In September, Thesis will launch its fifth studio project, a Web3 portfolio, to the public. Investors in the round include: ParaFi Capital, Nascent, Fenbushi Capital, Polychain Capital, Draper Associates, Kain Warwick, James Prestwich, Viktor and Lisa Bunin, and Josh Cincinnati.
Cryptocurrency production studio Thesis has completed a $ 21 million Series A fundraiser.The company plans to expand its venture capital to a wider audience in the future and launch a new one. project to the public in September.
Investors in this round include ParaFi Capital, Nascent, Fenbushi Capital, Polychain Capital and Draper Associates, as well as individual investors like Kain Warwick, James Prestwich, Viktor and Lisa Bunin and Josh Cincinnati. Existing investors from previous funding rounds include Polychain Capital, which participated in this round, Andreessen Horowitz, or a16z, and Paradigm.
The company’s seven-year portfolio includes a consumer payments app, Fold; a confidentiality layer for public blockchains, Keep; an automated market maker, Saddle; and an open source initiative like tBTC that serves millions of its users and has over $ 300 million in total locked-in value.
Fold was the world’s first bitcoin-backed reward card with over $ 20 million in sales activity per month. Fold has raised a total of $ 20 million by partnering with Visa to bring bitcoin to consumers and drive massive adoption of cryptocurrencies, the company said.
Out of the company’s entire portfolio, Thesis has raised around $ 75 million to date, CEO Matt Luongo told Blockworks in an interview.
The company plans to use the investment as a catalyst to further grow the ecosystem and initiate new thesis projects. “This investment validates the thesis model and will allow us to evolve the studio and ultimately allow our operation to be autonomous in the years to come,” said Luongo.
In September, Thesis will launch its fifth studio project, a Web3 portfolio, to the public, Luongo said. The project started because Thesis saw a gap in wallet experiences and wanted to create a better experience and infrastructure for crypto-based wallets.
“The portfolio ecosystem is a wreck. It has been a theme since 2014, ”he said. People want a cross-chain experience that makes sense with decentralized finance in their portfolios, so they don’t have to constantly work with a bunch of apps to do a core business on a single wallet, a said Luongo.
Luongo also believes that the wallets should belong to the community and to the users. The Web3 portfolio is “not intended to enrich [Thesis] behind the curtain, but enriching users, ”he said. As new infrastructures continually fill the crypto space, Luongo said he wants to ensure that the people who build in this space create open source products with a focus on the communities and users who own them. , not on companies. “If everything is close by, it is just a glorified bank,” he said.
Until this round, Thesis has raised funds independently for each project, Luongo said. “For me, a big part of that trick is being able to stop fundraising” and being “big enough” for the company to invest in itself, he said.
“We lifted for individual projects, but with Thesis we find people who care about the values of space and won’t have control over (the products)” because the users will be in control, said Luongo .