Announcing Fund II

I've been following the flow of assets my entire career, and this is the most dynamic period in technology and finance I've ever witnessed.

The founders rethinking financial assets and markets have always had to be bold. They operate in spaces where the rules are unsettled, incomplete, or simply unwritten - in short, they shape the frontier. That means they need partners who understand both the technology and the regulatory terrain around it.

That terrain is now shifting fast. The foundations of capital, commerce and trust are undergoing meaningful structural changes. The founders who can see across all of it, and build accordingly, will be defining entrepreneurs of this era. Backing them is why we started Haun Ventures, and today we're announcing $1 billion in new funds to continue partnering with the founders who are building this new economy.

The Opportunity Ahead

Essential services like money, payments, banking, capital markets, insurance, identity, and reputation are rapidly transforming. Digital assets are now a multi-trillion dollar asset class. Stablecoin transaction volumes in 2025 grew to double digit trillions in volume, approaching more than Visa and Mastercard combined. Neobanks and traditional giants alike are starting to tokenize assets and offer them globally from day one. Entirely new financial products like prediction markets and perpetual futures are starting to gain adoption with both retail and institutional customers. And this is not even to mention the new products and services that will be developed for a world in which computers are the customers, as AI agents increasingly begin to conduct economic activity on our behalf.

We see this converging around three areas we're following closely:

1. The new financial infrastructure. The core plumbing of global finance - payments, banking, capital markets, custody, foreign exchange - is being rebuilt for a world that is digital, global, and always on. Building the next generation of financial services from scratch includes crypto, but is bigger than that toolset alone and in general will mean using better technology, fewer intermediaries, and no legacy constraints.
2. New assets and markets. What started with stablecoins is expanding across the full surface area of global finance. Currencies, securities, derivatives, and other real-world assets are moving onchain through tokenization. When issued that way, they instantly become financial primitives that are borderless, always on, and programmable. That's why we're starting to see commodities markets like gold and oil migrate onchain, and other assets will follow. Tokenization also enables entirely new markets because they create global liquidity pools without needing region-by-region infrastructure. A prime example is prediction markets. While today they're largely sports betting and politics, they could soon create new event-risk hedging, insurance, and business outcome markets, with resolutions that feed directly into conditionally programmable capital.
3. The agentic economy. Agents will take on an ever-growing share of tasks on behalf of humans. And to realize their potential they will need to be able to pay for things, transact, subscribe to software and services, etc. Unlike humans, they will operate 24/7 irrespective of time zones and geographies and route to the fastest, cheapest, and most efficient paths available. Just as the internet didn't simply digitize retail but gave rise to entirely new behaviors - e-commerce, on-demand logistics, global marketplaces - the agentic economy will not merely enhance existing systems. It will create entirely new paradigms of coordination, trust, and value exchange. Every supporting layer will need to be rearchitected for this world: fraud prevention, credit, insurance, identity, privacy, provenance, reputation, and verification all require native versions designed for how agents transact, and cryptographic tools will be important here. Like the platform shifts before it, this will take time. But as agents assume a growing share of transactions and decisions, it is inevitable.

Building at the intersection of technology and regulation means not being afraid to operate with high levels of risk and uncertainty. I know this requisite fearlessness firsthand: from prosecuting the hardest and most dangerous crimes at the DOJ to serving as an independent director at Coinbase during the emergence of an entirely new asset class. And we've built an investment team of founders, operators, and engineers who share that DNA but also have expertise in distributed systems, security, cryptography, and finance.

There are no easy victories on this new frontier. The founders pursuing the biggest opportunities aren't just navigating complex regulatory environments - they are simultaneously earning the trust of institutions and bridging the gap between emerging technology and the established financial world. Our team has helped companies like Coinbase, Anchorage, GitHub, Square and others do exactly that.

If you're building in any of these areas, we'd love to hear from you.

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