Doppler, a protocol for on-chain token creation and issuance, announced that its parent company, Whetstone Research, has completed a $9 million seed funding round in the second quarter of 2025. The round was led by Pantera Capital, with participation from Variant, Figment Capital, and Coinbase Ventures. Valuation details were not disclosed. Previously, Whetstone Research raised $1.3 million in a pre-seed round led by Variant.
This seed round underscores growing investor interest in on-chain tokenization infrastructure and early-stage blockchain platforms. It also positions Whetstone Research to advance its Doppler protocol and broaden its product offerings.
Proceeds are expected to support product development and ecosystem expansion around Doppler’s on-chain issuance capabilities. The round underscores investor confidence in infrastructure projects enabling token creation and issuance.
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