Blockchain Capital

Blockchain Capital is a San Francisco-based venture capital firm focused on blockchain and crypto technologies. Founded in 2013, it invests in companies globally across the crypto and blockchain-enabled tech sectors, with a multi-stage approach and a breadth of capital types including equity and tokens. The firm provides more than funding, offering founders domain expertise, partnerships, recruiting, and strategic support to help build companies. It has financed more than 170 companies and projects since inception and has a history as a pioneer in the Bitcoin and Blockchain investment space, including being among the first funds to accept capital calls in Bitcoin. The firm aims to diversify exposure to the blockchain economy through sector-specific yet broad investment activity.

Spencer Bogart

General Partner

Sterling Campbell

Senior Associate

Aleks Larsen

General Partner

Yuan Han Li

Principal

Tony Schmidt

COO and Operating Partner

Kinjal Shah

General Partner

P. Bart Stephens

Managing Partner

Brad Stephens

Managing Partner

Past deals in Smart Contracts

Tally

Series A in 2025
Tally is a frontend for DAOs running on Ethereum and other EVM blockchains. Tally gives users real power in their decentralized organizations. On Tally, users can delegate voting power, create or pass proposals to spend DAO funds, manage a protocol, and upgrade smart contracts—all onchain.

Drift

Series B in 2024
Drift Protocol is a developer of a decentralized derivatives exchange that focuses on providing on-chain, cross-margined perpetual futures trading on the Solana blockchain. The platform aims to enhance the efficiency of trading futures through an upgraded decentralized system that features a new pegging mechanism. This innovation allows users to adjust liquidity based on market demand and open interest, thereby improving the overall trading experience. Drift Protocol's approach positions its exchange as a competitive option for margin trading within the decentralized finance space.

Polymer Labs

Series A in 2024
Polymer Labs is building the fabric of web3. We're working on an IBC based multi-cluster routing/roll-up protocol providing E2E IBC connectivity across ecosystems.

World

Series C in 2023
World is a technology company specializing in secure digital asset management. It operates the World App, which enables users to securely store their World ID, manage digital assets, and access various Mini Apps within a privacy-focused network.

Superchain Network

Seed Round in 2023
Superchain Network focuses on advancing the transition from centralized "Web2" systems to decentralized "Web3" architectures. It aims to establish a decentralized data protocol that prioritizes user needs over technological limitations. The company provides a data storage platform with streaming capabilities that can be tailored through an intuitive interface known as toolboxes. This setup allows developers to create applications more efficiently by fostering a direct and personal connection to data, eliminating the need for centralized intermediaries.

EigenLabs

Series A in 2023
EigenLabs is a blockchain infrastructure startup that enables the restaking of ETH across various decentralized applications. They also provide developers with access to the Ethereum staked capital base and decentralized validator set. Traditionally, staking requires validators to lock up ETH as a security deposit to engage in the network's consensus mechanism, earning rewards for contributing to network security and validating transactions. However, once ETH is staked, it is generally immobilized until withdrawn, restricting validators from utilizing these assets elsewhere. EigenLayer aims to tackle this challenge by allowing staked ETH to be restaked across diverse decentralized applications and services without removing it from the original consensus mechanism.

Quasar Labs

Seed Round in 2023
Quasar Labs operates a digital asset management platform that simplifies investing within the multi-chain universe. The platform allows users to create and join independent asset containers, known as Vaults, which utilize inter-blockchain communication (IBC) technology to facilitate value capture across different blockchains, particularly in the Cosmos ecosystem. This innovative approach addresses the fragmentation within decentralized finance (DeFi) by providing a streamlined and secure method for investors to manage their digital assets. Quasar Labs empowers investors to efficiently design Vaults and aggregate liquidity, making it easier for them to put their digital assets to work with minimal effort.

Across Protocol

Venture Round in 2022
Across is a cross-chain bridge secured by UMA's optimistic oracle for L2s and rollups. It also optimized for capital efficiency with a single liquidity pool, a competitive relayer landscape, and a no-slippage fee model.

