Singapore-based Venture Capital firm Golden Gate Ventures is to launch a $10 million fund targetting crypto and blockchain start-ups that use innovative DLT, in what appears to be a growing investment trend.
Golden Gate Ventures will call the fund LuneX Ventures and will be funded primarily by high net worth individuals. The main focus of LuneX investment will be aimed at early-stage companies such as cryptocurrency exchanges and cybersecurity providers.
The LuneX fund becomes the first such fund, set up by a traditional markets company in the region. Head of Growth at Golden Gate, Kenrick Drijkoningen, who is heading the project sees the recent downturn in the cryptocurrency markets as no hurdle to success. He points out:
“Despite the fact that public markets are down, the amount of talent that’s moving into this space is exciting. There are young entrepreneurs who are passionate about this space and want to build an ecosystem.”
One of these is Tushar Aggarwal, host of the Decrypt Asia podcast, who is to collaborate on the new project. Drijkoningen himself points out that the project is planned for the long-term and that the invested capital would be spread through a range of areas including ICO’s and previously-existing cryptos, along with investments into other crypto and blockchain products. Currently, about half a dozen deals are reportedly in the pipeline.
The talk of a blockchain revolution, a term cited frequently over the past months, would certainly include such projects as these involve crypto custody and banking. Such blockchain investment funds are growing in popularity as traditional investors seek to make inroads into blockchain and crypto by another route to get ahead of the rush if it happens.
The recent Chinese venture in Nanjing sparked the new term “blockchain revolution” as the country appears to have ramped up its support for blockchain technologies with a CNY 10 billion (USD 1.48 billion) investment fund, focusing primarily on the public blockchain projects. The new fund was announced and reported to be formed by the district government of Jiangbei — new area in Nanjing city and the Beijing-based Zhongguancun Blockchain Industry Alliance, a cooperative alliance between blockchain companies and government research institutes.
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