Pascal, a startup co-founded by Ivo Crnkovic-Rubsamen and Matthew Downey, has closed a $9 million funding round. Union Square Ventures, the venture firm known for backing Coinbase, led the investment. Wintermute, a major crypto market maker, also participated.
Who's behind the round
Union Square Ventures has a long track record in crypto. The firm was an early backer of Coinbase, the largest U.S. exchange. Wintermute, meanwhile, provides liquidity across dozens of digital asset markets. Their involvement signals that Pascal is building something in the crypto or blockchain space, though the company hasn't detailed its product publicly.
The founders
Ivo Crnkovic-Rubsamen and Matthew Downey founded Pascal. Neither has disclosed previous ventures in detail, but the funding suggests they've convinced seasoned investors of their vision. The $9 million round is sizable for an early-stage company, especially in a market where venture capital has tightened.
What the money buys
Pascal now has capital to hire, build, and scale. The company hasn't announced a specific launch date or product roadmap. Investors typically expect a working prototype or beta within 12 to 18 months after a round this size. The market will watch for Pascal's first public move.
Union Square Ventures doesn't write many checks. When it does, the industry pays attention. Its Coinbase bet returned billions. Wintermute's involvement adds credibility on the infrastructure side. If Pascal is building a trading platform, wallet, or DeFi protocol, it will enter a crowded field. But the backing gives it a strong starting position.
The company has not responded to requests for comment. A spokesperson for Union Square Ventures declined to elaborate beyond the investment. Wintermute did not reply by press time.