Matter Labs

Series C in 2022
Matter Labs designs and develops blockchain technology that uses zero-knowledge proofs to scale Ethereum and improve privacy, removing interaction obstacles between untrusted parties. The company builds a scaling decentralized application that provides succinctly verifiable computation, enabling businesses and others to prove integrity without disclosing sensitive data. It aims to accelerate public blockchain adoption by offering an open, scalable alternative to existing financial systems. Founded in 2018, it has been associated with Berlin, Germany, and is based in the Cayman Islands.

Pine Street Labs

Seed Round in 2022
Pine Street Labs develops enterprise wallet software aimed at expanding and democratizing the use of public blockchains. The company's platform simplifies the complexities of supporting various blockchain networks, allowing enterprises to concentrate on their core business operations. Pine Street Labs offers walletOS, which enhances custody infrastructure and facilitates the management of custody operations in-house. The software is designed to accommodate new blockchain initiatives while providing functionalities such as sending, receiving, staking, and executing smart contract calls. By creating a composable developer experience with modular integrations and a well-defined API, Pine Street Labs enables businesses to execute transactions seamlessly and efficiently in mission-critical environments.

Fuel Labs

Venture Round in 2022
Fuel Labs is a global decentralized group of passionate developers building the future of blockchain scalability technology. As the leader in blockchain scaling innovation, its engineers created the optimistic rollup design paradigm and have contributed to advancing the frontier of rollup, blockchain virtual machine, and safe smart contract programming language research.

RedStone

Seed Round in 2022
RedStone is a next-generation cross-chain data oracle that specializes in providing pricing data for financial protocols. The company develops modular oracles that deliver data feeds compatible with both layer 1 and layer 2 blockchains, including rollups-as-a-service (RaaS) solutions. RedStone's offerings include liquid staking tokens and liquid restaking tokens, as well as an online decentralized finance platform designed to utilize blockchain's permanent storage capabilities. This platform supports cross-chain data services while ensuring an audit trail, which enhances transparency and reliability. Additionally, RedStone enables decentralized finance providers to implement automatic dispute mechanisms, bolstered by insurance through staking, thereby facilitating more secure and efficient transactions.

EigenLabs

Seed Round in 2022
EigenLabs is a blockchain infrastructure startup that enables the restaking of ETH across various decentralized applications. They also provide developers with access to the Ethereum staked capital base and decentralized validator set. Traditionally, staking requires validators to lock up ETH as a security deposit to engage in the network's consensus mechanism, earning rewards for contributing to network security and validating transactions. However, once ETH is staked, it is generally immobilized until withdrawn, restricting validators from utilizing these assets elsewhere. EigenLayer aims to tackle this challenge by allowing staked ETH to be restaked across diverse decentralized applications and services without removing it from the original consensus mechanism.

Gnosis

Venture Round in 2022
Founded in 2015, Gnosis is a decentralized infrastructure provider for the Ethereum ecosystem. Initially focused on prediction markets, Gnosis evolved into a Decentralized Autonomous Organization (DAO) in late 2020, with a treasury controlling over 150K ETH and 8 Million GNO tokens. In 2021, Gnosis Chain was launched as an Ethereum companion chain for stable transactions using the xDai token. Gnosis incubates products such as Gnosis Safe (a multisig wallet), Cow Protocol (a decentralized exchange), Conditional Tokens (prediction markets), and Zodiac (DAO tooling).

Gnosis

Initial Coin Offering in 2022
Founded in 2015, Gnosis is a decentralized infrastructure provider for the Ethereum ecosystem. Initially focused on prediction markets, Gnosis evolved into a Decentralized Autonomous Organization (DAO) in late 2020, with a treasury controlling over 150K ETH and 8 Million GNO tokens. In 2021, Gnosis Chain was launched as an Ethereum companion chain for stable transactions using the xDai token. Gnosis incubates products such as Gnosis Safe (a multisig wallet), Cow Protocol (a decentralized exchange), Conditional Tokens (prediction markets), and Zodiac (DAO tooling).

