Metalayer Ventures Launches $25 Million Fund for Blockchain Projects

Metalayer Ventures, a venture capital firm focused on cryptocurrency, has launched a $25 million fund to invest in early-stage blockchain projects. The fund, led by former executives from Chainlink and Two Sigma, aims to support projects in stablecoins, tokenization, and cryptocurrency infrastructure.

Metalayer has already backed seven companies, including AnchorZero, a platform that helps crypto founders use Roth IRAs for tax advantages, and Spark Capital, a venture focused on stablecoin infrastructure. Other portfolio companies include Ethena, ClearToken, Crossover Markets, Station70, and Theo, an onchain trading infrastructure project that recently raised $20 million from 17 different VC firms.

The company plans to eventually back up to 30 companies with early-stage rounds ranging from $500,000 to $1 million. Metalayer was co-founded by Mickey Graham, former head of growth at Chainlink Labs, and former Two Sigma executives Andy Kangpan and David Winton.

Winton developed a proprietary data platform called Moirai to help Metalayer analyze developer activity, protocol engagement, and blockchain transaction patterns to uncover promising projects. According to Graham, Moirai is an internal sourcing engine designed to systematically surface high-quality startups by evaluating opportunities across several key dimensions.

Crypto venture capital activity saw a notable uptick in the first quarter, with increases in both total funding and deal volume. Despite the outsized impact of the Binance deal, overall market activity showed signs of improving. A total of 446 crypto funding deals were recorded in Q1, marking a 7% increase from the previous quarter.

Venture capital investors remain cautious about making fresh commitments to the sector. The first quarter was a challenging market environment as a sharp correction in crypto prices compounded investor reluctance. Many venture capital firms are still on the sidelines, as many of the funds from the last cycle have yet to deliver meaningful DPI.

Metalayer’s Mickey Graham believes that at least some of this drop-off is due to a much-needed transition happening beneath the surface. “We believe the crypto industry has crossed the chasm from an early market defined by infrastructure-building to a mainstream technology sector characterized by the deployment of blockchain technology throughout the global economy.”

Although VC activity remains subdued compared to past bull cycles, the industry has seen an “uptick in mergers and acquisitions, suggesting market maturation.” Pro-crypto regulations in the United States and European Union have given large institutions confidence to continue making investments into crypto firms.