Our heart goes out to all those impacted by Putin’s war. 


It does highlight an important theme that was very theoretical until this moment – the separation of money and state.  


We’re all so used to the concept that governments/monarchs issue money – we don’t really ever have to think of it.  But in times like these, millions of people are being forced to.  Millions of private citizens and many governments themselves will ultimately come to the conclusion that there’s no obvious reason why governments have to be the sole issuers of money.  That, while state-sponsored money is great for millions of people, private citizens often bear the human cost of their government’s ill-conceived actions, and to mitigate that impact they want their savings in bitcoin or another cryptocurrency.


Millions will come to the conclusion that stateless money is superior to paper money controlled by governments – their own or others.


Bitcoin is stateless money, neutral by design.  


Bitcoin’s utility is most apparent when it is most needed.



Over $50mm has been raised by the government of Ukraine and NGOs in bitcoin, ethereum, and USDT in just a week.  That’s the beauty of cryptocurrency – instantaneous, cross-border transactions for a fraction of the cost of traditional payment rails.  Donations are being used to buy critical supplies.  Blockchain is helping to save lives.


Russia’s central bank has been cut off from most of the $630 billion of foreign reserves it stockpiled before invading Ukraine.  The ruble has fallen 23% versus the dollar since mid-February, exacerbating inflation and causing the Central Bank to more than double its benchmark interest rate, from 8% to 20%, which should crush the housing market.  Similarly, the stock market has plummeted, with Sberbank down 99.7% year-to-date; Gazprom, -94%; Lukoil -99%; and Polyus, -96%.  Everyday Russian citizens are getting financially decimated as a result of their leadership’s decisions.


Russia has been divesting U.S. dollars over the years.  But, doing it with inside-the-box thinking – to other centrally-controlled currencies.  Countries may soon begin transitioning to bitcoin for foreign/cloud reserves.  The ability to hold their own currency reserves will become very appealing to many nations and private citizens.  Citizens will want to protect themselves from the financial impact of their government/dictator’s decisions.



Bitcoin Hits All-Time High In Russian Rubles


Bitcoin has hit an all-time high when priced in Russian rubles.


Bitcoin’s utility is most apparent when it is most needed.





Pantera Blockchain Fund, a new “all-in-one” wrapper for the entire spectrum of blockchain assets, will close to new Limited Partners in April.  



The summary of terms can be found here.  Click the button below to begin the investment process online.



Please join us for Pantera Blockchain Fund Final Closing Call on March 8th at 9:00am PST.  You can register here.





Pantera Blockchain Fund has invested in 44 early-stage token projects and venture equity deals, with a record pipeline behind it.


Pantera led the $12mm debut-funding round for Aurora – a bridge for the NEAR blockchain designed to provide Ethereum compatibility and scalability for NEAR smart contracts.  In addition to a handful of DeFi investments, we led the $50mm Series B for VALR – a leading cryptocurrency exchange based in South Africa – with participation from Alameda Research, Coinbase Ventures, CMT Digital, and others.  The team has also been sourcing deals in two of the hottest sectors – blockchain gaming/metaverse and NFTs.  Notable positions include GuildFi, a Web3 gaming infrastructure platform, in addition to an NFT Fund.  Pantera has led or co-led 26 deals, with more to be announced in the coming months.


Investment Themes






Pantera Blockchain Summit will be April 5th, 2022 at The Ritz-Carlton San Francisco.  We are excited to host keynote speakers including CEOs, founders, and others from Alchemy, Amber Group, Wyre, BCB Group, Bitso, Flexa, Braintrust, Acala and many more.


If you are interested in attending, you can submit an application here and a member of our Capital Formation team will contact you regarding availability.



It’s fun to host the event in downtown San Francisco.  Although we’ve invested in dozens of countries over our eight years, half of all the projects we’ve ever invested in are within three miles of our two San Francisco-area offices.


This allows our San Francisco-based team to be able to communicate much more freely with entrepreneurs and teams we’re supporting.  We literally bump into each other on the streets.  


We’ll be hearing from many of these founders at this year’s summit.


For those interested, you can check out highlights from our most recent summit here.