Chainflip

Venture Round in 2022
Chainflip is a decentralized protocol facilitating trustless asset trades between different blockchain networks with minimal slippage. It enables direct cross-chain exchanges of cryptocurrencies without intermediaries, utilizing its native blockchain and ecosystem components built on Rust and other frameworks. This allows investors to transfer funds seamlessly across various blockchains and ecosystems without additional software, collateral, or wrapped assets.

Espresso Systems

Seed Round in 2022
Espresso Systems specializes in providing scaling and privacy solutions for Web 3 applications, focusing on the innovative area of shared sequencing within blockchain technology. This involves the use of sequencers that verify and batch transactions on layer-2 blockchains before sending them to a layer-1 chain, such as Ethereum, for settlement. Additionally, Espresso Systems develops online transaction technology aimed at enhancing the online payment industry, offering infrastructure that facilitates secure and efficient online interactions. Their solutions cater to the needs of clients in the online transaction sector, contributing to the advancement of the third generation of the World Wide Web.

Boto

Seed Round in 2021
Founded in 2021, Boto is a Delaware City-based no-code automation platform. It enables both developers and non-developers to create and share automation workflows by dragging and dropping blocks using its user-friendly interface.

Forta Network

Venture Round in 2021
Forta Network is a developer of a security protocol focused on preventing the exploitation of smart contracts within the blockchain ecosystem. The company offers a decentralized, community-based security system that helps to mitigate risks and detect real-time threats. By providing robust security measures, Forta Network enables users to safeguard their smart contracts, ensuring a safer environment for blockchain applications. This initiative comes at a crucial time for the blockchain community, as the growing complexity and programmability of various blockchains increase the need for effective security solutions.

Visor Finance

Seed Round in 2021
Developer of a decentralized platform facilitating active liquidity management. Its tool enables participants to use smart vaults for liquidity mining and asset management across various decentralized finance protocols and exchanges, maximizing returns from fees while minimizing impermanent loss.

Anchorage Digital

Series C in 2021
Anchorage Digital is a regulated crypto platform that provides institutions with integrated custody, trading, staking, governance, and regulatory-compliance infrastructure for digital asset programs. Founded in 2017 and headquartered in San Francisco, it serves institutional clients globally with a secure, compliant framework and services designed to simplify oversight and asset management.

Nexus Mutual

Venture Round in 2021
Nexus Mutual Limited is a London-based company that operates a decentralized insurance platform utilizing blockchain technology, specifically the Ethereum public blockchain. Founded in 2017, it offers a novel alternative to traditional insurance by enabling users to become members and collectively share insurance risks without the involvement of conventional insurance companies. Members can purchase coverage, and their decisions are governed by smart contracts, which ensure transparency and enforceability. Initially, Nexus Mutual launched with a product focusing on earthquake coverage, allowing participants to manage and mitigate risks collaboratively. The platform aims to recreate traditional mutual insurance models on a broader scale, providing an innovative approach to risk management in the insurance industry.

Chainflip

Pre Seed Round in 2020
Chainflip is a decentralized protocol facilitating trustless asset trades between different blockchain networks with minimal slippage. It enables direct cross-chain exchanges of cryptocurrencies without intermediaries, utilizing its native blockchain and ecosystem components built on Rust and other frameworks. This allows investors to transfer funds seamlessly across various blockchains and ecosystems without additional software, collateral, or wrapped assets.

