Crypto venture studio Thesis raises $21 million in Series A funding

Quick Take

  • Thesis, a crypto venture studio behind projects like tBTC, has raised $21 million.
  • With fresh capital at hand, Thesis plans to launch new projects, including a Web 3 wallet, CEO Matt Luongo told The Block.

Thesis, a crypto venture studio behind the projects like tBTC, has raised $21 million in a Series A funding round.

The round was co-led by ParaFi Capital and Nascent, with participation from Fenbushi Capital, Polychain Capital, and Draper Associates. Angel investors, including Synthetix founder Kain Warwick, Summa (acquired by Celo) founder James Prestwich, and Bison Trails (acquired by Coinbase) protocol specialist Viktor Bunin, also participated in the round, among others.

As part of the deal, Nascent co-founder Dan Elitzer has also joined Thesis's board of directors, Thesis founder and CEO Matt Luongo told The Block.

The Series A funding was secured via an equity round, said Luongo, adding that it will help launch new projects, including a Web 3 wallet. Thesis is also looking to expand its tech capabilities, enter new markets, and grow its ecosystems, said Luongo, without disclosing specific details.

Founded in 2014, Thesis builds projects and teams in-house, meaning it doesn’t invest in or take on externally developed projects like venture capital firms or startup incubators. Thesis's projects to date include Fold — a bitcoin-rewards debit card; Keep Network/ tBTC — a decentralized protocol that has built tBTC, an Ethereum-based token backed one-to-one by bitcoin, along with Summa and the Cross-Chain Group; and Saddle — a decentralized exchange for swapping stablecoins.

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