The Future of Trust and Transparency in Finance 

Flourish invests in Bluprynt

Financial disclosures are vital for transparency, trust, and fairness in the financial system. Clear disclosures help consumers navigate complex financial products. In the U.S., the concept of financial disclosure became prominent with the Securities Acts of 1933 and 1934, following the 1929 market crash. These laws restored investor confidence by mandating corporate transparency. Digitization began in the 1990s with EDGAR and advanced with XBRL in the early 2000s. Those disclosure systems are an important part of the finance infrastructure. 

Today, we face a new phase in disclosures with the integration of digital assets into the financial system. This evolution reflects market changes and regulatory responses, presenting an opportunity to transform the technological underpinnings of disclosure systems fundamentally.

There is broad consensus among regulators globally on the importance of disclosures for digital assets. Recent crypto failures have accelerated regulation, with new rules expected by 2025. The SEC's approval of Bitcoin ETFs and, in the wake of FTX, the U.K.'s moves to subject-specific digital asset activities to the same regulatory standards that govern banks signal significant shifts. The E.U.'s MiCA framework, set for full implementation by June 2025, is critical to this regulatory momentum.

Today, we're excited to share our investment in Bluprynt, founded by Georgetown Law professor Dr. Christopher J. Brummer. The company debuted this morning (see $1.7M funding news in CoinDesk) and it aspires to pioneer a digitally and cryptographically native platform for disclosure filings to revolutionize the disclosure landscape broadly. As a preeminent scholar and expert on disclosures in digital assets whose advice continues to shape the emerging global disclosure framework, Dr. Brummer is uniquely qualified to build Bluprynt. 

We've had the privilege of knowing Dr. Brummer and working closely with him for many years. He is a scholar, technical expert, and a trusted advisor to policymakers, founders, firms, and regulators at the highest levels worldwide. Dr. Brummer is also a much beloved and passionate convener of D.C. Fintech Week and an advocate for regulatory reform, including a brief stint on President Biden's Transition team. 

We feel privileged to be part of the investment team for Bluprynt's oversubscribed pre-seed round, which includes leading regulatory minds and industry leaders including Dan Schulman, former CEO of PayPal, Jules Kroll, founder of Kroll Inc., Jeremy Kroll, CEO and co-founder of K2 Integrity, Chris Giancarlo, former CFTC Chairman and other investors including Public, Lakestar, and Plural V.C. 

Bluprynt will start with disclosures related to digital assets and services. Its platform will capture, validate, and submit disclosures to regulators by leveraging automation and cryptographic elements. It will uniquely create tools for near-instant verification of key on- and off-chain data, significantly decrease the time needed for disclosure documentation, lower the costs associated with top-tier digital asset disclosures, and enhance transparency for market participants. 

At Flourish, we invest in companies committed to transforming financial infrastructure with a vision of creating a fair finance system for all. Disclosure systems are a critical component of this infrastructure, and the new rules for digital assets present an unprecedented opportunity to evolve those systems. With Dr. Brummer and the community of investors and supporters at Bluprynt, we have the ideal partners to drive this transformation in disclosures.