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Ex-CFTC Boss Christopher Giancarlo Joins CoinFund as Advisor

Christopher Giancarlo, the former Chairman of Commodity Futures Trading Commission (CFTC) has joined blockchain-focused investment firm CoinFund as a strategic advisor.

Billed to advise the firm on matters relating to policy, Giancarlo will bring years of experience serving as a major figure in the United States regulatory landscape.

“It is a distinct honour to work with Chris as CoinFund’s strategic advisor. As crypto regulation and legislation is being formed in real-time in the United States, Chris stands out as one of the most authoritative experts and commentators when it comes to Web3 and crypto adoption, as well as capital market structure,” said Jake Brukhman, CoinFund’s founder and CEO.

Christopher Giancarlo served as CFTC’s boss from August 2017 to July 2019 and achieved a number of historic milestones in the cryptocurrency ecosystem. Chris was instrumental in the approval of the first Bitcoin derivatives product back in 2017, and his continuous advocacy for the support of innovations bordering on digital currencies has earned him the title of ‘CryptoDad’ in the blockchain ecosystem.

Chris has often defended the position for the United States to float a Digital Dollar so as to not fall behind other advanced economies like China that are making visible strides in the field.

CoinFund’s President, Christopher Perkins, added “Chris was a driving force in supporting innovation at the CFTC, and continues to serve as a trailblazer and advocate for thoughtful crypto and web3 policy in the United States. With his track record, market reputation, and credentials, he will bring great value to CoinFund, our founders, and our portfolio of investments.”

While Chris currently holds a number of strategic positions ranging from Senior Counsel at Willkie Farr & Gallagher LLP since January 2020 and Co-Founder of The Digital Dollar Foundation (DigitalDollarProject.org) since January 2020, his addition to CoinFund in backing innovative projects for the digital currency ecosystem is seen by market observers as a plus point for the global optics of the industry.

CoinFund Launches $300m Web3 Fund to Invest in Early Stage Startups

CoinFund, a New-York based crypto investment firm, announced on Wednesday that it has launched a $300 million venture capital fund to back early-stage blockchain projects.

The venture fund, which is called ‘The CoinFund Ventures I fund,’ will invest in web3 firms showing commercial traction.

David Pakman, CoinFund managing partner and venture investing head, said the new would invest in crypto projects and firms that focus on layer-1 blockchains, web3 infrastructure, DeFi, NFTs and gaming, payments, assets management, exchanges, marketplaces, and decentralized applications.

Pakman further said that through the new fund, CoinFund will aim to continue investing and building crypto firms that align with the “giant landscape web3 entails.”

Pakman is not worried about the ongoing bear market. The executive said: “We are long-term investors and believe that crypto and web3 offer the largest areas for enterprise value creation entire tech industry today. This view is independent of current market conditions. We try not to time markets, and instead invest over long periods of time.”

Established in 2015, CoinFund has invested in over 100 portfolio firms since then. The company is one of the longest-running web3 venture capitalists and has invested an estimated $1 billion in seed-stage startups.

In the past, CoinFund focused on Bitcoin and seed stage investments in decentralized finance (DeFi) projects. CoinFund previously invested in firms that include NBA Top Shot creator Dapper Labs, blockchain infrastructure platform Blockdaemon, and data indexing protocol The Graph, among others.

Unlocking Web3 Opportunities Worldwide

As the crypto market struggles to rebound, venture capital firms and crypto investment arms are betting big on Web3 startups, with blockchain-focused funds being announced week after week.

In May, Andreessen Horowitz (a16z), the largest crypto fund of $4.5 billion, announced its fourth crypto fund that targets Web3 startups at every stage.

A16z explained the reason for the launch of its fourth fund – it believes in the golden age of Web3, which has spread all over the globe and pointed out programmable blockchain advances and decentralized applications (dApps) with tens of millions of users. The Web3 industry has been attracting top talent, with some jumping from Web2 platforms.

In June, Binance, the world’s largest crypto exchange, launched its own venture capital fund. The exchange raised $500 million for a fund dedicated to investing in Web3 startups.

Recently, many more investment firms launched blockchain-focused funds focusing on support for gaming, infrastructure, decentralized finance, content and creators across Flow’s ecosystem.

These firms remain bullish on Web3 as they capitalize on the crypto market downturn for a chance at a higher return on investment when the market recovers.

CoinFund on Hunt for Raising $250 Million

New-York based web3 investment firm CoinFund is on the hunt to raise $250 million just three months after its previous fund.

CoinFund announced that it plans to use the investment to fund seed-stage startups.

Three separate filings have shown that CoinFund’s Cayman Islands-domiciled funds aim to raise $130 million and $20 million. Meanwhile, the company’s Delaware-associated branch is looking for $100 million.

The reports suggest that the funding round is still in its infant stage, and sales have not yet occurred.

In August, CoinFund announced a $300 million fund to back early-stage blockchain projects.

