Borderless Capital

In Sep 2022 we published our initial DePIN thesis (aka DePIN Thesis 1.0) along with the launch of our DePIN Fund I (Focused primarily on the Helium ecosystem) and our DePIN Fund II (Focused on the early days of a category that was undefined at that time) backed by key investors such as Telefonica, Jump Crypto, OKX, GSR among others. Today we’re thrilled to announce the release of our DePIN Thesis 2.0, co-authored by our partners Sean Carey and Álvaro Gracia: "The Next Evolution of Web3 Distributed Hardware Networks" https://lnkd.in/eUUyRGU3 A fresh look at how decentralized physical infrastructure networks (DePINs) are revolutionizing the way we build global networks. Utilizing Web3 models, DePIN protocols expand by integrating real-world utilities that have been elusive for traditional blockchain projects. These networks offer a mix of governance rights, asset ownership, and crypto rewards, accelerating growth and market share. Bespoke vs Commodity DePINs: we highlight a pivotal distinction in the DePIN ecosystem. Bespoke DePINs focus on custom hardware tailored for specific functions, ensuring high performance and reliability. Examples include Helium, DIMO, Hivemapper, WeatherXM and GEODNET. In contrast, Commodity DePINs leverage off-the-shelf and ubiquitous devices like Smartphones, allowing for faster deployment and broader adoption, as seen with NATIX Network and UpRock. #CommodityDePIN #BespokeDePIN Another example of the convergence of Commodity DePIN and BespokeDePIN is Worldcoin, where a network of trained operators use specialized hardware (the #Orb) to create an on-chain ID that the user can access through a common device like their smartphones. Worldcoin addresses the lack of Proof of Personhood in Web3. Right now, a person can operate 1 or thousands of addresses, which creates the risk of Sybil attacks on Web3 network, specially in DePIN protocols. Our DePIN Thesis 2.0 also explores innovative tokenomics and investment strategies. Token-based incentives not only fund but also fuel the rapid expansion of these networks, marrying tokens with tangible utilities and aligning the interest of all the network participants. We believe in DePIN’s potential to redefine global infrastructure deployment through decentralized, crowd-sourced efforts and at the same time provide unique value to users in an affordable and more efficient manner.

The evolution of Decentralized Physical Infrastructure Networks into two distinct models: Bespoke #DePIN and Commodity #DePIN Learn more in the latest article by our partner Sean Carey 👇

🎉 We are excited to welcome our new partner Sean Carey to the Borderless Capital team! Sean Carey is a serial entrepreneur, investor and as a co-founder of Helium, one of the most experienced operators in the #DePIN category 💪

🌐 Borderless Capital is proud to announce the acquisition of CTF Capital, a Miami based quantitative trading and asset management firm with tech operations deeply rooted in LatAm and Argentina. This strategic move strengthens Borderless Capital with a wealth of AI-driven strategies, advanced quant trading methodologies, and on-chain expertise allowing for MEV-oriented opportunities. 📊 From now-on CTF Capital's existing Funds will be integrated within the Borderless Multi-Strategy Fund V LP, enhancing our commitment to delivering risk-adjusted returns across both established and emerging digital assets. 🤝A strong welcome to the talented CTF Capital team, including Hernan Yellati, Brian Prilick, Carlos Ferraro Cavallini and all the others, now core members of the Borderless Capital. Their expertise in quantitative crypto asset management, encompassing automated market making, AI-driven strategies and MEV focused opportunities, significantly reinforces Borderless’ intellectual property. 📣"We are extremely excited to join forces with the CTF team and bring new skills, new expertise, new investors and new team members to the Borderless Capital, positioning our firm for the next phase of growth, in a time of when institution and large organization are driving the market adoption and validating this asset class. The CTF Capital team competences are very synergic and complementary to Borderless Capital and will allow us to provide a better service to our investors base and group of portfolio companies." - David Garcia, Managing Partner, Borderless Capital. 🇦🇷 In parallel, Borderless Capital is establishing offices in Buenos Aires, Argentina next month as the new LatAm HQ. This expansion aligns with our commitment to have a global presence and reinforces our ties to the vibrant Argentinian community of investors and startups. https://lnkd.in/eFS7-4hG

