derivatives exchange (DCM) and clearing organization (DCO) that will offer fully regulated digital asset futures and spot contracts on a single platform. The platform is designed to provide a regulated, transparent and stable venue with centralized exchange infrastructure for institutional and individual traders. ErisX plans to integrate digital asset products and technology into compliant capital markets workflows and to accelerate investments in the platform and team following a recent funding round. Leadership changes accompanying the launch include Thomas Chippas as CEO and Neal Brady as Executive Chairman. The company is backed by a broad syndicate spanning traditional capital markets and digital-asset investors, which the team says will contribute expertise and market input. Aspects of the offering are pending regulatory approval; no revenue or user metrics are disclosed in the announcement.