History of Pantera Summits


Pantera Blockchain Summit 2022 is one of a series of gatherings we’ve hosted since 2013.  The purpose is to bring industry leaders, academics, regulators, and lawyers together to discuss the most important topics in blockchain.  Our 2013 Summit served as the basis of Nathaniel Popper’s book Digital Gold.  It was a small gathering in a private residence with thirty crypto-enthusiasts and early developers.  Since then, the industry has grown from what many considered a small-scale science project to a massive asset class storing two trillion dollars in value.  The community has come a long way!   



The timeline of our summits is a proxy for the growth of the industry.  Bitcoin’s price and total crypto market cap has doubled over eight times!  The first Summit was held when the entire crypto market cap was just $1.6bn – about what MakerDAO alone is worth today! 


We are expecting 600 participants – an order of magnitude more than we could fit in my house back in the day.


The Summit historically concludes with a poker tournament.  At Pantera poker tournaments, paper money is no good.  You can only buy in with crypto.  In 2015, everybody threw in a bitcoin, which was a couple hundred bucks at the time. The 23 BTC pot is a million in today’s paper money.





The market for NFTs has grown to $40 billion, with an incredible amount of value waiting to be tapped into as use cases beyond digital art are unlocked.  We invited Dannie Chu, co-founder of MakersPlace, to discuss his outlook on the space, the use cases of NFTs beyond digital art, and the backstory behind Beeple’s $69 million dollar NFT auction.


Q:  Tyler Winklevoss says that “Bitcoin is better at being gold than gold”when thinking about the various properties that make art valuable, are NFTs better at being art than traditional art?


Dannie Chu:  “I love that quote.  I think the short answer is yes, 100%, and it’s not because I’m biased and run an NFT art marketplace.  There’re actually a lot of advantages.  If you can wrap your head around the idea of digital ownership, there’s a lot.  I’ll rifle through some of these:


1. Proof of authenticity and provenance:  “If you think about what happens in the fine art world or the physical collectibles world, that process of authenticating and tracking the history of ownership is extremely onerous. You have to go through appraisers and experts.


“People are buying fakes all the time. There’s the Logan Paul example. He just bought a completely fake set of Pokémon cards for millions of dollars – it went through a legitimate appraisal process and eventually found that they’re completely fake. That proof of authenticity element is a major issue in a physical world. From an NFT perspective, it’s on the blockchain. It’s tamper-proof. If you wanted to, you could trace the ownership history right back to the original creator and it’s all there for you. There’s very little risk associated with that.”


2. Storage, space, and display:  “When you think about collectibles, they take up physical space. If you are a fine art collector, that has to hang on your wall. How much wall space do you have? If you’re collecting shoes or wine, that has to take up space. Also, actual preservation of art takes effort – you got to clean it, make sure there’s no sun damage, natural wear and tear. These are things that you have to maintain.


“There’s only so many walls and places that you can display your collectibles. Whereas with NFTs, it’s infinite. Your display is the internet. You can display in VR if you want to. You can use it as your profile image on Twitter. On MakersPlace, you’re displaying it on your online collection – there’s no degradation, it’s all digital. When you see collectors on MakersPlace today, you’re seeing collectors collect thousands of artworks, which is unheard of from a physical standpoint.”


3. Liquidity:  “If you wanted to trade, the velocity of trading physical, and the delivery of physical collectibles of any sort, is onerous. There are services like StockX and GOAT that build services around verification. You take the NFT, put it on a smart contract, someone transfer the funds and just like that there’s zero counterparty risk, it happens instantly. “


Q:  What other NFT use cases do you think there are?


Dannie Chu:  “With NFTs, like any sort of revolutionary platform, there is going to be a ton of innovation.  It’s hard to track all this stuff.  But the one thing that has always been at the core of an NFT is access.  That’s something that’s very unique to NFTs.  


If you think about collecting art   you’re getting proof of ownership in the form of like a digital ticket which then provides access to whatever it is.  There’s an enormous future there because access breeds community, community breeds engagement. 


We already saw this early on last year with some of the artists on our platform.  For example, we had a drop with DJ 3LAU & Slime Sundaythey released some original artworks and music.  Then we did this thing where the NFTs themselves acted as an access token, to gain access to a private show in Decentraland, super novel at the time.  Everyone thought it was such a cool, unique experience.


