Tokenization platform Etherfuse raises $3 million seed round at $12.5 million valuation
Etherfuse began raising funds for the seed round in January and closed it in May, co-founder and CEO David Taylor told The Block. The round was structured as a simple agreement for future equity (SAFE) and brought Etherfuse's valuation to $12.5 million
Etherfuse has raised a $3 million seed round co-led by White Star Capital and North Island Ventures.
With this round, Etherfuse’s total funding stands at $5 million, and its valuation at $12.5 million, co-founder and CEO David Taylor told The Block.
Etherfuse, a real-world asset (RWA) tokenization platform, has raised $3 million in a seed funding round.
White Star Capital and North Island Ventures co-led the round, with Stellar Development Foundation, FunFair Ventures, Department of XYZ, Anna Yuan of Solana Foundation and Alice Ann Schwartz of Rising Tide Network participating, Etherfuse said Saturday.
The startup began raising funds for the seed round in January and closed it in May, co-founder and CEO David Taylor told The Block. The round was structured as a simple agreement for future equity (SAFE) and brought Etherfuse's valuation to $12.5 million, Taylor, a former Apple and Boeing engineering leader, said.
Taylor added that the seed round brings Etherfuse's total funding to $5 million. The startup previously raised $2 million in a pre-seed round from friends and family, also via SAFE.
What is Etherfuse?
Etherfuse is an RWA tokenization platform co-founded by Taylor and his brother AJ. The platform focuses on tokenizing emerging market assets. "We didn't feel the U.S. would let us innovate on products that could be viewed as securities, so we went to Mexico where we felt we'd be able to develop a tokenized bond product," Taylor said. "Currently, we're the only Mexican peso-denominated yield-bearing asset in the world."
Etherfuse currently offers four short-term tokenized debt products: tokenized Mexican Federal Treasury Certificates (CETES), tokenized Brazilian National Treasury Notes (NTS), tokenized European Union bonds from Spain and Germany, and tokenized U.S. Treasurys, Taylor said. Etherfuse calls its tokenized products "stablebonds" as these are tokenized versions of physical bonds issued by sovereign entities.
Taylor said Etherfuse currently has about 10,000 Stablebonds holders, and the platform has a total value locked of about $2 million.
