Matter Labs launches Prividium Commander, focusing on institutional digital asset services. Oct 22, 2026 Reading time: 3 min Matter Labs has launched Prividium Commander, a new control plane designed to facilitate digital asset services for banks and institutions. The product, which is now generally available, aims to streamline operations by bundling essential functions such as permissions management, token issuance, compliance workflows, policy enforcement, and data integrations. Prividium Commander operates on top of Matter Labs' Prividium platform, a system developed with a focus on privacy. The control plane is built to integrate with existing identity and custody setups that institutions may already have in place, rather than requiring a complete overhaul. It offers flexibility in deployment, supporting various blockchain infrastructures including Hyperledger Besu and Prividium Ledger. Revenue Model and ZKsync Implications According to information from The Defiant, CEO Alex Gluchowski reported that revenue generated from Prividium Commander will flow directly to Matter Labs as a company. This indicates that institutional adoption of Commander does not automatically translate into direct revenue for ZKsync tokenholders. Background and Security Measures The Prividium initiative began in 2024, leveraging Matter Labs' ZK Stack technology to ensure private and secure transaction execution. The company has been working to establish trust and security, completing a SOC 2 Type I examination by May 29, 2026. In September 2026, Matter Labs took a step towards broader ecosystem involvement by open-sourcing Prividium Core. Early Indicators of Institutional Engagement Early indicators of potential institutional engagement are emerging. Deutsche Bundesbank, Germany's central bank, is currently testing Prividium Core, marking a significant step in its adoption journey. Additionally, Matter Labs has established partnerships with Cari Network and Japan's NexBridge. These collaborations are aimed at exploring use cases such as tokenized deposits and other institutional financial activities. Matter Labs is widely recognized as the developer behind ZKsync, a zero-knowledge Ethereum scaling network. The launch of Prividium Commander represents a strategic move by the company to address what it identifies as operational complexity, rather than technological limitations, being the primary bottleneck for institutional adoption of digital assets. The product is intended to provide the necessary tools for institutions to manage their digital asset operations effectively and securely. Why this matters. The launch of Prividium Commander by Matter Labs is significant as it introduces a new control plane specifically for institutional digital asset services. This development addresses the operational complexity that Matter Labs identifies as a key barrier to institutional adoption. The direct revenue flow to Matter Labs, rather than ZKsync tokenholders, highlights a distinct business model for this institutional offering. Furthermore, early engagement from entities like Deutsche Bundesbank and partnerships with Cari Network and Japan's NexBridge suggest a growing focus on integrating advanced blockchain solutions into traditional financial frameworks. Broader context. Matter Labs is best known as the developer behind ZKsync, a zero-knowledge Ethereum scaling network. The Prividium platform, upon which Commander is built, leverages Matter Labs' ZK Stack technology. The company's efforts to secure institutional trust are underscored by its SOC 2 Type I examination completion and the open-sourcing of Prividium Core, indicating a strategic push into the institutional digital asset space.

Exclusive: Index Ventures, Union Square Ventures back trading app Fomo at $550 million valuation. Two established investors are feeling crypto FOMO. Index and Union Square Ventures have backed the crypto startup Fomo, named after the acronym for "fear of missing out," the company announced on Monday. Index Ventures led the $75 million Series B fundraise, which valued Fomo at $550 million. Other participants include Zygna cofounder Mark Pincus, Discord CEO Humam Sakhnini, and Eventbrite cofounder Kevin Hartz. In the doldrums of a crypto down market, it's rare to see established venture firms that don't exclusively focus on digital assets lead a fundraise for a crypto startup. Still, Index, which has made its name for bets on non-crypto companies like Figma and Scale AI, isn't a stranger to the world of blockchain. The Geneva-born firm has backed the stablecoin startup Bridge, which Stripe acquired for $1.1 billion in 2025. Similarly, Union Square Ventures has invested in the blockchain Polygon and crypto developer Matter Labs. "We're not doing Fomo because it's a crypto business," Julia Andre, a partner at Index Ventures, told me. "We're doing Fomo because we think there is a market shift there, and they have what it takes to capture this next wave of consumer blockchain trading." Not a crypto app. The fear of missing out often pushes traders to pile into buzzy memecoins or the newest, hottest token. And it's a phenomenon Fomo cofounders Paul Erlanger, Se Yong Park, and Prashan Dharmasena saw firsthand while working at the crypto trading platform dYdX. The trio also