“Then recently you’ve been seeing projects like Bored Ape Yacht Clubthose NFTs serve as your identity, access to an exclusive community.  You can build from thereget additional NFTs, into private events, swagor just to flexto be part of an exclusive community, that’s something that has been happening since the beginning of society.  I think access and community is going to be a huge use case for NFTs, and it’s probably going to get even crazier from there.”


Q:   One of the big milestones that you guys had was doing the historic $69 million Beeple auction with Christie’s.  Any backstory on how that happened?


Dannie Chu:  “Before that sale happened, we were in the space for three years, really grinding it out.  We would knock on the big auction houses’ doors constantly to see if they wanted to partner with us because we knew that was the key to unlocking mainstream adoption.  We always had that line of communication open, but it really started to take hold in late 2020.  We had just completed the largest sale of digital artworka Trevor Jones & Jose Delbo collaborationwhich sold for $110,000.


“Christie’s reached out to my co-founder and said, ‘Hey, this is really interesting.  I think we’re ready to take this leap, but we don’t know anything about NFTs or digital art’.  They had never really dipped their toes into it.  They wanted to partner with us to shepherd them through that process.


“Over the course of a few months, we worked to see who would be a really great representative, because this was going to be the first major NFT auction by an auction house.  We tapped Beeple and we got him excited.  We thought he’d be a really great choice because he had a massive audience.  We worked together to come up with a narrative and helped produce that.


“We then took that to Christie’s in February and it just blew up.  It was phenomenal.  Nobody expected $69 million.  We were really hoping for maybe $10 million.  Beeple had actually just sold a piece for a few million dollars a week before the auction, and so we were like, ‘Okay, we’d be happy with $10 million’ – but the auction just kept exploding and it eventually got to $69 million.  It blew everybody’s mind.  I’m not going to lie and say that I expected it.  It was pretty insane.”


Q:  How big do you think this NFT market can get?


Dannie Chu:  “I honestly think it will rival the DeFi market, if not surpass it.  You’re talking trillions of dollars in market potential, and I’m not being hyperbolic.  It’s based off of a couple of things.


“It’s not like NFTs created value.  Value was already out thereall the music, all the digital creations that are available in games, online on places like Instagram, Pinterest, YouTubethat value was created over the course of 20 years.  However, there was no mechanism to unlock that value.  That’s what NFTs did.  It finally provided a way to unlock all this pent-up value. 


“NFTs are definitely going to disrupt all these different marketsart market, games, videos, fashion, ticketing, real-world items.  All the value that has been accrued in all these different markets that didn’t have value: social media (trillion-dollar market), art market (multi $100 billion market), e-commerce (multi-trillion dollar market).  If you started to take all the digital assets out there and assign value, you’re looking at a trillion-dollar market there alone.


“NFTs have been around for just under four years.  There are a little over a million NFT collectors out there, with a market size of around $40 billion today.  If you compare it to the e-commerce market, with literally billions of people buying online, it’s a trillion-dollar market.  You can easily see this $40 billion market growing 100x or even 1,000x because it’s so early.  The potential is enormous;  the sky’s the limit!”


Check out the recording here.





Facebook’s rebrand to “Meta” and the recent high-profile gaming company acquisitions by Microsoft and Sony are major indications that the metaverse is coming.  We hosted a call with Alex Paley of Faraway and Mitch Penman-Allen of Perion to discuss the blockchain-gaming industry, where it’s heading, and the hurdles to overcome.


Q:  What is a blockchain game and what’s play-to-earn?


Alex Paley:  “If you take a step back in free-to-play, these are games with closed economies, all of the items are owned by the game developer, right?  The players typically have no ownership of the items that they earn and they have no governance over how that game evolves over time.  Play-to-earn, blockchain games, Web3 games, whatever way you want to call them, give the ownership back to the players.  I think that’s really important.  If you earn an item in-game, you actually own that item.  You can trade it with another player, you can sell it on a marketplace, you can do whatever you want with it.  These types of very social, peer-to-peer interactions were typically banned in traditional free-to-play games.  These were things that would happen on these weird gray market forums.  If the game developer making the game caught these types of actions happening, they would penalize the player.  They would ban their account.  Play-to-earn gaming are games with open economies, where the players own their assets, can transact, and do whatever they want with them.”


Q:  Do you think Facebook, now Meta, made the right decision to refocus on the metaverse?


