Metalayer, a firm founded by veterans of Two Sigma Ventures – the VC arm of quantitative hedge fund firm Two Sigma, has filed with the Securities and Exchange Commission (SEC) to launch a $25m cryptocurrency investment fund, according to a report by Fortune.

The report cites unnamed sources familiar with the initiative as revealing that Metalayer's cofounders are Andy Kangpan, Mickey Graham, and David Winton — all of whom previously held senior roles at Two Sigma Ventures.

Metalayer reportedly secured $20m in committed capital during its first close last Friday, with plans to raise the full $25m by year-end. Initial backers include senior executives from Two Sigma Ventures, though Metalayer will operate independently. Additional funding is expected from family offices and executives involved in crypto protocols.

Kangpan was the Digital Asset Lead at Two Sigma Ventures until August 2024, while Mickey Graham served as Vice President of Two Sigma Ventures until 2021 before transitioning to the blockchain project Chainlink. Winton was a VP software engineer at Two Sigma Ventures and later a researcher at Greenoaks, a San Francisco-based venture firm.