Blockchain Capital has appointed Lucas Vogelsang, co-founder of Centrifuge, as Venture Partner to enhance its focus on Real-World Assets (RWA) and on-chain finance, signaling a bullish outlook for institutional adoption.

Executive Summary

Blockchain Capital has announced the appointment of Lucas Vogelsang, co-founder of Centrifuge, as Venture Partner. This strategic move is poised to bolster the firm's expertise and investment in the rapidly expanding on-chain finance sector, with a particular emphasis on Real-World Assets (RWA). The appointment reflects a strong conviction in the continued growth and institutional integration of tokenized assets, reinforcing confidence in the convergence of traditional finance with decentralized networks.

The Event in Detail

Lucas Vogelsang, a recognized pioneer in bringing Real-World Assets (RWA) on-chain through his work at Centrifuge, now joins Blockchain Capital as a Venture Partner. In this capacity, Vogelsang will provide strategic and technical guidance to Blockchain Capital's investment team and portfolio companies, aiming to accelerate development within the crypto and RWA ecosystems. Centrifuge, under Vogelsang's co-foundership, has demonstrated significant traction, achieving a tenfold increase in its Total Value Locked (TVL) to $1.2 billion within six months. The protocol has successfully launched institutional-grade products, including Janus Henderson's flagship AAA-rated CLO ETF (JAAA) and JTRSY, a tokenized t-bill fund rated by Moody's and S&P. Furthermore, Centrifuge has introduced the first tokenized S&P 500 Index Fund, developed deRWA (a DeFi distribution engine), and deployed Centrifuge V3, a multichain platform specifically designed for tokenized finance.

Market Implications

The integration of Vogelsang's expertise at Blockchain Capital is expected to drive increased investment and innovation within the Real-World Assets space, further accelerating the convergence of traditional financial systems with decentralized networks. The RWA market has already experienced substantial expansion, with the total market for tokenized RWAs (excluding stablecoins) reportedly surpassing $27.6 billion by mid-2025, marking a 223% increase since the beginning of the year. This growth underscores a deepening institutional interest and a maturing ecosystem for tokenized assets. Vogelsang's insights highlight the potential for technology to significantly reduce fees in credit products, noting that processes currently costing 0.25% to 1.5-2% for exotic private credit could be automated. The ease of handling tokens compared to traditional assets also facilitates asset ownership verification and enables cheaper borrowing against them, fostering the development of secondary markets.

Expert Commentary

Industry leaders have underscored the transformative potential of tokenization. Joe Naggar, CEO and CIO of Republic Digital, commented on Centrifuge's progress, stating:

"Centrifuge is 'not just experimenting, they're executing. The infrastructure is live, the products are functioning, and the market is only beginning to grasp the scale of what this team has built." Similarly, Bhaji Illuminati, CEO of Centrifuge, emphasized the long-term architectural shift: "Tokenization is not merely a trend, it's the long-term architecture of modern finance."

Broader Context

The appointment of a prominent RWA pioneer like Lucas Vogelsang to a leading venture capital firm such as Blockchain Capital signifies a broader trend toward institutionalizing and legitimizing the Web3 ecosystem. This move aligns with growing strategic partnerships, such as that between Japan's SBI Group and Chainlink, which aim to address critical barriers to institutional adoption, including interoperability and regulatory compliance. Such collaborations, leveraging technologies like Chainlink's Cross-Chain Interoperability Protocol (CCIP) for seamless transfer of tokenized assets and SmartData services for automated on-chain reporting, underscore the industry's focus on building foundational infrastructure for a global financial system where real-world assets can be traded with digital efficiency. The continuous growth of the RWA market and the strategic involvement of key players like Vogelsang indicate a sustained trajectory towards integrating tangible assets into the blockchain landscape.