Singapore VC Agency Launches Devoted $10 Million Cryptocurrency Fund
Singaporean enterprise capital agency Golden Gate Ventures is launching what it payments as Southeast Asia’s ‘first devoted VC cryptocurrency fund’ with $10 million in funding capital.
Dubbed LuneX Ventures, the fund will see a ‘laser-like focus’ on the cryptocurrency and blockchain house by investing in early-stage startups together with cryptocurrency exchanges, the VC agency stated on Friday. The fund might be led by Golden Gate’s former head of development Kenrick Drijoningen, who will assume the function of its founding companion.
The launch of the fund can also be timed for the present local weather within the crypto sector the place cryptocurrencies are steadily going mainstream regardless of the continued bear market in 2018, in keeping with Drijkoningen.
“We view blockchain as a foundational know-how, on a par with or probably exceeding the Web in disruptive potential. Proper now valuations have come all the way down to extra cheap ranges and the trade is shifting from pioneers to early adopters, which is a superb time to begin investing.”
Additional, the fund will goal to “make investments solely in high-growth blockchain corporations and cryptocurrency belongings” together with startups that may “convey the trade to the subsequent degree” globally, the chief was quoted as stating by TechinAsia.
Past cryptocurrency exchanges, the fund will even goal startups devising sensible options to custody and safety necessities within the crypto sector. Corporations seeking to introduce crypto belongings and blockchain know-how to “institutional companies” will even be favored in keeping with Drijkoningen.
The fund is predicted to shut as much as $10 million inside the finish of 2018 and has already lined up a variety of investments, Drijkoningen informed e27.
“We’ve got a powerful pipeline of 5 to 10 investments able to go and made our first dedication to Singapore-based Sparrow Change [a peer-to-peer crypto options trading platform] already.”
Earlier than its crypto-exclusive spin-off fund, Golden Gate Ventures has notably backed Thai-based Ethereum blockchain startup Omise within the latter’s growth of a decentralized funds platform powered by OMG, an ERC20 cryptocurrency token.
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