Variant

Variant is a venture capital firm based in Brooklyn, New York, founded in 2020. The firm specializes in early-stage investments within the cryptocurrency and blockchain sectors, focusing on areas such as web3 and decentralized finance (DeFi). As a Registered Investment Adviser, Variant manages the Variant Opportunity Fund, which targets promising opportunities in these innovative industries. Through its investments, Variant aims to support and advance the development of transformative technologies in the digital economy.

Past deals in Ethereum

Whetstone Research

Pre Seed Round in 2025
Whetstone Research specializes in designing and developing novel protocols to foster the growth of on-chain markets. Operating discreetly, the company focuses on token issuance services to drive innovation in this space.

Botto

Seed Round in 2024
Botto is a decentralized autonomous artist platform that integrates artificial intelligence for art creation. It fosters innovative collaborations and community-driven voting processes, enabling creators and enthusiasts to shape creative narratives.

Delegate

Seed Round in 2024
Delegate specializes in enhancing the security of on-chain identities and digital asset management, particularly focusing on non-fungible tokens (NFTs) and ERC20 tokens.

Scroll.io

Venture Round in 2023
Scroll, founded in 2021 and based in Victoria, Seychelles, is focused on developing an EVM-equivalent zk-rollup, which utilizes a robust proving network. The company operates within the technology sector, with an emphasis on enhancing blockchain scalability and efficiency. By leveraging zero-knowledge proof technology, Scroll aims to facilitate faster and more secure transactions on decentralized applications. The firm's innovative approach positions it as a key player in the evolving landscape of blockchain infrastructure.

Aztec

Series B in 2022
Aztec specializes in developing privacy-focused technologies for Ethereum-based transactions. It is renowned for creating PLONK, a leading standard in zero-knowledge proofs, enabling fast, private interactions on the public blockchain. The company's research team has made significant contributions to Layer 2 solutions on Ethereum and possesses extensive expertise in deploying intricate cryptosystems within Web3 environments. Aztec Network recently unveiled an advanced version of zk.money, showcasing its Aztec Connect SDK's ability to facilitate seamless integrations with prominent DeFi protocols like Lido and Element Finance. The company is currently working on building a secure, encrypted blockchain secured by Ethereum.

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.

Euler Labs

Venture Round in 2022
Euler Labs is a developer of a non-custodial lending protocol built on the Ethereum blockchain, designed to facilitate lending and borrowing of a wide range of crypto assets. The platform operates without the need for trusted third parties, allowing users to earn interest on their crypto holdings or hedge against market volatility in a capital-efficient manner. Euler's innovative approach incorporates reactive interest rates that adjust in real-time based on market conditions, alongside asset-specific collaterals, which provides clients with a risk-minimized opportunity to engage in crypto finance. The company's technology aims to enhance financial accessibility and efficiency for users in the decentralized finance space.

3Box Labs

Series A in 2022
3Box Labs is a technology company based in New York that specializes in decentralized identity and data management solutions for web3 applications. Founded in 2018, it offers a suite of products including 3box.io, a social profiles application tailored for Ethereum users, and 3box.js, an API that facilitates user onboarding and data management for developers. Additionally, 3Box provides the 3box-dapp, which enables users to create and manage their social profiles, interact with decentralized applications, build reputations, and securely store data. The company's platform is designed to enhance user experience by ensuring that applications are lighter, more trustworthy, and carry reduced data management liabilities, thereby fostering a sustainable ecosystem where users have greater control over their data.

onCyber

Seed Round in 2022
onCyber is a New York-based metaverse company established in 2021 that enables artists and collectors to create and sell 3D virtual showrooms for non-fungible tokens (NFTs). The company operates an online platform that allows users to showcase their NFTs in high-quality virtual spaces, providing a fully immersive experience. Users can display their digital assets on the walls of these showrooms and share them through custom links, facilitating an engaging environment for presenting decentralized content without incurring any charges.

Aztec

Series A in 2021
Aztec specializes in developing privacy-focused technologies for Ethereum-based transactions. It is renowned for creating PLONK, a leading standard in zero-knowledge proofs, enabling fast, private interactions on the public blockchain. The company's research team has made significant contributions to Layer 2 solutions on Ethereum and possesses extensive expertise in deploying intricate cryptosystems within Web3 environments. Aztec Network recently unveiled an advanced version of zk.money, showcasing its Aztec Connect SDK's ability to facilitate seamless integrations with prominent DeFi protocols like Lido and Element Finance. The company is currently working on building a secure, encrypted blockchain secured by Ethereum.

Burrata

Seed Round in 2021
Burrata is a computer software provider focused on facilitating the transition from Web2 to Web3. The company specializes in developing decentralized finance (DeFi) protocols that aid in constructing and identifying information bridges. Burrata's protocols create an extensible integration layer designed to standardize, process, and prioritize the influx of Web2 data on-chain. This innovative approach allows users to navigate Know Your Customer (KYC) requirements without needing to re-verify or disclose their information, thereby enhancing user experience and data security in the evolving digital landscape.

Fei Protocol

Series A in 2021
Fei Protocol is a developer of a decentralized and scalable stablecoin aimed at addressing issues related to whale activity that affect existing dollar-pegged products. The platform employs an innovative stablecoin mechanism that promotes capital efficiency and ensures fair distribution, all while being fully decentralized. This design allows users to utilize the stablecoin to support liquid secondary markets. By contributing to open source decentralized applications, Fei Protocol seeks to enhance the functionality and accessibility of stablecoins within the cryptocurrency ecosystem.

Polygon

Polygon is a blockchain scalability platform designed to enhance the usability and convenience of decentralized transactions. By offering a structured and user-friendly environment for Ethereum scaling and infrastructure development, Polygon aims to address the slow, expensive, and complex nature of current decentralized systems. The platform combines various scaling solutions and development tools, prioritizing user experience to facilitate quicker and more secure transactions. Polygon's mission is to drive mainstream adoption of blockchain technology, enabling a more accessible and efficient decentralized ecosystem.
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