Mitch Penman-Allen:  “A lot of their earnings issues had to do with the slowing of user acquisition and competition from short-form video platforms such as TikTok rather than specifically the metaverse rebrand.  I would’ve expected the Facebook metaverse offerings to fall under the umbrella of Facebook brands until such a time that demand for them overtook the core Facebook product.  I do think they’re early for a complete rebrandl – less than 2% of internet users in the developed world own a VR headset.


“However, it is important not to think of the future in terms of the past.  I recently purchased two sets of Oculus Quest to test with a friend the technology has come a long way, and it’ll only get cheaper over time.  It’s not hard to imagine a world where our day-to-day interaction moves into more digital landscapes – in the backdrop of Covid we saw a use case for that.  I’m sure Meta are working really hard to lower barriers of entry and we’re definitely keeping a close eye on the developments there.”


Q:  Are you seeing any differences in company building (team/strategies) between traditional gaming and crypto gaming?


Alex Paley:  “From a game design standpoint, it’s very different because now you aren’t putting up all of these blockades.  You’re saying, ‘We’re actually going to incentivize all of these peer-to-peer transactions and then need to design around that.’


From a company-building standpoint, the amount of community involvement is orders of magnitude higher than any other thing I’ve ever experienced in more-traditional game development.  You’re giving the community governance over how the game evolves over time.  That doesn’t start when the game is ‘released’, it starts while the game is in development you’re developing the game almost alongside the community.  It’s a very different development process because you’re getting that constant feedback loop.  A lot of people in Discord that feel like they have a real say, and it’s pretty powerful.  It’s almost like the first time that the community and the game developer have had a benevolent relationship vs. a completely adversarial relationship, which is what you see typically with EA vs. the players or Activism vs. the players.  It’s pretty cool.  It’s definitely different, but I think it’s different for all the right ways.”


Q:  Do you think traditional gaming companies are going to be integrating NFTs?


Alex Paley:  “I think they all are going to at some point – the biggest question is what franchise do they do it with?  Take Activision, after seeing what happened with Ubisoft and Ghost Recon, is Activision going to go out and do this with a Call of Duty?  Or is Microsoft going to go and do this with their new Bethesda game, Starfield?  It’s just like the ones that created The Elder Scrolls series.  I think everybody has learned that retrofitting a fungible token economy into a free-to-play or a premium game design, one, doesn’t work from a game design standpoint, two, really pisses off the players.


“That’s the one thing that everybody learned from the Ghost Recon, Ubisoft fiasco – you don’t change a game design mid-cycle when the game is post-release.  Also, it’s important to only introduce a fungible token economy if it actually makes sense and is needed.  One of the big things that I’m seeing from Web2 companies (free-to-play or traditional companies) is that a lot of them are thinking about experimenting with introducing both crypto transactions and typical fiat transactions into the game.  I think that comes off as really scammy to players.  I’m hoping that they do not go that route, even though I believe you’ll start seeing some of them try to do that in the next six months.”


Mitch Penman-Allen:  “It’s going to be hard for a lot of developers to shift their thinking, especially if they’ve come from a free-to-play model or something similar, where they have certain ways of extracting value from the player base.  If they stick to the models they’ve been using, it will be very hard for them to pull that off without looking like they’re just trying to rip the player base off.


I also think the studios are positioned best small to mid-sized studios, where they can take a risk and really experiment with how game design looks in the new space and not be stuck to more traditional models.


“Web3 can really bring value back to the player base, where certain players in the game might actually make some money.  That’s a huge development, no longer looking at games that just serve to extract value from the player base.  It’s more about bringing something back to them.”


Check out the recording here.





We’re two years into the Federal Reserve’s policy response to the virus.  It’s really wild to look at this table of statistics – and ask yourself:  


Should Fed funds be LOWER?  


Should the Fed **still** be buying bonds – trying to manipulate mortgage yields LOWER?


That they are is truly mindboggling.



“For now, I would say that we will proceed carefully along the lines of that plan.  We’re going to avoid adding uncertainty to what is already an extraordinarily challenging and uncertain moment.”


— Fed Chair Jerome Powell, House Financial Services Committee Meeting, March 2, 2022


I’ve been doing this thirty-five years – have never seen anything like it.  It’s such an obvious policy failure.  They are **adding** uncertainty – as the runaway train seems to have nobody in control.  The policy corrections are going to have large impacts.


