Ex-Chorus One CIO Launches $20M Crypto Fund Focused on Consumer Apps

Xavier Meegan, former Chief Investment Officer of Chorus One, has launched a $20 million crypto-native pre-seed fund based in Lisbon. The fund, named Frachtis, targets early-stage projects leveraging existing blockchain infrastructure rather than new layer-1 or layer-2 solutions.

Meegan leads a team of five partners with operational experience in crypto-native businesses, including Chorus One's Brian Crane. The fund's thesis centers on consumer applications and mobile interfaces as the next growth frontier, with secondary interest in AI-crypto convergence.

"We're past the infrastructure phase," Meegan noted, emphasizing that future value will come from applications rather than protocol development. The fund has been capitalizing for twelve months amid what Meegan describes as crypto's "consumer apps era."