Post by Ben Floyd

Framework Ventures led TVL Capital's $5M seed round, alongside Flow Traders. Here's why. When Andrew Peel left his seat as Morgan Stanley's Head of Digital Assets last year, it wasn't to join another bank's blockchain working group. It was to build the thing he'd spent years watching institutions ask for and not get: institutional-grade structured products issued natively onchain. TVL Capital AG calls them Chain Traded Products (CTPs). Not wrapped, not bridged, manufactured and distributed directly on blockchain rails, with the programmability and settlement efficiency that traditional structured product infrastructure simply can't match. Structured products move trillions in TradFi today. The onchain version of that market barely exists. That's the opportunity. What got us to conviction: → The team has sat on both sides of the table. Andrew, alongside co-founders Penny Tunbridge (COO) and Lars Hoffmann (CSO), combines institutional product depth with genuine onchain fluency, a pairing that's far rarer than it should be. → TVL was selected for the inaugural Obex cohort, the Sky-backed program allocating $1B+ across credit, energy, and AI assets. Real mandates, not roadmap slides. → The timing is finally right. Regulatory clarity is arriving, and TradFi desks have moved from "educate me" to "show me execution." The firms with compliant, credible infrastructure will capture that shift. → Category creation compounds. Being early to a category that becomes obvious in hindsight is the entire game. CTPs have that shape. All of finance is moving onchain. The open question is who builds the infrastructure institutions actually trust. We think TVL Capital is one of the answers. Welcome to the Framework portfolio, Andrew, Penny, Lars, and team. Let's build.