Compound Founder Blockchain Startup Superstate Raises $14M
Superstate, a company dedicated to managing tokenized Real-World Asset (RWA) assets, has successfully raised $14 million.
The funding round was led by CoinFund and Distributed Global, and included notable investors such as Arrington Capital, Breyer Capital, CMT Digital, Folius Ventures, Galaxy Digital, HackVC, Modular Capital, Nascent, Road Capital Management, and XYZ Division.
Helmed by Robert Leshner, the founder of DeFi platform Compound, the startup plans to utilize the funds to expand the team and create regulated private funds for institutional investors in the United States.
Leshner explained that most first-generation tokenized funds are currently failing due to operating on private blockchains or being restricted to offshore entities, thus preventing access to US investors.
According to Jake Bruchman, founder and CEO of CoinFund, Superstate’s approach has the potential to bridge the gap between high-quality, compliant financial products and the innovative opportunities offered by DeFi.
In June, the startup filed with the SEC to launch an open-end mutual fund based on Ethereum. It’s worth noting that according to analysts at Bernstein, the market for tokenized assets could potentially reach $5 trillion within the next five years.
