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Asset management firm Superstate has successfully closed the first round of its Series A financing, securing $14 million in capital. The funds will be utilized to expand the team, introduce private funds to institutional investors, and establish a framework for compliant, tokenized, publicly registered investment funds.

The Series A round was co-led by Distributed Global and CoinFund, featuring contributions from notable investors such as Breyer Capital, Galaxy, Arrington Capital, Road Capital, CMT Digital, Folius Ventures, Nascent, Hack VC, Modular Capital, and Department of XYZ. This follows Superstate’s earlier Seed financing round of $4 million in June 2023, led by ParaFi, Cumberland, and 1kx.

Superstate, helmed by Co-founder and CEO Robert Leshner, envisions the future of investments as programmable, compliant, and transparent. The firm aims to address the limitations of existing tokenized funds by developing regulated, self-custodied on-chain funds. These funds are structured to offer exposure to traditional assets through on-chain investment products, granting investors the benefits of speed, programmability, and compliance associated with tokenization.

Key benefits of Superstate’s on-chain funds include:

  1. Investor-Directed Ownership: Self-custodied assets empower investors to move and settle their funds rapidly and bilaterally.
  2. Next Generation Utility: Tokenized assets bring programmability and composability with on-chain contracts and applications, enabling automation and new use-cases.
  3. Transparent, Embedded Compliance: Real-time enforcement of compliance within on-chain funds ensures transactions are inherently compliant.

Superstate has already filed a draft prospectus with the U.S. Securities and Exchange Commission (SEC) in June 2023 for the creation of the Superstate Short-Term Government Bond Fund. The proposed fund is designed as an open-ended mutual fund with a secondary record of ownership tracked on the Ethereum blockchain.

CoinFund Founder & CEO Jake Brukhman expressed excitement about Superstate’s innovative approach, stating, “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.”

Superstate, as an asset management firm, is dedicated to modernizing the infrastructure of investment funds, offering products that harness the speed, programmability, and compliance advantages of blockchain tokenization.

Photo by Andres Garcia on Unsplash

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