Our latest thinking

What is the Point of a Token?

Why We Invested in Tazapay: Rebuilding Cross-Border Payments for Emerging Markets

Why We Invested in NEWITY: Building the Infrastructure Layer for Small-Balance Small Business Credit

Why We Invested in STS Digital: Building the Institutional Liquidity Backbone for Crypto Derivatives

Why We Invested in TBD: Financializing Verified Human Sentiment

Why We Invested in TRM Labs: Building the Intelligence Layer for the Onchain Economy

Portfolio Update: How Our Superstate Thesis Is Playing Out

Crypto in 2026: From Narratives to Infrastructure

Why We Invested in Uniform Labs: Rebuilding Financial Infrastructure Onchain

Payments in the Agentic Economy

The Case for Tokenization: From Distribution to Composability

Why We Invested in Axis: From the Kimchi Premium to Capital Markets Arbitrage

Why We Invested in Lumx: Building the Rails for Stablecoin Settlement in Latin America

Why We Invested in Temple: Building Compliant Privacy into Market Infrastructure

HIP-3 and the Future of Decentralized Market Infrastructure

Why We Invested in Optimum: Rethinking Blockchain Memory for Web3 Scale

Why We Invested in 1Money: Stablecoins as Money for the New Financial System

The Framework Wars: Your Guide to Crypto-Native AI Agent Frameworks

Unlocking the Future: Emerging Blockchain Themes to Watch in 2025

Why We Invested in Axal: Leading the Next Generation of Trust-Based Automation

Trusted Enclaves

Why We Invested in Euler: Leaning into Modularity to Unlock the Next Wave of Users

Chain Abstraction: Shaping User-Centric Blockchain Interactions

Why We Invested in Lit Protocol: Consumer-Friendly Public Key Infrastructure (PKI)

Mapping the Blockchain x AI Landscape

Value Accrual in the Intents Stack

Web3 in Nigeria

Restaking

Why We Invested in Sodot: MPC Infrastructure Redefining the Custody Space

Understanding the Future of Modular and Monolithic Blockchains

BOS: The Universal Access Layer to the Blockchain

Learn more about our portfolio companies