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Wu learned that TVL Capital announced the completion of a $5 million financing round led by Framework Ventures, with Flow Traders and several strategic investors participating. TVL Capital was founded by former executives from Morgan Stanley, UBS, and The Block. The funding will be used to build engineering and business development capabilities and to accelerate the launch of on-chain trading products (CTPs). TVL Capital stated that CTPs are the on-chain equivalents of exchange-traded products (ETPs), representing compliant, composable structured derivatives that can be issued, settled, and managed on the blockchain.