Wintermute Ventures

Excited to announce our $110M raise to scale our stablecoin-native banking platform for global enterprises across 35 countries (10 new countries!) 🔥🦁 Our stablecoin business crossed $1.5B annualized volume in just 8 months, driven by enterprise demand. Since signing the Series C-1 term sheet, revenue has grown more than 50% in a few months. Our pace is accelerating. As we go deeper into the stablecoin ecosystem, I'm pumped to have CoinFund lead the round, joined by AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, CRV, GIC, Global PayTech Ventures, Financial Technology Partners / FT Partners, ParaFi Capital, SquareOne Capital, Vista, Wintermute Ventures, Y Combinator and others. Also grateful to have the best founders building in the space joining the round: Zach Abrams (Bridge, OUSD), Sean Neville (Circle, Catena), 🏕️ Henri Stern (Privy), Prabhakar Reddy & Karan Shah (OpenFX), Sam Broner (Better Money Co.) and Ricardo Marino (Global Chairman at Itaú), among others. Over the last year, AI & stablecoins have powered us to an inflection point. Today, we have fewer employees than we did two years ago, while revenue and volume have grown more than 10x crossing $5B in annualized TPV. AI is embedded across Jeeves and has fundamentally changed how we build and operate. Alongside the round, we're launching: 💸 Jeeves stablecoin wallets: Our custom built wallets supporting USDC and USDT, with payouts to 190 countries, all in one platform. 💳 Cards in 10 more countries: Argentina, Peru, Paraguay, Uruguay, Panama, Guatemala and others. The same award winning expense management platform used by BMW, Burger King and H&M is now available in these markets. 🧾 Accounts Receivable (AR): Alongside our core Cards and AP modules, we're launching our AR module, starting with Brazil 🇧🇷 This was one of the biggest customer requests! 📊 Jeeves Global AI Spend Tracker: We all know AI spend is growing but if you operate in six countries, with Claude spend in pesos & OpenAI spend in pounds, how do you actually know what you spent across models, countries, currencies & what drives ROI? Well now you do with our Global AI spend tracker across the globe 🌎 🇪🇸 Lastly, we opened our doors in Madrid to accelerate our expansion across EMEA, with a focus on stablecoin payment corridors between Europe & the world. The next decade of global banking will be agentic and seamless between stablecoin and fiat. To build this companies need to own the primitives directly. This chapter is being written right now, and small teams with big ambition, powered by AI and stablecoins, will write it. We intend to be the company that defines it 🌎 Thank you to our customers, teammates and investors for the trust you put in us every day 🙏 If you want to shape the future of global money at the cutting edge of stablecoins and AI, come build with us. It won't be easy but it will be fun 👉 https://lnkd.in/e_eytQUt Day one of this next chapter starts now. It's time to build.

The USD.infra Vault is launching on Solana. DAWN is tokenizing AI infrastructure RWAs on-chain, including the first real-world connectivity assets to be tokenized. So why Solana? RWAs are already transforming capital markets, with tens of billions of dollars in assets now on-chain. Increasingly, that capital is flowing to Solana which attracted ~$348M in net RWA inflows over the past 30 days, pushing tokenized-asset value past $4B. But digital infrastructure is what’s next. AI compute, connectivity, edge infrastructure, and energy generate real cash flows, yet remain largely inaccessible to on-chain capital. DAWN connects that capital to infrastructure serving real customers and generating real revenue. Solana provides the financial infrastructure to make that possible: • Deep stablecoin liquidity, with ~$16.7B in stablecoin supply and nearly a quarter of USDC circulating on the network. USD.infra is built on M0's modular infrastructure for on-chain finance, putting the settlement dollar and vault on the same rails. • A unified environment for liquidity, lending, collateral, and markets. • Token Extensions that allow compliance requirements to live directly within the asset. • An expanding ecosystem of venues including Kamino, Orca, Jupiter, and Exponent. • An institutional ecosystem already bringing tokenized assets and financial products on-chain. USD.infra is built to plug into that stack from day one. We believe Solana has the capital, liquidity, infrastructure, and institutional ecosystem to scale the next generation of RWAs. USD.infra is bringing real-world infrastructure on-chain. Read the full story: https://lnkd.in/gEVHPpiQ For eligible non-U.S. persons only. Not an offer or solicitation. Circumventing eligibility restrictions (e.g., via VPN) is prohibited. Full terms & risks: https://lnkd.in/eEY34jYA

Yesterday we announced our Series A extension, bringing the round to $48M, with Visa, Haun Ventures, Circle, Ripple, Translink Capital and Mirana Ventures joining Velocity. Having Visa on the cap table means a lot to me beyond the funding. I’ve spent most of my career around payment networks, acquirers and financial institutions. When we started Velocity, we believed stablecoins would reach scale by becoming embedded into the payment infrastructure businesses already use every day. Visa has an enormous role to play in making that happen. They have the distribution, relationships and reach to bring stablecoin infrastructure into settlement, money movement and card programmes at global scale. And I’ve been impressed by how quickly they are moving from exploring the technology to putting it to work across the network. I wrote a bit more about why Visa investing in Velocity matters to me, what it says about where payments are heading, and why I think stablecoins increasingly disappear into the infrastructure underneath how money moves. There is still a lot left to build. Very glad to have Visa and the rest of our investors alongside us for it. Thank you Rubail Birwadker, David Rolf, Angela Kadon, Basil Carr, Cuy Sheffield and many others at Visa. Read the full article here: https://lnkd.in/e7_YwmYd

