Crypto Hedge Fund Split Capital Winds Down After 100% Returns; Ebtikar Moves to Plasma
Key Takeaways: Plasma is a layer one (L1) blockchain built for stablecoin settlement and distribution. It is EVM-compatible, designed for high throughput, near-zero fees, and gasless transfers for assets like USDT. The protocol uses a split-block architecture to resist spam. Backers include Peter Thiel’s Founders Fund, Tether CEO Paolo Ardoino, Bitfinex, and Framework Ventures, which led a round of approximately $20 million to $24 million. In his new role, Ebtikar will lead senior partnerships, investor relations, and product go-to-market strategy. His primary focus will be the launch of Plasma One, a consumer app the company describes as a stablecoin-powered neobank aimed at competing with SoFi and Revolut for global payments, savings, and financial access. Ebtikar called Plasma “what I believe will be the best company in crypto” and described joining the team as the culmination of nine years in the industry. He spent time in Lugano with the team working through the Series A and go-to-market preparation. The move reflects a broader shift inside crypto from speculative trading toward infrastructure built around real-world utility. Stablecoins have become the sector’s largest practical use case, processing trillions in settlement volume annually. Plasma is positioning itself as the settlement layer for that activity. Ebtikar acknowledged his Split Capital limited partners, team, and family in his post. No regulatory issues or investor disputes were cited. The closure reflects his view that the next phase of crypto will be defined by builders, not traders.About Author
