Frictionless Capital

On June 30, 2022, Frictionless Capital Fund LP filed a Form D notice of exempt offering with the U.S. Securities and Exchange Commission. The fund is a Delaware limited partnership organized in 2022 with an address in Miami, Florida; its general partner is Frictionless Capital Management LLC, with Logan Jastremski and Diego Perez de Ayala listed as managing members of the general partner. At the time of filing, the first sale had yet to occur and the amount sold was zero.⁠[1]

Between September 2022 and January 2023, Frictionless Capital published six articles in its research newsletter, written by Logan Jastremski or Diego Perez de Ayala, with titles including “The Next Frontier of Blockchain Performance,” “An Honest Conversation About L2s,” “Decentralization vs. Censorship Resistant Performance,” “Playing the Right Game: Challenging Blockchain Assumptions” and “Making the Case for Solana: Fighting the FUD.”⁠[2]

On November 18, 2022, after the collapse of FTXFTXFTX was a cryptocurrency exchange founded in 2019 by Sam Bankman-Fried and Gary Wang that operated FTX.com, moved its headquarters from Hong Kong to the Bahamas in 2021 and was valued at $32 billion in January 2022. In November 2022 it filed for U.S. bankruptcy protection amid a liquidity crisis, and Bankman-Fried was later convicted of fraud and related charges. Its reorganization plan took effect in January 2025, after which the FTX Recovery Trust began paying creditors in stages.Open the full entry, Perez de Ayala wrote in “Doubling Down on Next Generation Blockchains” that “We did not custody any assets on FTX, nor did we have any exposure to FTT,” and stated that the firm incurred no losses in the event. The article argued for evaluating blockchains from first principles, describing first- and second-generation blockchain technology as carrying technical debt and arguing that next-generation chains designed for performance from the ground up can scale throughput with advances in hardware and bandwidth, keep fees low and preserve composability.⁠[3]

An amended Form D filed by Frictionless Capital Fund LP on May 20, 2024, listed March 1, 2023, as the date of first sale and showed $12,275,000 sold to 33 investors, with an indefinite total offering amount; the filing classified the vehicle as a private equity fund.⁠[4]

On July 9, 2024, Diego Perez de Ayala and Logan Jastremski announced in a jointly signed post that Frictionless Fund I had raised $20 million to invest in high-performance blockchains and the “category defining applications” built on them. The post named BackpackBackpackBackpack is a digital asset and securities services brand that grew out of a self-custodial wallet in the Solana ecosystem; it was founded by Armani Ferrante, who serves as CEO. Its businesses include Backpack Wallet, Backpack Exchange, the Mad Lads community and Backpack Securities, with wallet, trading and securities services provided through operating entities in different regions.Open the full entry, DFlow, Andrena and Kuzco as investments made over the preceding year, and listed backers including Franklin TempletonFranklin TempletonFranklin Templeton is a global asset management company headquartered in San Mateo, California, United States. Founded in New York in 1947, its parent company is listed on the New York Stock Exchange (ticker: BEN), and it had approximately $1.83 trillion in assets under management at the end of August 2026. The company has pursued digital assets since 2018, launched FOBXX (BENJI), a U.S. government money fund that records shares on a blockchain, in 2021, and in 2026 established Franklin Crypto, a dedicated crypto asset management division.Open the full entry, Foundation CapitalFoundation CapitalFoundation Capital is an American early-stage venture capital firm founded in 1995, with offices in Palo Alto and San Francisco. It invests in enterprise software, artificial intelligence, fintech and crypto, and was an early backer of companies including Netflix, Solana and Cerebras.Open the full entry, several funds of funds, partners at a16zAndreessen HorowitzAndreessen Horowitz (a16z) is a venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. It invests from the seed stage through the growth stage and provides operational support to its portfolio companies.Open the full entry, and crypto founders from SolanaSolanaSolana is a proof-of-stake (PoS) public blockchain designed for high throughput and low latency, with SOL as its native token; it was developed by Solana Labs and launched Mainnet Beta in March 2020. It is known for design choices such as its Proof of History clock and parallel execution, suffered several network-wide outages in its early years, and became one of the crypto industry’s focal points in events including the FTX collapse, U.S. SEC lawsuits, and the listing of Solana ETFs.Open the full entry, Axelar, Aptos and Avalanche.⁠[5]

The post described the firm as a high-conviction investor willing to make contrarian bets, taking a concentrated approach that backs a small number of companies and works closely with founders on product, design and go-to-market. Its stated focus areas were next-generation financial primitives, capital and network formation through decentralized physical infrastructure (DePIN), and new forms of coordination through shared token ownership.⁠[5]

On August 5, 2025, Logan Jastremski signed a Form D for Frictionless Capital Fund II LP, a pooled private equity–type fund organized in Delaware in 2025 with an address in Miami, Florida. Its general partner is Frictionless Capital GP II LLC and its investment manager is Frictionless Capital Management LLC, with Jastremski and Perez de Ayala listed as principals of both. The filing listed a total offering amount of $60 million, with the first sale yet to occur and nothing sold.⁠[6]

On September 23, 2026, Perez de Ayala published the research report “Backpack: the Tokenization Engine of Internet Capital Markets,” writing: “We now believe Backpack is the company best placed to carry the banner on exporting US capital markets.” The report is marked as being for information only and not investment advice, and does not disclose the firm’s position in Backpack.⁠[7]

The following day, Jastremski published “Should Global Markets Have One Physical Center?” in the same research newsletter.⁠[2]

The team page lists Logan Jastremski and Diego Perez de Ayala, both as managing partners. Jastremski previously led product for Tesla’s Supercharging digital experience team and later focused on Web3 scalability while hosting a weekly podcast; Perez de Ayala previously worked at FTX US and, before that, in investment banking, advising on about $15 billion of transactions for clients including KKRKKRKKR (Kohlberg Kravis Roberts) is an investment firm engaged in alternative asset management, capital markets services, and insurance. Jerome Kohlberg, Henry Kravis, and George Roberts co-founded the firm in 1976. Its managed funds invest in private equity, credit, and real assets, and its subsidiary Global Atlantic operates retirement, life insurance, and reinsurance businesses. KKR listed on the New York Stock Exchange in 2010 under the ticker KKR.Open the full entry, Blackstone and CPPIB.⁠[8]

As of November 2026, the firm’s “Founders” page listed the following portfolio companies and founders: Backpack (Armani FerranteArmani FerranteArmani Ferrante is a crypto entrepreneur and software engineer, the author of the Solana development framework Anchor, and the founder of Coral; he is currently founder and CEO of the cryptocurrency exchange and wallet Backpack and leads the NFT collection Mad Lads. In 2025, Backpack acquired FTX EU, which holds a MiFID II license.Open the full entry), Odyn (Arka Dhar), Panora (Shraddha Agarwal), Inference (Sam Hogan), DoubleZero (Austin Federa), Pipe Network (David Rhodus), Titan (Chris Chung) and Dawn (Neil Chatterjee).⁠[9]

Frictionless Capital: Official website: https://frictionless.capital/ (opens in a new window).⁠[10]

Frictionless Capital Research: Official website: https://research.frictionless.capital/ (opens in a new window).⁠[10]

X: Public account: https://x.com/FrictionlessVC (opens in a new window).⁠[11]