New York-based Fission has raised $10 million in Series A funding led by Pantera Capital to build liquidity infrastructure for tokenized investment funds.
The round includes Circle Ventures, Borderless Capital and Ari Rubenstein, CEO of GTS. Existing backers include New Form, gumi Cryptos Capital, Anthony Scaramucci, Manhattan Venture Partners, Reflexive Capital and Lattice Capital.
Founded in 2024 by Jonathan Shaffer, Steve Bendit and Chris Humphrey, the company brings experience from institutions including Point72 and Securitize.
Fission is addressing a limitation of financial tokenization. Putting ownership of an investment fund on a blockchain can make issuance, recordkeeping and settlement more efficient, but it does not automatically make the underlying investment liquid.
Investors in private-market and semi-liquid funds may still face restricted redemption windows, limited secondary markets and transfer requirements. A digital representation of an asset does not guarantee that someone is willing or permitted to buy it.
Fission is building infrastructure that allows eligible investors in supported tokenized funds to access liquidity without waiting for conventional redemption cycles. Its system is designed for regulated, permissioned markets, preserving investor eligibility checks, transfer restrictions and compliance requirements.
The company says it has already processed millions of dollars in redemptions and transactions. The new capital will expand its liquidity capacity, institutional integrations and coverage of products including private credit and alternative investment funds.
The commercial opportunity is to provide infrastructure for financial institutions issuing tokenized assets, rather than becoming another token issuer.
But the central challenge remains economic rather than technical. Reliable liquidity requires available capital, appropriate pricing and counterparties willing to assume risk. Fission will need to demonstrate that it can deliver those elements consistently, including during periods of market stress, when investors are most likely to want their money back.