Introducing Swaps and Earn on Turnkey! Your users can now trade assets and access onchain yield right inside your product, with top-tier rates and an expansive selection of vaults. Set your own fee on both, and turn activity your users already generate into new revenue.  What's included: - Two new revenue lines – Bring new products to your users, and start monetizing onchain activity. Set your own fee on every swap (paid in USDC) and earn a share of every deposit's yield. No separate billing infrastructure required.  - Sourced for you – Quotes are aggregated across platforms to identify market-competitive rates. And, provide access to vaults from leading providers like Aave Labs and Morpho. - Extensive network coverage – Enable swaps and earn across Ethereum, Base, Arbitrum, Polygon Labs, Tempo, BNB Chain, Monad, Optimism, Solana and Robinhood Chain (more coming soon). - One API – Handle routing, execution, vault discovery, deposits, withdrawals, and status tracking through one API. Your users stay in your product, and your infrastructure stays simple. Give your users the swaps and yield they want, and generate revenue for your business. Join us next Thursday (9/17) at 11AM ET for a live demo on how to add Swaps and Earn to your product. Register here: https://lnkd.in/eddDMbdW Get started: https://lnkd.in/eqjc4sfR

Introducing OpenReserve, a blockchain native de-novo digital bank, finally out of stealth. This week the Office of the Comptroller of the Currency (OCC) granted conditional approval of our full-service U.S. national bank charter application. Preliminary conditional approval to charter a de novo national bank is a privilege our team does not take lightly. It is a significant milestone and the beginning of the most demanding phase of the work. We're building toward real-time settlement across fiat and blockchain rails, direct Federal Reserve connectivity, tokenized deposits, and GENIUS Act-designed payment stablecoin infrastructure. Thank you to the entire OpenReserve team, our board, investors, and to the OCC who ran a rigorous review. More to come! See what we are building: https://openreserve.ai

We are happy to announce a $30.5 million initial closing of our Series A, led by the Valor Atreides AI Fund (Valor Equity Partners, Atreides Management, LP), with investment from CME Ventures, DRW, F-Prime, Samsung Next, VanEck, Further, Jump Trading, Tectonic Ventures, and Wintermute, and participation from Breed Ventures, Hack VC, Blank Ventures, Sancus Ventures, and SoGal Ventures. The infrastructure underneath the round: daily GPU pricing benchmarks built from roughly 100 rental platforms in more than 40 countries, over 150,000 verified pricing records a day, continuous history since September 2024, alongside the GPU Forward Curve, the Silicon Data Token Index, the RAM Index, and SiliconMark performance benchmarking. Our raise comes as CME Group prepares to use Silicon Data benchmarks as the reference price for its planned cash-settled GPU futures market (pending regulatory approval) - a regulated instrument that will allow market participants to manage changes in GPU rental prices against a published, daily benchmark. The Series A will fund expansion across four areas: benchmark pricing, performance measurement through SiliconMark, institutional market and alternative data, and risk infrastructure for derivatives, insurance and credit markets. Link to announcement: https://lnkd.in/gxmHBNpv

Today, we’re excited to share that Velocity has raised a $38 million Series A. The round was led by Dragonfly and FirstMark, with participation from Activant Capital, QED Investors, Capital One Ventures, Ripple, Coinbase Ventures, Wintermute Ventures and other existing investors. This funding will accelerate our mission to be the back-office layer for global commerce, enabling companies to move, manage, and deploy stablecoin balances across markets. A huge thank you to our customers, partners, team and investors for believing in what we’re building. We’re just getting started. Fortune exclusive: https://lnkd.in/eaaEyTCY Press release & our blog: https://lnkd.in/e5GyJkuB

Applications are open for R[3]sidency × Construct. A 12-week accelerator for founders building the machine economy across fintech, AI, robotics, and quantum. We're partnering with Fabric Ventures, with Solana Foundation as core ecosystem partner and continued support from Coinbase. Last year we launched Construct to back the founders building the most ambitious things in crypto. Five teams. 12 weeks. Demo day in our London office. Year one taught us that the most valuable things being built aren't single-category products. They were neobrokerages bridging crypto and banking, onchain trade finance, RWA oracles, asset management onchain, and consumer apps with crypto-native rails. The boundaries are dissolving. What's next sits at the intersection of crypto, fintech, AI, robotics, and quantum. That's the machine economy. Markets that move at machine speed. Agents that transact and settle without human approval. Infrastructure for a world where the most active economic participants aren't people. R[3]sidency × Construct is built for the founders working on it. We back them with capital, mentorship, and access from day one. • 8 teams in the cohort • $300K each • 12 weeks in London • 15+ mentors, 150+ investor connections • Demo days in London and NYC Applications close September 15. →→→ Apply now: https://lnkd.in/gjQGTx2M