witnessed how difficult trading digital assets can be. There are thousands of cryptocurrencies, countless blockchains, arcane fees to pay for swapping tokens, and complicated onboarding processes. "Onchain trading is just impossible," Erlanger told me. So, in 2025, they set out to create an online and mobile app that simplified the experience. "Someone should be able to onboard into Fomo, fund their account, and buy a token within like 30 seconds, regardless of if they're familiar with crypto or not," Dharmasena said. Their startup's name is short for "fearless," not fear, of missing out, said Erlanger. "The goal on Fomo is that you never miss out again," he added. To that end, Fomo has a leaderboard that shows the top traders, a feed that shows users' latest trades, and the ability to share your trading history on social media. That push for simplicity and the tie-in to socially-motivated trading resonated with the startup's backers. A collection of 140 angel investors - including Polygon Labs CEO Marc Boiron, onetime Coinbase CTO Balaji Srinivasan, and Solana cofounder Raj Gokal - contributed to their seed round. And the crypto-shy Benchmark led the startup's $17 million Series A. But Fomo isn't meant to be a platform for only cryptocurrencies, said Erlanger. He believes the app can be a broader gateway to finance as companies put stocks, derivatives, and a whole host of assets on the blockchain. In June, Fomo listed perpetuals, a type of futures contract with no expiration date. "The goal is for it not to be seen as a crypto app," Erlanger said. That's the same strategy that financial giants like Coinbase and Robinhood are pursuing. But Fomo's cofounders believe they can be competitive, even with the trading giants. Their app is non-custodial, meaning they don't handle customers' money, which arguably exempts the platform from money-handling laws. ("We do everything we can to remain compliant," said Fomo cofounder Park.) Fomo lists more assets than Coinbase, is available globally, and is onboarding around 3,500 new users per day, said Park. While the startup only has 17 employees, it plans to use its new injection of capital to hire more engineers - and maybe even acquire smaller companies. "The goal is," proclaimed Erlanger, "to be the largest trading app in the world." See you tomorrow, Ben Weiss X: @bdanweiss Email: [email protected] Submit a deal for the Term Sheet newsletter here. Venture deals. - Gradial, a Seattle, Wash.-based startup building AI agents to automate enterprise marketing operations, raised $65 million in Series C funding. Insight Partners led the round and was joined by VMG, Madrona, and Pruven. - Verse, a San Francisco-based energy infrastructure platform, raised $54 million in Series B funding. Bessemer Venture Partners led the round and was joined by GV, NVIDIA, Norrsken VC, and others. - Trace Finance, a New York City-based cross-border payments and stablecoin settlement platform, raised $32 million in Series A funding from CoinFund, Coinbase Ventures, and others. - Prosper AI, a New York City-based AI platform designed to combine patient scheduling, insurance verification, and patient billing, raised $30 million in Series A funding. a16z led the round and was joined by Base10 and existing investors Emergence Capital, Y Combinator, and Company Ventures. - BoolSi, a Boston, Mass.-based platform for push-button hardware acceleration, raised $6 million in seed funding. Fine Structure Ventures led the round and was joined by Pillar VC, Fifth Quarter Ventures, and Coalition Ventures. - Clario, a Menlo Park, Calif.-based platform built to eliminate enterprise data ROT (redundant, obsolete, and trivial files), raised $6 million in seed funding. Preface Ventures led the round and was joined by Golden Sparrow, High Sage, Moment Ventures, Ridge Ventures, Transform VC, and others. - Channel Robotics, a San Diego, Calif.-based handheld endoscopic robotic platform, raised $4.6 million in funding, including a $2.5 million Seed+ round led by True Ventures and a $2.1 million seed funding from Defined VC, Old Line Capital Partners, and others. - Kinomatic, an Arroyo Grande, Calif.-based AI and VR-driven orthopedic surgery planning and concierge recovery company, raised $4 million in seed funding. Waterline Ventures led the round. - Ralo, a New York City-based AI-native mortgage broker, raised $2.9 million in seed funding from Y Combinator, Manresa Ventures, Pack Ventures, and angel investors. - Devplan, a Seattle, Wash.-based intelligence layer for AI-native product development, raised $2.5 million in seed funding. A12 Incubator led the round and was joined by Acequia Capital, Mighty Capital, Grand Ventures, and eLab Ventures. - June Health, a Toronto, Canada-based women's health care platform, raised CAD$2.4 million ($1.7 million) in pre-seed funding from Securian Canada and others. Exits. - Lennox acquired Heat Controller, a Jackson, Mich.-based HVAC equipment distributor, from Platinum Equity. Financial terms were not disclosed. People. - 645 Ventures, a New York City-based venture capital firm, hired Parul Singh as Investment Partner in the San Francisco office. Previously, she was with Initialized Capital. - Inspired Capital, a New York City-based venture capital firm, promoted Annie Shapiro to Partner.