Crypto.com Capital Expands $200M Fund to $500M

[ad_1]

Singapore-based Crypto.com Capital announced today that it is expanding the size of its fund to $500 million, from the $200 million it announced in March 2021.

Jon Russell, its newly hired General Partner based in Bangkok, told CoinDesk the fund will do seed and series-A deals, typically up to a $10 million check for the series-A.So far Crypto.com’s maiden fund has invested in play-to-earn guild YGG SEA, Ledger, and Frax FinanceThe fund will be focused on investing in DeFi, NFTs, and gaming. It will typically want to lead rounds.Russell said the fund will be focused on growing the overall crypto ecosystem, not about making investments where Crypto.com thinks it can get business.Companies that the fund invests in won’t necessarily get listed on the Crypto.com exchange, he said.While Crypto.com capital is expanding, management wants to keep the fund lean and entrepreneurial. They don’t want to become “an a16z” with hundreds of staff — it’s not relatable to entrepreneurs in the crypto space that run a thin organization.Although the fund is based in Singapore, and Russell in Bangkok, it will have a global remit.In 2021, crypto firms raised $30 billion from VCs, according to PitchBook. Despite the bear market, there’s no sign of this slowing down as alongside Crypto.com Capital’s announcement FTX kicked off the year establishing a $2 billion venture fund to invest in crypto startups.

Read More: Sino Global Capital Launches $200M Fund Backed by FTX

[ad_2]

Source link