We are excited to announce our lead investment in NodeKit $1.2m pre-seed round along with Blizzard Fund and Polygon Labs Ventures among others. Learn more in our latest notion publication: https://lnkd.in/etNEs4Us NodeKit is a shared sequencer protocol that promotes economic efficiency and true decentralization for the Cross-Chain modular Web3 ecosystemand brings atomic composability, enabling economic efficiency & decentralization. Their innovation supports smart contract rollups such as Polygon Labs CDK and Optimism Foundation, Data Availability layers like Avail, Celestia Labs or EigenLayer DA, and more. By decentralizing sequencing from the beginning, NodeKit improves uptime and enables cross-chain interoperability through different rollup chains. We're proud to support NodeKit mission to build a performant, distributed and aggregated Web3 rollups infrastructure. The NodeKit team is scaling fast and hiring new members! Join them on their journey to revolutionize the modular Web3 ecosystem. Check out their available positions here: https://lnkd.in/eRUmgdA8

Last week we announced many new partners joining the the Cross-Chain Ecosystem Fund and hosted a very successful event with the Backpack & Wormhole for the Miami 2023 Art Basel week. Exciting way to wrap up this year! In case you missed it, we announced that Avalanche, BENQI 🔺, Biconomy, Centrifuge, COLONY LAB, IoTeX - Connect Smart Devices to Smart Contracts, Linera, Luganodes, Marinade.Finance, Monad Labs, peaq, Runtime Verification Inc and Tanssi Network have joined as new partners for our Cross-Chain Ecosystem Fund (”CCEF”) in partnership with Wormhole We're thrilled to welcome these new strategic partners to the CCEF, you can read more here in our latest publication: https://lnkd.in/eKqAG4nz Since it’s inception, the CCEF has already backed 12+ cross-chain companies from Decentralized Oracle to Account Abstractions tools. We’ve been incredibly impressed by the quality of the founders in the space. Highlighting some of our recent Cross-Chain investments: - Biconomy: a protocol expanding mainstream applications by leveraging account abstraction and modular Web3 development. - Delegate: a delegation infrastructure layer for token rights while serving as a new programmable identity standard for users to securely manage the utility of their digital assets. - Diva Staking: an Ethereum Liquid Staking protocol powered by Distributed Validator Technology (DVT) that aims to be the safest, most decentralized, and trustless LST solution. - Grove : a blockchain data platform built on top of Pocket Network, providing apps with reliable, performant, and cost-effective access to blockchain data. - Linera: the most recent spin-off from the Libra/Diem project which is developing a new paradigm for elastic scaling on-chain execution called “microchains”. - Movement Labs: a cross-chain ecosystem for Move-based virtual machines that can plus in to any chain through roll ups. - Noble: the cross-chain asset issuance for the Cosmos ecosystemfor all IBC-based chains on Cosmos, starting with bringing native USDC for dYdX, Osmosis, and +60 chains. - Pyth Network: the leading cross-chain oracle network, providing sub-second, first-party high-fidelity data feeds across Web3. - Tanssi Network: a new cross-chain network leveraging Polkadot 2.0 to make app-chains development seamless and with a developer-friendly approach through its infrastructure and tooling. In addition to these investments, we partnered with Outlier Ventures and Wormhole Foundation to accelerate and fund the first Cross-Chain startups cohort powered by Wormhole. The Outlier Ventures Accelerator program will be running until February 2024.

🎉We are excited to announce that Borderless is partnering with the Outlier Ventures and the Wormhole Foundation for supporting the new Wormhole Base Camp program to back the next generation of Cross-Chain founders.🎉👷 This is a 12-week virtual accelerator that will include workshops with subject matter experts from Outlier Ventures and Wormhole protocol’s group of core contributors, as well as mentorship from industry experts. Selected Teams will also receive $200,000 investment from Borderless Capital. 📩Applications are now open, will close in December 2023 and the program will start in January 2024. Have a great cross-chain business idea? Apply here: https://lnkd.in/gADyBDTU

🤝 We are honored to partner with Telefonica for supporting the adoption of the Decentralized Physical Networks (#DePIN) on top of #Web3 technologies. Learn more about our thesis for the evolution of @Web3 decentralized hardware networks👇 https://lnkd.in/d8Hbg-v6 And the recent paper published by Telefonica Ventures investment manager Álvaro Alcalde López https://lnkd.in/dgx3zjAB

Excited to announce our investment in Movement Labs alongside dao5, Varys Capital, Blizzard Fund, COLONY LAB, Interop, Elixir Capital, BENQI 🔺, Calvin Liu, Anurag Arjun and other investors who share our vision. Congrats to rushi manche, Cooper Scanlon & the rest of the team 🌐 Movement Labs is changing the game by enabling developers on any L1 or L2 chain to build secure #Move applications without leaving their chain Read more here: https://lnkd.in/e3C2VMnK