Rep. Andy Barr (R-KY) said the central bank should have removed stimulus faster after a $2 trillion spending program one year ago.  “Do you and your colleagues concede now in hindsight that the overly accommodative monetary stance for too long was a mistake?” 


“I always thought there was a chance we’d be wrong, and that if we were wrong, we’d be able to pivot, and we did pivot, and we pivoted pretty quickly” last December, he said.  “But by then, the economy really was moving very, very fast.”


— Wall Street Journal, March 2, 2022


What pivot?  They’re still keeping rates at zero and forcing bonds yields down.  
















The massive overvaluation of the U.S. Treasury and mortgage bond markets are beginning to correct.  When the Fed does actually pivot…and actually raise rates…and actually sell bonds – that soufflé is going to deflate awfully fast.


If you still own any bonds, you should sell them to the Fed pronto.






Pantera is now sixty fantastic people, most recently:


Kyle Canchola, Deputy General Counsel


Kyle Canchola is an attorney who specializes in matters relating to startups, high-growth technology companies, and venture capital firms.  Kyle spent the last five years at Fenwick & West and Cooley LLP.  He received his undergraduate degree from the University of California, Los Angeles, and his law degree from Stanford Law School. 






Our next thematic call will be on decentralized finance (DeFi) and will take place on March 15th at 9:00am PST.


Joining us for the discussion will be Drew Patel, co-founder or Risk Harbor, and Teddy Woodward, co-founder of Notional Finance.


DeFi was the dominant theme in crypto in 2020 and the ecosystem of applications has been growing since.  Over $200 billion in value is locked in DeFi protocols and decentralized exchanges now process over $100 billion in monthly volume.  We are excited to discuss the current state of the industry, the hurdles to overcome, and how the future of finance is decentralized.


You may register by clicking the button below.



Speaker backgrounds:


Drew began his career as the Chief Technology Officer of onfocoin, a decentralized cryptocurrency earned through mining.  His efforts towards a decentralized world led him to Coinbase, where he was an engineer working on the Wallet Team.  The lack of security within the DeFi marketplace inspired him to launch Risk Harbor with Raouf Ben-Har.


Teddy began his career as an interest rate swap trader at Barclays in London.  His interests shifted as he saw a lack of innovation in the traditional institutional sector.  An opportunity presented itself to bring a DeFi yield curve to the market, leading him to launch Notional Finance with co-founder Jeff Wu.





I **know** it sounds counter-intuitive that it really matters which bitcoin fund you pick, but it does.


In 2021, Pantera Bitcoin Fund returned 61% while the Grayscale Bitcoin Trust (GBTC) returned 7%. 



The minimum investment is $100,000.  For additional information on investing in Pantera Bitcoin Fund, click this link.  Or, you can email our Investor Relations team at



Take care,





“Put the alternative back in Alts”



Our investment team hosts monthly conference calls to help educate the community on blockchain.  The team discusses important developments that are happening within the industry, and will often invite founders and CEOs of leading blockchain companies to participate in panel discussions.  Below is a list of upcoming calls for which you can register via this link.


Pantera Blockchain Fund Final Closing Call

A detailed dive into our new “all-in-one” blockchain fund.

Tuesday, March 8, 2022 9:00am PST / 18:00 CET / 1:00am China Standard Time

Please register (in advance) via this link:


Thematic Call :: The Future of DeFi w/ Teddy Woodward (Co-Founder & CEO of Notional Finance) & Drew Patel (Co-Founder of Risk Harbor)

A discussion of the current state of DeFi and where the industry is heading.

Tuesday, March 15, 2022 9:00am PDT / 17:00 CET / 12:00am China Standard Time

Please register (in advance) via this link:


Pantera Blockchain Fund Final Closing Call

A detailed dive into our new “all-in-one” blockchain fund.

Tuesday, April 19, 2022 9:00am PDT / 18:00 CEST / 12:00am China Standard Time

Please register (in advance) via this link:


Investing in Blockchain Conference Call

A discussion of the blockchain opportunity set and how Pantera’s four funds are structured to capture value in this rapidly evolving ecosystem.

Tuesday, April 26, 2022 9:00am PDT / 18:00 CEST / 12:00am China Standard Time

Please register (in advance) via this link:


Pantera Early-Stage Token Fund Ltd Investor Call

Tuesday, May 3, 2022 7:00am PDT / 16:00 CEST / 10:00am China Standard Time

Open only to Limited Partners of the fund.


