Composable Foundation Company Profile

Background

Founded in 2021, Composable Foundation is dedicated to advancing decentralized finance (DeFi) by enhancing interoperability across diverse blockchain ecosystems. The organization's mission is to create a unified, chain-agnostic execution layer that simplifies cross-chain interactions, thereby fostering a more accessible and efficient DeFi landscape. By leveraging innovative technologies and strategic partnerships, Composable Foundation aims to address the fragmentation within the blockchain industry, enabling seamless communication and transaction execution across multiple platforms.

Key Strategic Focus

Composable Foundation's strategic objectives center on developing infrastructure that facilitates cross-chain and cross-layer interoperability. The organization specializes in creating solutions that connect disparate blockchain networks, thereby enhancing the functionality and user experience within the DeFi sector. Key technologies employed include the Inter-Blockchain Communication (IBC) protocol, trust-minimized bridging solutions, and the Composable Virtual Machine (CVM). These innovations target primary markets such as Ethereum, Polkadot, Cosmos, and Solana, aiming to unify these ecosystems and promote widespread adoption of DeFi applications.

Financials and Funding

Since its inception, Composable Foundation has successfully secured a total of $39 million in funding:

• Seed Round (June 2021): Raised $7 million with participation from investors including Advanced Blockchain AG, Rarestone Capital, Divergence Ventures, New Form Capital, DFG, Maven 11, 4SV, Hypersphere Ventures, Blockchain Capital, PNYX Ventures, CMS Holdings, Alameda Research, SOSV, Spartan Group, LedgerPrime, LongHash Ventures, Cluster, Dlab, and Pluto Digital Assets.

• Series A (March 2022): Secured $32 million from notable investors such as GSR, Ignite (formerly Tendermint Ventures), Fundamental Labs, Coinbase Ventures, LongHash Ventures, Figment VC, New Form Capital, DFG, Blockchain Capital, 0xVentures, Yunt Capital, Jump Capital, Polytope Capital, NGC Ventures, SOSV, and Spartan Group.

The capital raised is intended to expand the team and develop products that advance blockchain interoperability and the broader Web3 space.

Pipeline Development

Composable Foundation's development pipeline includes several key initiatives:

• Picasso Network: A parachain on Polkadot and Kusama that serves as the foundation for trust-minimized interoperability, leveraging the IBC protocol to connect various blockchain ecosystems.

• Mantis: An intent settlement framework designed to facilitate cross-chain execution of user intents, aiming to provide a unified DeFi experience by abstracting frontend complexities through IBC.

• Generalized Restaking Layer: Enhances security across multiple Proof-of-Stake (PoS) networks by supporting a wide range of assets from various PoS networks, allowing for a larger pool of tokens to be restaked at a lower opportunity cost.

These projects are at various stages of development, with anticipated milestones including the launch of Mantis in Q3 2024 and the expansion of IBC connections to additional blockchain ecosystems.

Technological Platform and Innovation

Composable Foundation distinguishes itself through several proprietary technologies and innovative methodologies:

• Inter-Blockchain Communication (IBC) Protocol: A standard that enables secure and trust-minimized communication between different blockchains, facilitating interoperability and data sharing.

• Composable Virtual Machine (CVM): A runtime environment and orchestration language designed to execute and settle cross-chain programs over the IBC protocol, allowing developers to perform cross-chain operations within a single transaction.

• Generalized Restaking Layer: Supports restaking of assets across multiple PoS networks, establishing cross-ecosystem pooled security and enhancing the overall security of Actively Validated Services (AVSs).

These technologies collectively contribute to Composable Foundation's goal of creating a seamless and efficient cross-chain DeFi ecosystem.

Leadership Team

The leadership team at Composable Foundation comprises experienced professionals with diverse backgrounds:

• Omar Zaki (0xbrainjar): Co-Founder & CEO, a seasoned researcher and innovator in the blockchain industry, focusing on blockchain infrastructure and trends.

• Blas Rodriguez Irizar: Co-Founder & CTO, with 8 years of experience as a Software Engineer, specializing in building high-performance systems and working with various blockchains like Solana, Ethereum, and Bitcoin.

• Miguel Santafé: Co-Founder & Head of Design, with a background in IT Engineering and Computer Science, focusing on creating user-friendly experiences in crypto applications.

• Ahmad Wehbi: Chief Operating Officer, with 12 years of experience advising start-ups and institutions on strategy, operations, and organizational topics.

• Joe DeTommasso: Head of Markets, with extensive experience in both the crypto and traditional finance sectors, focusing on tokenomics and strategic direction.

Additionally, the Composable Foundation's board includes:

• Thomas Contin: Founder & CEO at Advisorn, with over 15 years of experience in law and IT, providing legal and compliance solutions for the crypto space.

• Miguel Matos: Assistant Professor at Instituto Superior Técnico of the Universidade de Lisboa and Researcher at INESC-ID, focusing on blockchain scalability, security, and performance.