The fund was backed by institutional investors, including the Teacher Retirement System of Texas, Adams Street Partners and StepStone Group.

The venture fund, which is called ‘The CoinFund Ventures I fund,’ was opened to invest in web3 firms showing commercial traction.

David Pakman, CoinFund managing partner and venture investing head, said the new would invest in crypto projects and firms that focus on layer-1 blockchains, web3 infrastructure, DeFi, NFTs and gaming, payments, assets management, exchanges, marketplaces, and decentralized applications.

CoinFund’s portfolio also extends to backing Layer 1 blockchain Solana, web3 indexing protocol The Graph and blockchain infrastructure company Blockdaemon, among other startups.

Additionally, CoinFund was also a participant in developer platform Hyperlane’s $18.5 million round and crypto investment app Solvo’s $3.5 million round.

In the past, CoinFund focused on Bitcoin and seed-stage investments in decentralized finance (DeFi) projects. CoinFund previously invested in firms that include NBA Top Shot creator Dapper Labs, blockchain infrastructure platform Blockdaemon, and data indexing protocol The Graph, among others.

CoinFund Secures $158M for Seed IV Fund, Surpassing Initial Goal

According to Blockchain.News, CoinFund has successfully raised $158 million for its Seed IV Fund, exceeding its initial target of $125 million. This achievement underscores the firm’s commitment to fostering innovation in the web3 ecosystem.

CoinFund, a leading cryptonative investment firm, has been making waves in the industry since its inception in 2015. The firm was founded by Jake Brukhman, a former Highbridge Capital Management and Amazon employee, and later joined by Alex Felix, an American Capital alum. Today, CoinFund boasts a global team of nearly 30 individuals and has made over 100 investments across six investment vehicles.

The Seed IV fund is designed to support early-stage investments in innovative teams developing web3 technologies. CoinFund’s CEO, Jake Brukhman, expressed his optimism about the firm’s future, stating, “Over the last two years, we’ve built a truly institutional-grade firm, the model of a large professional manager in web3.”

CoinFund’s recent investments include Cloudburst Technologies, a company specializing in cyberthreat intelligence for digital currency fraud, Gensyn, an ML compute protocol, Giza, an AI platform for smart contracts and web3 protocols, and Robert Leshner’s Superstate, which is developing blockchain-based financial products.

The firm also recently announced the composite ether staking rate (CESR) in collaboration with CoinDesk Indices. CESR is a global floating rate benchmark derived from the daily transaction fees and staking rewards from the Ethereum Proof of Stake (PoS) blockchain. This initiative showcases CoinFund’s continued support for the growth and maturity of web3 and its mainstream convergence.

As CoinFund continues to grow, it remains committed to its mission: “CoinFund champions the leaders of the new internet – powered by foresight as active investors to achieve extraordinary results.” This mission statement reflects the firm’s dedication to supporting the leaders of the new internet and achieving extraordinary results through active investment.

CoinFund: Worldcoin Could Onboard Billions of Users into the Crypto Economy

In a recent blog post by CoinFund, the investment firm detailed its thesis for investing in Worldcoin, a project aiming to solve the identity problem in the crypto economy. The post, authored by Austin Barack and Jake Brukhman, was published on July 23, 2023, and provides an in-depth look at the potential of Worldcoin.

Worldcoin’s mission is to prove human uniqueness in a digital context while maintaining anonymity and privacy. The project has developed a state-of-the-art hardware device, the Worldcoin Orb, which uses iris biometrics to determine human uniqueness. The Orb creates a unique hash from a user’s iris pattern, which is then used to prevent duplicate sign-ups. Importantly, the raw biometric data is permanently deleted after the hash is created, ensuring privacy.

The ability to prove a user’s uniqueness without requiring personally identifiable information has significant implications for digital interactions. For instance, it can enable one-person-one-vote systems in Decentralized Autonomous Organizations (DAOs), prevent the creation of spam social media accounts, and facilitate equitable airdrops in crypto networks.

Worldcoin’s approach also allows for the fair distribution of a network asset on a global scale. With the Worldcoin Orb and World ID, each user can receive approximately equivalent amounts of Worldcoin’s native token (WLD), regardless of when they sign up. This approach aims to incentivize user participation and could potentially bring billions of users to the crypto economy.

As of July 23, 2023, Worldcoin has signed up more than two million users (2,060,888 to be exact). CoinFund, one of Worldcoin’s earliest backers, believes that Worldcoin’s unique approach to proving personhood and distributing network assets could be transformative for global digital coordination and financial inclusion.

However, it’s important to note that CoinFund’s views are not representative of all investors, and potential investors should conduct their own due diligence. The future of Worldcoin, like all crypto projects, is subject to various risks and uncertainties.

In conclusion, Worldcoin’s innovative approach to solving the identity problem in the crypto economy could potentially onboard billions of users to the crypto economy. Its unique proof of personhood and fair distribution of network assets are key innovations that could transform digital interactions and global financial inclusion.

