Xavier Meegan, former CIO of Chorus One, is launching a $20 million pre-seed crypto fund called Frachtis, based in Lisbon, Portugal. The fund will focus on early-stage investments in consumer applications and AI. Meegan, now a General Partner at Frachtis along with four other experienced crypto professionals, believes the landscape is shifting towards consumer apps that leverage existing blockchain infrastructure. He emphasizes the shift away from launching new Layer 1 and Layer 2 solutions towards enhancing consumer and mobile applications. Meegan is also monitoring developments in AI, particularly in relation to faster and contextual data processing for AI agents. He sees potential for AI to enhance user engagement and loyalty in crypto applications. He believes now is a great time to invest, citing that challenges in raising funds have forced founders to clarify and strengthen their business ideas. Meegan anticipates increased activity from limited partners within the next 12-18 months.

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