We’re excited to announce that {Set} Protocol has raised a seed round led by David Sacks’ Craft Ventures with participation from Vy Capital, DFJ, Kindred Ventures, Haystack Ventures, Social Capital, and a group of angels and other investors.

The world is getting tokenized, and we are excited to partner with investors who share our belief that products in the traditional finance world (e.g. baskets, securities, and derivatives) will be replicated in the decentralized world. When we met with David, Bill, and Alex at Craft Ventures, we were impressed by their vision of the decentralized future, which is evident in their investments in Harbor and 0x. This funding helps us deliver on our vision of baskets of arbitrary tokens without a middle-man and will be used to build out the team and operations.

“Jim Barksdale once famously said that all businesses make money by either unbundling or re-bundling. In the coming world of blockchain securitization, tokens will do the unbundling, {Set} will do the re-bundling,” — said David Sacks, co-founder and general partner at Craft Ventures. “This is a key protocol in the emergence of a new global, digital financial system”

{Set} Protocol is a standard for an abstract token fully collateralized by its underlying tokens, which is open source and available for developer to utilize. Sets allow users to group together different ERC20 tokens and synthesize them into a single higher-order token that represents its underlying parts. In the future, we’ll be able to support tokens from various blockchains and allow the trustless rebalancing of Sets. Compared to traditional ETF or centralized basket products, Sets are:

Held in custody by the user

Have no management or performance fee

Have no redemption / sale restrictions

Can be rebalanced by the user at any frequency or any time

Open to everyone with no minimums

In addition, we’re excited to announce TokenSets, a consumer-facing platform that allows anybody to explore, buy, sell, create, and manage Sets that will launch in mid-2018.

TokenSets is the easiest way to buy and sell cryptocurrency indexes

With TokenSets, users can:

Explore our offerings of Sets which will initially include TOP5 ERC and stablecoin Sets

Buy or sell a Set without middlemen using 0x protocol

Issue or redeem instances of existing Sets

Design and launch a Set using our creation flow

Manage and view your Sets and tokens through our wallet feature

If you’re interested in learning more about {Set}, issuing your own Sets, partnering with us, or joining the team (we’re hiring!), please join our slack or email us at hello@setprotocol.com.

Best,

{Set} Team