Portfolio
3
companies
Merge
Merge builds banking and payments infrastructure for crypto and web3 businesses.
XDEFI Wallet
XDEFI Wallet builds a multi-chain browser wallet designed for decentralized finance and non-fungible token participants.
Archax
Archax operates a regulated digital asset exchange, brokerage and custodian for institutional investors.
Sam Bankman-Fried
CEO
Sam leads the cryptocurrency derivatives exchange FTX and previously headed Alameda Research, following earlier roles as a trader at Jane Street and director of development at The Centre for Effective Altruism.
LinkedInOctopus Ventures led the financing, which included backing from Hashed, Coinbase Ventures, and several prominent industry angels.
"Merge's vision is to build the infrastructure necessary to allow crypto businesses to operate without fear of shutdown by regulators or third-party risk teams. We're excited to back them as they build that and, ultimately, unleash even more innovation in crypto and defi."
Mechanism Capital led the Series A round to support new blockchain integrations and product development.
"The crypto landscape has gone through immense change in the last year through the explosion of DeFi, NFTs, and Multichain ecosystems. We are excited to back the XDEFI team, which built a beautiful product for users to take full advantage of the true Web3 experience."
The seed round drew backing from a group of digital and blockchain focused venture firms, including Alameda Research and CoinFund.
"Getting our FCA regulation in place and building the exchange platform were huge first milestones for us. But we obviously also needed the funding in place to meet our regulatory capital requirements to launch. To successfully close our seed raise, and beat our target in the process, was amazing – even more so when you consider the calibre of the VCs who have invested in us."
