Blockchain Capital

Early-stage crypto founders often go beyond building products, setting the rules for entirely new ecosystems of social and financial incentives. Over our 12 years of investing in these visionaries, we’ve learned to look for the key qualities that define what it means to be a true founder. Read more from BCAP Partner @yuan_han_li ↓

Over the past month, builders from around the world came together to explore what becomes possible on the real human network. Together, we've built 100 projects across 25 countries and brought 17 builders to Seoul for a week. And we’re not done yet. Thank you to every founder, hacker, mentor, judge, partner, and supporter who made World Build 3 possible!

With bots accounting for more than half of all internet traffic, face-value tickets have become increasingly hard to come by. Excited to see @worldnetwork prioritize real fans ahead of automated resellers!

Concerts are for humans.

If agents are the next group of users, who captures the value they generate? Here @jonah_b explores how existing playbooks might change when the end-user becomes software.

the first decade of tokenization was really about getting off of 0 and building a new distribution channel for the same products in the next decade, companies will leverage the custody, reconciliation and settlement properties of blockchains to create better products

Over the past month, builders went from ideas to prototypes to products. Now comes the next phase: shipping to millions of users. Stay tuned, we’ll start sharing what these teams are building soon 👀

All the new stablecoin issuers are fighting over who can give up their economics fastest for distribution in developed markets, while Tether continues banking the unbanked with the best profit margin by far. Why? In developed markets the product is yield; In EM, it's dollars.

LATEST: @Polymarket partners with @Nasdaq Private Market to launch prediction markets tied to private company milestones including valuations and IPO timing, opening a $5T private market previously reserved for institutional investors.

The chains institutional capital finds most attractive aren't necessarily where the best apps live today. In this piece @cremedelacrypto explores the two-layer capital structure taking shape onchain, and why how it resolves is one of the most interesting dynamics to watch.

The onchain economy is on the verge of getting a LOT bigger pipelines right to the heart of the financial system

The internet gave us standards for information and communication. The next phase is building standards for money and identity. @jerallaire on why AI and blockchain based financial infrastructure are accelerating the need for internet native identity systems.

40 years ago, US equities settled T+5. Digitization slowly brought it to T+1, improving capital efficiency at each step. Tokenization is the final boss of the long-term settlement-cycle compression. T+0 is becoming the default and onchain prime services will close inefficiencies until capital finds its terminal velocity.

In 1995, email looked like the internet's big use case. Then came search, social, cloud, SaaS, and other categories worth trillions today. Crypto is in a similar moment. @CremeDeLaCrypto analyses net-new categories in programmable assets and future directions we haven't seen yet.

For the entire history of crypto, the three biggest pools of capital in the world ($19T in bank deposits, $38T in treasuries, $100T in equities) were walled off from the onchain economy In the last 12-18 months, all three got direct pipelines. And some of the institutions that were standing in the way are now the ones leaning in to build those pipelines New post on what just changed and why it matters

When we originally invested in Bluesky, part of the thesis was that users were increasingly gravitating toward smaller, more intimate communities: - Less posting on Instagram feeds, more private stories - Less broadcasting on Snap stories, more private DMs Bluesky gave users the ability to create these more intimate social experiences by curating their own feeds and communities. What we didn’t fully anticipate was the rise of AI tools. Now, anyone can build software, and we’re starting to see a new wave of AI-generated social apps designed specifically for small groups of friends and family. It’s been incredibly cool to watch this emerge across the Bluesky ecosystem, which now has hundreds of apps built on the platform. Excited to see the developer ecosystem continue to grow.

Exciting new piece by @CremeDeLaCrypto exploring the convergence of two financial systems, creating products neither could build alone.

Circle’s Q1 results show the continued compounding of USDC’s network effects across circulation, transaction volume, and real-world utility.

Seoul, we have landed 🛬 Build Week just started: 7 days and 17 builders shipping with @world_chain_ and @tfh_technology for millions of users. We can’t wait to see what you come up with!

The biz dev team at @Securitize is just killing it. The pace of major partnerships and deals is mind blowing 🤯

Payward (@krakenfx parent company) has been steadily amassing a massive range of products Kraken - global exchange xStocks - tokenised equities Ninja Trader - futures trading platform Breakout - prop trading platform CF Benchmarks - crypto indices Reap - stablecoins for cross border & B2B (announced today) no one can argue Kraken is just a crypto exchange anymore