Fission Labs Secures $1.6M in VC Funding; Launches Testnet

On October 15, 2024, Fission Labs, based in East Hampton, United States, announced a successful $1.6 million pre-seed funding round. This funding was led by SALT Fund and Kraynos Capital, with notable participation from Anthony Scaramucci of Skybridge. Fission Labs aims to revolutionize the venture capital landscape by integrating decentralized finance (DeFi) with traditional investment methods. The company launched its closed testnet on the Ethereum blockchain, marking a significant step towards creating a platform where both crypto enthusiasts and traditional finance participants can engage in private equity-backed token investments. The testnet will allow users to trade and invest in Fission's VC secondaries token, TECH, which is designed to facilitate the convergence of private equity and venture capital products with web3 technologies. Jonathan Shaffer, CEO and Co-founder of Fission Labs, emphasized the importance of community involvement in building the protocol, highlighting the hands-on opportunities available for users. Fission Labs is positioned as a pioneering DeFi application that combines tokenization, trading, lending, and automated liquidity provisioning into a cohesive solution. The founders bring extensive experience from leading firms in both centralized and decentralized finance, including Point72, MakerDAO, and Compound. This initiative is expected to attract a diverse range of investors, bridging the gap between traditional finance and the burgeoning DeFi sector. As the platform develops, Fission Labs aims to create a robust ecosystem that empowers users to participate in innovative investment opportunities, ultimately reshaping the venture capital landscape in the digital age.