Postmates founder banking companies $23 million for his new crypto startup TipTop – TechCrunch

Postmates founder Bastian Lehmann’s new crypto startup TipTop was flippantly teased out a number of weeks in the past, but now the stealth startup is sharing some info on its early funding, nevertheless there is not much info on what they are actually undertaking with that dollars.

Lehmann notes that the firm has raised a $23 million Sequence A from a16z with Marc Andreessen himself becoming a member of the startup’s board. Other backers in the round contain Sam Altman, Naval Ravikant, Andy McLoughlin, Jeff Clavier and Dan Romero, between others.

The startup is trying to keep things as vague as feasible on its web page and job listings with redacted graphics promising “consumer finance solutions for a switching web” and that they are “building protocols and infrastructure,” executing a thing “at the intersection of fiat and crypto.” It’s all publicly unclear, but buyers seem to be eager to toss some funds powering Lehmann right after Postmates’ $2.65 billion exit to Uber in mid-2020.

This round’s announcement will come at a tough time for the broader crypto marketplaces immediately after this previous week’s crash, which was brutal even by crypto benchmarks.

That strike is leaving a great deal of venture firms in a challenging spot and most likely questioning their motivation to the sector. This lack of volume, especially from progress corporations, could make scaling a crypto business a lot more tricky in the coming years if the sector is certainly on the cusp of a “crypto winter”. For repeat founders like Lehmann and ex-Meta government David Marcus who also introduced enterprise backing for his new crypto startup yesterday, these problems will obviously be considerably less pronounced.

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