Pantera Early-Stage Token Fund Investor Call

Tuesday, May 3, 2022 9:00am PDT / 18:00 CEST / 12:00am China Standard Time

Open only to Limited Partners of the fund.


Pantera Liquid Token Fund Investor Call

Tuesday, May 10, 2022 9:00am PDT / 18:00 CEST / 12:00am China Standard Time

Open only to Limited Partners of the fund.


Recordings of past conference calls are available on this page.



Alchemy Raises $200 Million Series C1 at $10.2 Billion Valuation to Accelerate Growth in Web3


Alchemy is the leading blockchain development platform empowering developers to build blockchain-based products and applications.  Over $105 billion in annualized on-chain transactions have been powered by Alchemy to date, up 133% from October 2021.  The Alchemy team has launched initiatives aimed at growing the ecosystem including Web3 University, Alchemy Ventures, and NFT API.  Pantera participated in the $200 million Series C1 round co-led by Lightspeed and Silver Lake.  Pantera previously led Alchemy’s $15 million Series A round in December 2019, and participated in the $80 million Series B round in April 2021 and the $250 million Series C round in October 2021.


Amber Group Raises $200 Million Series B+ at $3 Billion Valuation for Global Expansion


Amber Group is a leading digital asset platform that provides investing, financing, and trading services to institutional clients and investors.  Amber Group has surpassed $1 trillion in transaction volume and $5 billion AUM and is looking to expand regional offerings to Europe and the Americas.  Pantera participated in the $200 million Series B+ led by Temasek alongside Sequoia, Tiger Global, Coinbase Ventures, and more.  Pantera previously co-led Amber Group’s $28 million Series A in February 2020 and participated in the $100 million Series B in June 2021.


Investing in Blockchain Gaming and Play-To-Earn Ecosystems


Fast Break Labs is the Web3 gaming studio building the Virtual Basketball Association (VBA) game.  The game utilizes NFTs and blockchain technology to create a unique gaming experience at the intersection of sports and crypto.  Pantera co-led the $6 million seed round alongside Patron, with participation from Brooklyn Nets owner Joseph Tsai, Sacramento Kings owner Aneel Ranadive, and Marc Merrill of Riot Games.  


Summoners Arena is an idle-RPG blockchain-based game that uses play-own-earn mechanics and delivers true ownership over gaming assets.  Pantera led the $3 million seed round with participation from Coinbase Ventures, GuildFi, The Spartan Group, and more. 


Investing in Decentralized Derivatives and Margin Protocols


Maverick Protocol is a permissionless derivatives protocol that improves capital efficiency and lowers slippage for traders.  Maverick aims to launch its mainnet product in mid-2022 and grow its core machine-learning and business team.  Pantera led Maverick Protocol’s $8 million strategic round with participation from Jump Crypto, The Spartan Group, Circle Ventures, and more.  


MarginFi is a decentralized margin protocol for trading on Solana.  MarginFi is focused on providing institutional-grade margin products and other trader-focused initiatives leading up to its DevNet launch in Q1.  Pantera co-led the $3 million seed round with Multicoin Capital, with participation from Sino Global Capital and Solana Ventures.




Pantera is actively hiring for the following roles:

  • Director, Capital Formation

  • Co-Head of Capital Formation

  • Associate, Capital Formation

  • Intern, Capital Formation

  • Content Writer

  • Platform Engineer

  • Principal DevSecOps Engineer

  • Quantitative Trader

  • Trader & Middle Office Associate

  • President

  • Executive Assistant/Office Manager

  • Executive Assistant/Personal Assistant to the CEO

  • Associate, Accounting

  • Associate, Finance & Operations

  • Associate, Finance & Operations (Co-Investments)

  • Senior Associate, Accounting

  • Tax Manager

  • Security + Crypto Economics Auditor

  • Platform Associate/Analyst

  • Investment Analyst/Associate

  • Growth Stage Investment Associate

  • Associate, Investor Relations

  • Chief Operating Officer


If you have a passion for blockchain and want to work in San Francisco, Menlo Park, San Juan, New York City, or London, please follow this link to apply.  Some positions can be done remotely.