Aave

Venture Round in 2020
Aave SAGL operates a decentralized lending and borrowing platform on the Ethereum blockchain, enabling users to earn interest on deposits and borrow assets. The platform facilitates both over-collateralized and under-collateralized borrowing, providing flexibility for borrowers. Aave mints aTokens for lenders at a 1:1 ratio to their supplied assets, allowing interest to compound continuously. This interest can be redirected to different addresses, separating it from the principal. Additionally, Aave offers flash loans, which are uncollateralized loans that must be borrowed and repaid within a single transaction, fostering innovation in decentralized finance. Founded in 2017, Aave originally operated under the name ETHLend and is based in London, United Kingdom, and Chiasso, Switzerland. The platform serves both depositors and borrowers, contributing to market liquidity and supporting various financial transactions within the blockchain ecosystem.

OpenSea

Seed Round in 2019
OpenSea is a blockchain-based peer-to-peer marketplace for crypto assets and digital collectibles, enabling users to buy and sell non-fungible tokens, gaming items, software licenses, and other virtual goods through smart contracts. The platform supports a wide range of NFT assets backed by blockchain, providing a secure, decentralized environment for trading and transacting in the open Web3 ecosystem.

Nervos

Initial Coin Offering in 2019
Nervos Network is a blockchain technology company established in 2018 and headquartered in Hangzhou, China. It offers a hybrid solution that integrates a public blockchain with an application chain, enabling enterprises to build and deploy decentralized applications without needing to fully commit their technology stack to the blockchain. The Nervos CKB (Common Knowledge Base) serves as its layer 1, proof-of-work public blockchain protocol, which allows for the secure storage of various crypto-assets while supporting smart contracts and layer 2 scaling solutions. The platform's unique design emphasizes security, immutability, and decentralization, positioning itself as a sustainable multi-asset store of value. It also facilitates the capture of total network value through its native token, CKByte, and a network of interoperable protocols, promoting a robust open ecosystem for developers and enterprises alike.

Anchorage Digital

Series B in 2019
Anchorage Digital is a regulated crypto platform that provides institutions with integrated custody, trading, staking, governance, and regulatory-compliance infrastructure for digital asset programs. Founded in 2017 and headquartered in San Francisco, it serves institutional clients globally with a secure, compliant framework and services designed to simplify oversight and asset management.

Risk Labs

Venture Round in 2018
Risk Labs is the foundation and core team behind the Across and UMA Protocols.

RADAR

Series A in 2018
Radar Relay, LLC is a technology company established in 2017 and headquartered in Denver, Colorado. It specializes in an Ethereum-based trading platform that facilitates wallet-to-wallet transactions through the 0x Protocol. The platform operates an order book, allowing users to trade tokens directly between their wallets without the need for accounts, sign-ups, or custody of assets. This approach ensures that users maintain control over their assets throughout the trading process, enhancing security and user autonomy. By eliminating traditional barriers such as deposits and withdrawal limits, Radar Relay offers a streamlined trading experience for cryptocurrency users.

OpenSea

Seed Round in 2018
OpenSea is a blockchain-based peer-to-peer marketplace for crypto assets and digital collectibles, enabling users to buy and sell non-fungible tokens, gaming items, software licenses, and other virtual goods through smart contracts. The platform supports a wide range of NFT assets backed by blockchain, providing a secure, decentralized environment for trading and transacting in the open Web3 ecosystem.

Bancor

Initial Coin Offering in 2017
Bancor, based in Zug, Switzerland, specializes in the creation and management of cryptocurrencies, known as Smart Tokens™. These tokens are designed with built-in convertibility, allowing users to buy and sell them directly through their wallets using a simple, low-cost process. Bancor's innovative token "Connector" method facilitates continuous liquidity and automatic price discovery for these tokens, eliminating the need for traditional cryptocurrency exchanges. The company's platform enables the creation of user-generated cryptocurrencies, fostering a network of interconnected tokens with standardized liquidity solutions.

Block.one

Seed Round in 2017
Block.one develops EOSIO, an open-source blockchain software renowned for its flexibility and scalability. Headquartered in Grand Cayman with offices globally, the company employs over 300 specialists dedicated to empowering society through secure, transparent digital infrastructures.

