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Venture Capital Firm to Launch $10 Million Crypto, Blockchain Investment Fund

Singapore-based project capital company Golden Gate Ventures will release a $10 million fund for investments in blockchain and cryptocurrency corporations, Reuters reported August 10.

Golden Gate Ventures (GGV), one of the most main project capital companies in Southeast Asia, will spend money on early-stage corporations together with cryptocurrency exchanges, safety suppliers, and blockchain tech startups throughout the LuneX Ventures fund.

Local tech media platform e27 reports that the fund used to be introduced via a partnership between GGV and Kenrick Drijkoningen, GGV’s former head of expansion. Drijkoningen informed e27 that LuneX Ventures has a “strong pipeline of five to 10 investments ready to go,” noting that they have got made their first investment dedication to the Singapore-based Sparrow Exchange.

Drijkoningen additionally praised blockchain, referring to it as “a foundational technology, on par with or possibly exceeding the Internet in disruptive potential,” including

“Right now valuations have come down to extra affordable ranges and the business is transferring from pioneers to early adopters, which is a smart time to get started making an investment.”

In June, non-public fairness and project capital company Union Square Ventures (USV) reported that it has plans to spend money on blockchain and cryptocurrencies over the process the following 10 years, however is not going to determine a separate fund.

Earlier this week, the enormous industrial state-run Bank of China had announced its plans to building up its investments within the analysis and building of blockchain and fintech, the use of round one p.c of the financial institution’s working annual source of revenue.

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