Summary:

According to Jon Russell, a newly appointed managing partner, a greater amount of funds is flowing from Crypto.com’s financial sheet. Singapore-based Crypto.com Capital stated today that it is increasing the size of its fund from $200 million to $500 million, up from $200 million reported in March 2021.

Details:

Jon Russell, the fund’s recently appointed General Director located in Bangkok, stated in an interview that the fund will execute seed and series-A projects. It will run with a series-A check of up to $10 million. So far, Crypto.com’s first fund has invested in YGG SEA, Ledger, and Frax Finance. According to the survey, all of these are play-to-earn guilds. The fund will primarily invest in DeFi, NFTs, and gaming. It will usually want to take the lead in sets.

Russell stated that the fund would be focused on developing the whole crypto ecosystem. He points out that rather than making investments in areas where Crypto.com believes it can gain revenue. Companies in which the fund invests will not necessarily be listed on the Crypto.com exchange, according to him. While Crypto.com capital is growing, the fund’s management aims to keep it compact and innovative.

They do not want to be “an a16z” with hundreds of employees – that’s unrelated to crypto entrepreneurs who operate a lean supply chain. Despite the fact that the fund is established in Singapore and Russell is located in Bangkok, it will have a worldwide scope. According to PitchBook, crypto businesses will have raised $30 billion from venture capitalists by 2021.

Despite the bear market, there is no evidence of this slowing down. FTX kicks out the year by forming a $2 billion venture fund to invest in crypto businesses.

Credits: www.coindesk.com

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