Bankless · Monday, August 3, 2026
Blockchain Capital discusses their early 2017 decision to tokenize Fund 3, aiming to expand access and liquidity for venture capital. Despite infrastructure limitations at the time, the tokenized fund has grown to roughly $1 billion, demonstrating the potential for future programmability and liquidity for tokenized real-world assets.
“And so he said, listen, let's go walk the walk and not just talk the talk, right? Like sometimes you have to go roll up your sleeves and go and actually build products in the space that's both awesome and a great learning experience and incredibly painful because when you're trying to do it in 2017, the infrastructure doesn't exist, right?”
“The first one was access. So it was, hey, listen, could we improve access to a venture capital fund? We were very successful in this regard. I used to know all the stats off the top of my head, but I think we had participants from like 80 different countries, including, by the way, a researcher up in Antarctica.”
“Today, that fund is somewhere around roughly a billion dollars in assets. So it has been wildly successful for those participants. But what I'm most excited about is the opportunity to help it fulfill its full vision, right? Because ultimately, we can now have the trading infrastructure built around this to make it liquid.”