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SOLANA BROTHERS ARE TAKING NEW STEP TOGETHER OF LAUNCHING THEIR OWN VENTURE CAPITAL FUND

SOLANA BROTHERS ARE TAKING NEW STEP TOGETHER OF LAUNCHING THEIR OWN VENTURE CAPITAL FUND 

Dylan and Ian Macalinao, best known for creating the stablecoin swapping protocol Saber, renamed their own group of developers, Ship Capital. The Protagonist, as the fund is now known, has raised at least $ 33 million, according to the website and regulatory documents.


New pressure from the Saber brothers means that two successful donors to the Solana ecosystem will now officially split their time between building crypto projects and investing in them.


That raised some concerns among space-based VCs; multiple told CoinDesk that making both efforts well requires hard-to-find "focus".


"I do not think it encourages self-confidence to be committed to the protocol, but it is generally accepted, with many outstanding examples," said the third VC, naming Robert Leshner and Tarun Ventures' Robot Ventures as one.


The Protagonist lists four people with the title "Co-founder and GP" - brothers Dylan and Ian, and CEO of Pint fintech company Henry Hurst, and George Bousis, a self-proclaimed investor. Business lawyer Sevan Avakian is the Protagonist's general adviser and partner, while Jiani Chen is an investment partner, the website reported on Sunday. Monday night dropped the "General Partner" descriptions of the brothers, Hurst and Bousis.


"Protagonist creates and invests in companies that define the future of crypto," the website said. So far layer Aptos 1 has been used, an organized NFT launcher called Cardinal, neobank Cogni and a distributed platform for Delta One.


The redevelopment of Ship Capital (regulatory documents capturing name change) shows its shift from being a GitHub supplier to a corporate fundraising company bonafide venture capital.


That pivot did not occur naturally: both brothers publicly declared their “group of friends” who wrote the code that it was just that.


"It's not a VC, and we as an organization have never made any investments, and don't plan for us anytime soon," Ian wrote on Twitter last November. Two months ago, Dylan had said the same thing.



Company records show that "any time soon" was not at all old. “Ship Capital Labs US, LP” registered in Delaware in late January 2022; saw its name change to “Protagonist US LP” in fulfillment of the Securities and Exchange Commission on May 23.

Source: yahoo




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