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Belayer is relevant to the AI agent ecosystem through its focus on 'agentic commerce' and the financial infrastructure required for autonomous agents to settle transactions. The firm recognizes that AI agents are becoming economic actors that require non-custodial or automated payment rails—functions that are natively supported by the blockchain protocols Belayer manages. Their recent research highlights the role of stablecoins and new financial frameworks in enabling agents to pay for services and manage value without human intervention.
In the broader agent stack, Belayer serves as an institutional bridge and research hub for the financial layers of the ecosystem. They are championing the idea that for AI agents to reach full autonomy, they must integrate with robust on-chain settlement systems. For builders of agentic systems, Belayer provides the macro-economic context and the professional investment strategies that characterize the 'agentic economy,' where the convergence of AI and crypto creates a new class of automated commerce.
Belayer is a Sofia-based asset management firm focused on bringing institutional rigor to the digital asset market. Founded in 2017, the company has grown into a specialized investment office that manages both standardized strategies and individual mandates for a client base looking beyond simple retail exchanges. While the crypto world is often characterized by extreme volatility and speculative fervor, Belayer is built around a framework of fundamental analysis, risk management, and on-chain reporting.
The firm's strategy is centered on moving cryptocurrency from a peripheral speculative play into a structured asset class. They accomplish this through two core products. Belayer Apex (BAX) is a diversified portfolio strategy that holds up to 15 positions selected through deep fundamental and on-chain analysis. This approach seeks to capture the long-term growth of blockchain protocols while actively managing risk. Their second product, Belayer Anchor Yield (BAY), is a low-volatility strategy that utilizes DeFi protocols on stablecoins to generate sustainable annual yields, serving as a crypto-native alternative to traditional fixed-income products.
What gives Belayer weight in a crowded market is the background of its leadership. The team includes veterans with experience at major blockchain infrastructure companies and traditional financial institutions. Founder Philip Matov's time at ConsenSys and his role as head of NFT at Matter Labs provides the firm with a level of technical insight into protocol development that few regional funds possess. This is paired with the macro-economic expertise of Angel Gyaurov, formerly a managing director at Arco Capital Management.
This blend of decentralized technology expertise and traditional capital management allows the firm to navigate the complex regulatory and technical hurdles of the current environment. They operate under the registration of the Financial Supervision Commission (FSC) in Bulgaria and adhere to strict KYC/AML protocols. For investors in Central and Eastern Europe, this provides a locally accessible yet professionally managed entry point into a global market.
While primarily an asset manager, Belayer has become an active observer and commentator on the intersection of AI and blockchain. The firm has increasingly focused on 'agentic commerce'—the growing field where autonomous AI agents act as economic participants, executing transactions and managing value independently.
As AI agents move from simple chatbots to autonomous actors, they require financial rails that don't depend on human-centric bank accounts. Belayer has identified blockchain and stablecoins as the native settlement layers for this new economy. Their research into how SEC/CFTC regulations and new protocols like Tempo and MPP facilitate agentic commerce suggests a long-term view that the next generation of on-chain capital won't just be managed by humans, but by automated systems. By positioning themselves at this crossroads, Belayer is preparing for a future where digital asset management is inextricably linked to the operational needs of autonomous AI systems.
A diversified portfolio strategy holding up to 15 fundamental crypto assets.
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