Wednesday, November 29, 2023
Blockchain

Superstate Gains $14m in Series A Led by Distributed Global and CoinFund

Superstate, an innovative asset management firm, announced today the successful closure of its Series A financing round, raising $14 million. This funding will catalyze the firm’s mission to offer cutting-edge investment solutions to institutional investors, while paving the way for democratizing investment opportunities through advanced blockchain tokenization.

The Series A round, a noteworthy achievement following their $4 million Seed financing in June 2023, was co-led by Distributed Global and CoinFund. It witnessed substantial participation from industry giants like Breyer Capital, Galaxy, Arrington Capital, Road Capital, CMT Digital, Folius Ventures, Nascent, Hack VC, Modular Capital, and Department of XYZ, underscoring the broad interest in Superstate’s vision.

Robert Leshner, Co-founder and CEO of Superstate, highlighted the firm’s dedication to reshaping the investment landscape. “The future of investments are programmable, compliant, and transparent,” he said. Superstate aims to transcend the limitations of first-generation tokenized funds, which were constrained to private blockchains or offshore entities, thus barring U.S. investors.

The newly raised capital is earmarked for expanding Superstate’s team, launching private funds aimed at institutional investors, and forging a path for tokenized, publicly registered investment funds. This strategic allocation of resources is aimed at cementing Superstate’s position as a leader in the digital asset management space.

Superstate is championing the creation of regulated, self-custodied on-chain funds that promise exposure to traditional assets through innovative on-chain investment products. These funds are set to capitalize on the speed, programmability, and compliance benefits of blockchain tokenization. Key advantages of these on-chain funds include investor-directed ownership, facilitating rapid and unrestricted control over assets; next-generation utility, allowing for programmable and compatible assets with on-chain contracts and applications; and transparent, embedded compliance, ensuring real-time regulatory adherence.

In June 2023, Superstate took a significant step by filing a draft prospectus with the U.S. Security and Exchange Commission for the Superstate Short-Term Government Bond Fund. This initiative, an open-ended mutual fund, plans to incorporate a secondary record of ownership on the Ethereum blockchain, illustrating Superstate’s commitment to integrating traditional finance with innovative blockchain technology.

Jake Brukhman, Founder & CEO of CoinFund, expressed his enthusiasm for Superstate’s novel approach. “Superstate’s approach to tokenization will bridge the gap between high-quality compliant financial products and the massive advantages and innovation DeFi is poised to offer to traditional finance,” he remarked.

Superstate’s pioneering efforts in modernizing the infrastructure of investment funds underscore the firm’s commitment to offering investment products that leverage the advantages of blockchain tokenization, such as speed, programmability, and compliance. For more information about their offerings for institutional investors, visit Superstate.co.

Image source: Shutterstock

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