Zurich — 9 June 2026 — Press Release

TVL Capital Raises $5M Led by Framework Ventures to Bring Structured Products Onchain

Led by former Morgan Stanley, UBS, and The Block executives, TVL Capital is building the institutional infrastructure for “Chain-Traded Products”

TVL Capital, the institutional digital asset infrastructure firm founded by Andrew Peel (CEO, former Head of Digital Asset Markets at Morgan Stanley), Penny Tunbridge (COO, former Global COO of the Group Integration Office at UBS), and Lars Hoffmann (CSO, former Senior Research Director at The Block), today announced the close of a $5 million funding round. The round is led by Framework Ventures, a San Francisco-based venture capital firm known for its early investments across several multi-billion dollar blockchain projects. Framework Ventures is joined by Flow Traders, the Amsterdam-based global liquidity provider across traditional and digital asset markets, as well as multiple other strategic investors.

The funding will be used to build out TVL Capital’s core engineering and business development capabilities, accelerating the launch of Chain-Traded Products (CTPs): institutional-grade structured products issued, settled, and managed onchain. TVL Capital is actively partnering with global systemically important banks (G-SIBs), TradFi institutions, centralised exchanges, and leading onchain protocols to bring CTPs to market.

Chain-Traded Products (CTPs) are the onchain equivalent of Exchange-Traded Products (ETPs): compliant, composable structured derivatives that deliver institutional-grade yield and exotic payoffs on blockchain rails. The global retail structured products market has reached $2.5 trillion in outstanding notional, with new issuance nearly tripling since 2021, making this one of the largest asset classes yet to migrate onchain. TVL Capital is building the infrastructure for this migration: giving onchain capital access to structured payoffs previously unavailable in a digitally native format, while opening direct onchain distribution channels for TradFi issuers.

“The global financial system is in the early stages of migrating onchain. Structured products, with their conditional payoffs and programmable mechanics, are a natural fit for smart contract infrastructure, and an upgrade on how they are issued, distributed and managed today. We are building CTPs for a new generation of capital markets, and are grateful to be doing so alongside partners who share that conviction.”

Andrew Peel, Founder & CEO, TVL Capital

“The convergence of regulatory clarity, technological readiness, and institutional demand makes onchain capital markets inevitable, and the bigger question is who builds the best infrastructure to get there. We believe Andrew, Penny, and Lars understand structured products from the inside out, and we think TVL Capital’s CTP business is exceptionally well positioned for the multi-trillion onchain migration ahead. We’re proud to lead this round.”

Michael Anderson, Co-Founder, Framework Ventures

“As a liquidity provider operating at the intersection of traditional finance and digital assets, Flow Traders has a front-row seat to where institutional liquidity is heading. The migration of the $2.5 trillion structured products market onchain is not a question of if, but when. TVL Capital is building infrastructure with the experience and track record to deliver at institutional scale. We are pleased to support their efforts to help shape the next phase of capital markets.”

Michael Lie, Global Head of Digital Assets, Flow Traders

The funding arrives amid significant regulatory and market tailwinds. The U.S. government’s Crypto Task Force, the passage of the GENIUS Act, and the pending CLARITY Act have established explicit federal support for digital asset adoption. DTCC, Nasdaq, and NYSE have each announced tokenised securities initiatives, with U.S. securities expected to begin trading onchain in 2026.

A reinforced Board of Directors and strengthened Advisory Board

Alongside the financing, TVL Capital is announcing two strategic appointments to its Board of Directors:

• Ben Floyd — Venture Partner at Framework Ventures, former Global Head of Execution Services at Coinbase
• Thomas Raab — Independent investor and Senior Advisor, former Board Member at SIX Digital Exchange and former Managing Partner of the DACH region at Oliver Wyman

And four strategic appointments to its Advisory Board:

• Larry Cermak — President at The Block, former CEO and Head of Research & Data at The Block
• Lawrence Hume — Global Head of Cash Equities & Tokenised Trading at Flow Traders, former Head of Equity Volatility Trading at DRW Europe
• Ian Jelbert — Independent investor and Senior Advisor, former Managing Director and Head of European Index Derivative Trading & European Automated Market Making at Morgan Stanley
• Georg Schneider — Managing Director & Global Head of RWA at Digital Asset (Canton), former Head of Desk Quants at Credit Suisse