The crypto industry has moved far beyond its early infrastructure phase. Today, it’s becoming a core pillar of the global financial system—where blockchain isn’t just a tech experiment but a powerful enabler for more efficient, inclusive, and programmable financial services. Riding this momentum is Metalayer Ventures, a new VC firm aiming to define the future of institutional-grade crypto infrastructure.
Metalayer has just announced the successful close of its $25 million debut vehicle, Metalayer Fund I, which will invest in early-stage companies converging traditional financial services and blockchain technology. Speaking to TFN, co-founder Mickey Graham noted, “The starting point of this transformation will be the financial services industry, where crypto is rapidly being adopted to create vastly better products and services.”
Founded in 2024 by Andy Kangpan, David Winton, and Mickey Graham, Metalayer’s founding team brings together experience from Two Sigma Ventures, Chainlink Labs, and quantitative finance. Their mission is clear: back visionary builders developing the next generation of on-chain financial infrastructure.
Investing in the Real-World On-Chain Economy
Metalayer is sharply focused on three core themes where blockchain and TradFi are already converging:
- Capital markets infrastructure modernising outdated systems
- Stablecoin-based payments delivering global access to digital dollars with native yield
- Real-world asset tokenisation, unlocking liquidity and ownership of traditional assets
These areas are rapidly gaining traction. Tokenised U.S. Treasuries alone are expected to grow sevenfold, from $3.97 billion in 2024 to $28 billion by 2025. And amid recent market volatility, institutional milestones—like Circle’s S-1 filing and Ripple’s $1.25B acquisition of Hidden Road—are helping validate the thesis that the future of finance lies on-chain.
Yet despite this momentum, Metalayer sees a gap: few pre-seed and seed funds are dedicated specifically to founders building at the crossroads of finance and blockchain. Kangpan explained, “The convergence of TradFi and crypto is no longer theoretical. While many crypto VCs take a broad approach, we’re purpose-built for the companies leading this shift.”
A Data-Driven Approach to Early-Stage Crypto Investing
What sets Metalayer apart is its systematic approach to sourcing and evaluating early-stage deals. Their proprietary analytics platform, Moirai, built by co-founder David Winton (formerly of Two Sigma), taps into unique crypto-native data—developer activity, protocol adoption, transaction flows—that traditional diligence methods miss. The goal is to spot winners early, even before they gain attention from mainstream VCs.
“We’re not just investing capital,” said Winton. “We’re building tools that help us identify and support high-potential teams faster, using data science to inform every step from sourcing to portfolio monitoring.”
The fund is already building a strong pipeline. It’s backing AnchorZero, a privacy-focused protocol that recently raised $8 million from Bain Capital Crypto and Spark Capital, and a stealth-mode stablecoin infrastructure startup. Other investments include Crossover Markets, Ethena, ClearToken, Station70, and Theo—all companies tackling real-world financial use cases through blockchain.
Backing Builders at the Intersection of TradFi and DeFi
Metalayer’s edge lies in more than capital or data—it’s in the depth of support it provides. The team draws on backgrounds in quantitative finance, distributed systems, venture, and startup growth to help founders scale. They support portfolio companies with fundraising strategy, GTM playbooks, executive recruiting, and introductions to institutional capital and partners.
As Graham puts it, “We operate like an extension of each founding team. We’re builders, not just investors.”
Their focus on infrastructure, stablecoins, and tokenisation is already paying off. With a planned portfolio of 30 companies, investing $500K to $1M per deal, Metalayer is entering the market at a time when traditional venture interest in crypto has cooled. Yet, funds with domain expertise and a refined thesis—like Metalayer—are doubling down.
Ultimately, Metalayer Ventures represents a new kind of crypto fund: targeted, technical, and built to scale the next wave of financial innovation. As Graham concluded, “TradFi and DeFi are two sides of the same coin. We’re here to back the teams that are unifying those worlds—block by block.”
