Superstate, a company with a focus on managing tokenized RWA assets via blockchain, has raised $14 million.
The round was led by CoinFund and Distributed Global. Participants include Arrington Capital, Breyer Capital, CMT Digital, Folius Ventures, Galaxy Digital, HackVC, Modular Capital, Nascent, Road Capital Management and XYZ Division.
Led by Robert Leshner, founder of DeFi platform Compound, the startup will use the funds to expand its team, create regulated private funds for institutional investors from the US.
According to CoinFund founder and CEO Jake Bruchman, Superstate’s approach has the potential to bridge the gap between “high-quality compliant financial products and the tremendous benefits and innovation that DeFi can offer.”
In June, the startup filed an application with the SEC to launch an Ethereum-based open-end mutual fund.
As a reminder, Bernstein analysts estimate that tokenization could encompass $5 trillion in assets over the next five years.