ShapeShift

Series A in 2017
ShapeShift is a digital currency exchange platform established in July 2014, designed to facilitate the instant conversion of Bitcoin and various altcoins. The platform distinguishes itself by allowing users to trade cryptocurrencies without the need for user accounts or registration, thereby enhancing privacy and reducing risks associated with personal information and funds. In the summer of 2019, ShapeShift introduced a new platform that empowers users to self-custody their crypto assets while providing functionalities to buy, sell, trade, track, send, and receive cryptocurrencies independently of third-party involvement. Additionally, the company operates CoinCap.io, a real-time crypto market data service, and acquired the hardware wallet company KeepKey in 2017. ShapeShift is led by industry veteran Erik Voorhees.

Tierion

Seed Round in 2016
Tierion, Inc. is a company that transforms the blockchain into a global platform for verifying data, files, and business processes. Founded in 2015 and based in Hartford, Connecticut, Tierion offers an API and various tools that enable users to collect data and secure it on the blockchain, ensuring an immutable history of transactions. The platform supports the issuance of blockchain-verifiable credentials, ranging from educational achievements to professional awards, thereby enhancing data integrity across multiple sectors, including accounting and healthcare. With its innovative approach, Tierion envisions a future where blockchain technology is utilized for a wide array of verification needs, facilitating trust and transparency in digital interactions.

Parity Technologies

Seed Round in 2016
Founded in London in 2015, Parity Technologies specializes in blockchain infrastructure. It develops open-source software for enterprises to securely interact with the Ethereum blockchain.

Gem

Series A in 2016
Gem is a developer of next-generation cryptocurrency applications and a blockchain platform that empowers individuals to take control of their wealth through innovative digital solutions. Founded in 2013, Gem offers a secure universal wallet that acts as a single entry point for users to track their cryptocurrency investments and net worth. The platform facilitates the curated discovery of new tokens and decentralized applications, enhancing the participation experience in the evolving digital marketplace. With a team of experienced software architects and blockchain engineers, Gem is dedicated to providing easier and more secure ways for consumers to engage with the growing decentralization movement.

String Labs

Seed Round in 2014
String Labs Inc. is a Palo Alto-based company that focuses on the development of decentralized protocols and decentralized applications (DApps). Founded in 2014, it operates as a crypto venture studio and incubator, contributing significantly to innovative blockchain projects, including DFINITY, which serves as an open virtual blockchain computer designed to enhance the Ethereum ecosystem for business applications, and the PHI project, intended for decentralized cloud platforms. String Labs is composed of a team of experts, including cryptographers, distributed computing scientists, and economists, and collaborates with prominent organizations like BCG Dvolution to advance enterprise blockchain initiatives while providing essential infrastructure support.

Bitaccess

Seed Round in 2014
Bitaccess is an Ottawa-based technology company founded in 2013 that provides access to public blockchain technology and digital assets. It develops software and hardware solutions for fintech infrastructure, including compliance, security, and customer onboarding, and also manufactures Bitcoin ATMs. The company serves clients in multiple countries and emphasizes secure, accessible, and easy-to-use blockchain-enabled financial transactions, leveraging smart contracts and hardware security modules to publish data on blockchains and enable near-instant onboarding.

Expresscoin

Seed Round in 2014
Expresscoin is a user-friendly platform for buying Bitcoin and other altcoins. It offers a central dashboard to track cryptocurrency balances and activity, with the option to use your own wallet or theirs.

Gem

Seed Round in 2014
Gem is a developer of next-generation cryptocurrency applications and a blockchain platform that empowers individuals to take control of their wealth through innovative digital solutions. Founded in 2013, Gem offers a secure universal wallet that acts as a single entry point for users to track their cryptocurrency investments and net worth. The platform facilitates the curated discovery of new tokens and decentralized applications, enhancing the participation experience in the evolving digital marketplace. With a team of experienced software architects and blockchain engineers, Gem is dedicated to providing easier and more secure ways for consumers to engage with the growing decentralization movement.
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