PANews reported on November 25 that according to Fortune, Metalayer, a crypto investment company founded by three former executives of Two Sigma Ventures, has submitted documents to the U.S. Securities and Exchange Commission, planning to prepare a $25 million crypto venture fund. Sources revealed that the fund completed its first round of fundraising last Friday, obtaining $20 million in committed capital, and aims to complete all fundraising by the end of the year.

Metalayer's founding team includes Andy Kangpan, former head of digital assets at Two Sigma Ventures, Mickey Graham, former vice president, and David Winton, former vice president of software engineering. Despite initial support from some Two Sigma executives, Metalayer has no formal relationship with Two Sigma. In addition, the fund has also attracted investments from family offices and crypto protocol executives.

Metalayer’s investment focus is on the intersection of cryptocurrency and traditional financial services. It has currently invested in three companies, including the “synthetic dollar” project Ethena, the institutional-only crypto exchange Crossover, and the blockchain settlement platform Clear Token.