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About Valinor
Valinor is a credit institution that moves private credit origination onto blockchains, lending to crypto and fintech companies against collateral or cash flow and packaging the debt for qualified investors. It does not run an algorithmic pool: underwriting stays human, with diligence, covenants, collateral haircuts and amortisation agreed off-chain, then written into contract terms for drawdown, interest and repayment, settled in stablecoins. Collateral sits with an independent custodian that confirms balances and title daily, with fixed or floating interest and grace and prepayment terms written into the same contract.
It sits between private credit funds and DeFi lending markets: the former lack live collateral visibility, the latter only handle overcollateralized liquid assets, and Valinor lends against on-chain cash flows. In September 2026 it launched VBDC on Superstate's FundOS, tokenizing a basket of listed BDCs with daily redemptions. Products are limited to qualified investors, with subscriptions and transfers bound by securities law.
On March 30, 2026 Valinor Digital closed a $25 million seed round led by Castle Island Ventures, with Susquehanna's digital asset arm, Maven11 and TeraWulf founders Paul Prager and Nazar Khan participating. The capital funds hiring, systems and deployments, and the firm says it has already used smart contracts to lend to several fintech and crypto companies.
Valinor's model puts drawdown conditions, compliance checks and settlement for revolvers and structured loans onchain: funds move automatically when covenants are met, replacing email approvals and manual wires, cutting settlement from days to minutes and leaving an auditable record of terms and collateral. The team calls this open credit, and the borrower base runs from crypto-native firms to mid-market companies that need cross-border facilities. Both co-founders came out of Blackstone's private credit team, moved into crypto in 2022 and previously ran digital asset portfolios at a blockchain fund.
Valinor's expansion stays anchored in real-economy credit, with post-close monitoring, covenant adjustments and collateral valuation folded into the same onchain workflow, and more asset classes and geographies added beyond lending to stablecoin businesses.
Connor Dougherty — Co-founder & CEO; spent six years at Blackstone rising to vice president, later a principal at NovaWulf Digital.
Lily Yarborough — Co-founder & CBO; former vice president at NovaWulf Digital and associate at Blackstone, began her career in investment banking at J.P.
Morgan.
Matt Ficke — Head of Onchain.
Valinor recently welcomed a new team member: Matthew Ficke joined in May 2026 as Head of Onchain. He previously served as COO at Credora by RedStone and held positions at OKX and Morgan Stanley, bringing extensive experience in both traditional finance and crypto. His addition will support Valinor in building onchain private credit infrastructure, advancing smart contract automation for loan processes and risk management.