CoinFund Appoints Dilveer Vahali as Head of Venture Legal to Drive Legal Deal Strategy

CoinFund, a leading web3 investment firm, has announced the appointment of experienced transactional attorney Dilveer Vahali as Head of Venture Legal on July 31, 2023. Vahali will be responsible for driving CoinFund’s legal deal strategy and execution, and will serve as a resource to CoinFund’s nearly 90 active web3 venture investments.

Dilveer Vahali brings a decade of experience in advising on M&A, venture capital investments, and other transactional law matters. He previously served as the General Manager and Lead Counsel at TCG Crypto, where he led deal execution, strategy, and operations. Before joining TCG, Vahali was a Partner at Kirkland & Ellis LLP, focusing on mergers & acquisitions, private equity, and corporate governance. He began his career as a financial analyst in Citigroup’s Corporate Mergers & Acquisitions group.

CoinFund, co-founded in 2015 by Jake Brukhman and Alex Felix, is one of the world’s first cryptonative investment firms. The firm recently closed a $158M Seed IV Fund in July 2023, following a $320M early-stage web3 venture fund CoinFund Ventures I in August 2022, and an $83 million seed stage fund Seed III announced in July 2021.

In the past two months, CoinFund has announced investments in various technology platforms, including Cloudburst Technologies, Gensyn, Giza, Neutron, and Superstate. The appointment of Vahali signifies the continued growth and sophistication of CoinFund as an organization.

David Pakman, Managing Partner and Head of Venture Investments at CoinFund, said, “As CoinFund enters its 9th year, Dilveer’s appointment signifies the continued maturation and sophistication of CoinFund as an organization. In a complex and novel legal environment, Dilveer’s cryptonative expertise and experience will be invaluable to drive deal execution.”

Dilveer Vahali expressed his excitement about joining CoinFund, stating, “I look forward to supporting our investment strategy working closely with Stewart, David, Jake, Alex, and the rest of the investment team, and lending my expertise to support CoinFund’s mission to champion the leaders of the new internet.”

Stewart Eichner, General Counsel and Chief Compliance Officer of CoinFund, emphasized that Vahali’s skills and experience would benefit both investors and portfolio companies.

This appointment comes at a critical time for CoinFund, reflecting the industry’s maturation and the need for seasoned professionals to provide effective advice in the rapidly evolving crypto and web3 space.

Superstate Gains $14m in Series A Led by Distributed Global and CoinFund

Superstate, an innovative asset management firm, announced today the successful closure of its Series A financing round, raising $14 million. This funding will catalyze the firm’s mission to offer cutting-edge investment solutions to institutional investors, while paving the way for democratizing investment opportunities through advanced blockchain tokenization.

The Series A round, a noteworthy achievement following their $4 million Seed financing in June 2023, was co-led by Distributed Global and CoinFund. It witnessed substantial participation from industry giants like Breyer Capital, Galaxy, Arrington Capital, Road Capital, CMT Digital, Folius Ventures, Nascent, Hack VC, Modular Capital, and Department of XYZ, underscoring the broad interest in Superstate’s vision.

Robert Leshner, Co-founder and CEO of Superstate, highlighted the firm’s dedication to reshaping the investment landscape. “The future of investments are programmable, compliant, and transparent,” he said. Superstate aims to transcend the limitations of first-generation tokenized funds, which were constrained to private blockchains or offshore entities, thus barring U.S. investors.

The newly raised capital is earmarked for expanding Superstate’s team, launching private funds aimed at institutional investors, and forging a path for tokenized, publicly registered investment funds. This strategic allocation of resources is aimed at cementing Superstate’s position as a leader in the digital asset management space.

Superstate is championing the creation of regulated, self-custodied on-chain funds that promise exposure to traditional assets through innovative on-chain investment products. These funds are set to capitalize on the speed, programmability, and compliance benefits of blockchain tokenization. Key advantages of these on-chain funds include investor-directed ownership, facilitating rapid and unrestricted control over assets; next-generation utility, allowing for programmable and compatible assets with on-chain contracts and applications; and transparent, embedded compliance, ensuring real-time regulatory adherence.

In June 2023, Superstate took a significant step by filing a draft prospectus with the U.S. Security and Exchange Commission for the Superstate Short-Term Government Bond Fund. This initiative, an open-ended mutual fund, plans to incorporate a secondary record of ownership on the Ethereum blockchain, illustrating Superstate’s commitment to integrating traditional finance with innovative blockchain technology.

Jake Brukhman, Founder & CEO of CoinFund, expressed his enthusiasm for Superstate’s novel approach. “Superstate’s approach to tokenization will bridge the gap between high-quality compliant financial products and the massive advantages and innovation DeFi is poised to offer to traditional finance,” he remarked.

Superstate’s pioneering efforts in modernizing the infrastructure of investment funds underscore the firm’s commitment to offering investment products that leverage the advantages of blockchain tokenization, such as speed, programmability, and compliance. For more information about their offerings for institutional investors, visit Superstate.co.