Finality Capital Research
Investment Thesis
Finality Capital Partners (operating as Finality Capital Partners, or "FCP" for its venture vehicle) invests in blockchain-enabled businesses and digital assets, guided by the belief that "blockchain is a general purpose technology that will underpin all aspects of the economy and society." The firm organizes its thesis around three pillars: Infrastructure as a Public Good (permissionless cloud infrastructure that lets anyone serve billions of users without platform gatekeeping), Data Sovereignty (enabling users to own their identity and data so AI systems serve them rather than extract from them), and Shared Success (using tokens as a form of user equity to align incentives across a network's stakeholders). The firm has been "partnering with builders since 2018" and was formally founded in 2021.
Sector Focus
FCP invests across five stated verticals: Infrastructure, Fintech, B2B, Defense/Cybersecurity, and Consumer — all filtered through a blockchain/crypto lens. Recent portfolio activity also shows a growing tilt toward AI-blockchain intersection plays (e.g., ChainOpera AI's "AI OS for AI agents," OpenLedger).
Stage Focus
The firm invests from pre-seed through Series A, with stated intent to continue supporting companies through subsequent stages via its liquid and credit vehicles. Round sizes observed in its public track record range from roughly $3M seed extensions to $7-7.5M seed rounds, most often as a co-investor alongside other crypto-native and generalist funds (a16z Crypto, IDG Capital, Road Capital, Ethereal Ventures, Hashed, Hypersphere, Presto Labs).
Check Size
Exact check size is not disclosed publicly; observed rounds suggest a co-investment pattern in the low-to-high single-digit millions at seed. Confidence on precise check-size bounds is low and no figure is submitted in this research.
Lead Tendency
Mixed. FCP has both led (ChainOpera AI's initial $3.5M seed, per SiliconANGLE) and co-led (Entravel's $7.5M round, alongside Ethereal Ventures) rounds, but also participates as a syndicate member behind larger leads (KYD Labs' $7M round was led by a16z Crypto, with FCP as a participant).
Recent Activity
FCP filed for Fund II ($29.35M) in December 2025 per Form D filings, and remains an active investor into 2026 — most recently co-leading Entravel's $7.5M round (announced August 12, 2026) to expand its crypto-native travel infrastructure beyond Web3-only partners. The firm made roughly 20-35 disclosed investments across 2024-2026 per third-party trackers (CryptoRank, DefiLlama), spanning DeFi, infrastructure, privacy, and AI categories.
Portfolio Highlights
Notable portfolio companies span infrastructure (Monad, EigenLayer, Miden, Opacity Network), fintech (Ethena, Entravel, Hourglass, ParetoX), B2B (KYD Labs, ChainOpera AI), defense/cybersecurity (HYFIX, MPCH), and consumer (Alien). Additional names from the firm's broader deal flow include Fragmetric, Solayer, SatLayer, Blockcast, Ion Protocol, human.tech, OpenLedger, Termina, Octra, RISE, NovaNet, Spire Labs, EarnOS, Mobius, and Optimum. Case studies are published for ParetoX, Monad, Entravel, HYFIX, and Alien, each with named founder testimonials.
Team
- Adam Winnick, Founding Partner & CEO — Founder of the Medici Network; formerly at CIBC and ITU Ventures; Stanford MBA.
- Kamal Mokeddem, Founding Partner & CIO — Founded Omniex (acquired by Gemini); MIT Computer Science; two decades in tech and trading.
- Nick Tang, Principal — Co-editor of the Convergence Substack; formerly in debt advisory at Piper Sandler; Virginia Tech Finance.
- Kris Jenk, Principal — Co-editor of the Convergence Substack; formerly Tech M&A at Guggenheim; UPenn Math/CS and Wharton MBA.
- David Grider, CFA, Partner & Head of Liquid Investments — Formerly at Grayscale and Fundstrat; co-founded one of the first digital-asset hedge funds in 2017.
- Jeena Lee, Chief of Staff — Formerly in talent relations at United Talent Agency.
- Elmira Yilham, Investment Analyst — Produces the firm's Level Up podcast; formerly with Blockchain @ USC.
- Sadie Soren, Operations Manager.
- Razi Zaidi, VP Finance & Operations — Formerly at Kraken, ServiceNow, and Citi.
The firm also maintains a bench of operating partners (e.g., Will Forsyth, ex-AWS/IBM/FalconX; Mustafa Yilham of Pivot Global; Colin Evran, former Filecoin Project Lead) who support portfolio companies on an advisory basis.
Decision Process
Structured as a partnership with two founding partners (CEO/CIO) plus a principal-level investment team (Nick Tang, Kris Jenk) — consistent with a multi-partner decision process rather than a solo-GP model.
Founder Preferences
Public case studies emphasize technical, infrastructure-minded founders building "permissionless" and "public good" style crypto infrastructure, plus operators bridging Web3 rails into mainstream verticals (travel, ticketing, defense hardware).
Geographic Focus
Headquartered in Beverly Hills, California. Portfolio and co-investor network is global, with notable Asia-based operating partners (Singapore) and crypto-native co-investors across the US and Asia.
Firm Structure
Finality operates three platforms: Venture Capital (FCP, seed-stage applications and infrastructure), Liquid Strategies (FLO, FCO, MIMI — long-biased and credit-oriented digital asset strategies), and Community & Insights (The Medici Network, Convergence Substack, Level Up podcast).