The ongoing cryptocurrency winter has been uncertain for investors so far, but for true followers of the new technology, it seems time to double their commitment to potential projects. Lightspeed Venture Partners, a Fintech-focused US VC company, has announced the launch of a new blockchain-focused team, Lightspeed Fraction, to invest in early-stage blockchain projects.
New team for crypto investment
The news was announced with Lightspeed Venture Partners announcing three new U.S. funds that raised a total of $ 6.6 billion and raised a $ 500 million fund focused on early Indian start-ups. rice field. Currently, VC companies manage $ 18 billion worth of assets.
The decision to make a big bet on blockchain companies is how technology integrates “how to incentive network participants, how to fund startups in this ecosystem, and the power shared by the community to make a difference. It corresponds to the investment theory of “changing.” Said..
VC began investing in cryptocurrencies in 2013, seeing digital assets as an important technology that “provides unprecedented opportunities for bank-deficient people.” Also A population without bank accounts around the world. Lightspeed partner Ravi Mhatre said:
“We believe the industry is still in the early stages of the transition from web2 to web3, and the collaboration between Lightspeed and Faction is the development of a web where cryptocurrencies provide better service to poorly serviced people around the world. It’s a testament to our common belief that it helps. “
Financing in the bear market
On the same day, crypto-focused VC Multicoin Capital also said it had raised $ 430 million for a third fund for blockchain startups. The amount jumped 4.3 times from the $ 100 million raised for the second fund.
According to the media, the company started raising funds in the fourth quarter of last year and closed the funds in January of this year. report.. In addition, early-stage companies are expected to receive $ 500,000 to $ 25 million, and late-stage projects will receive more than $ 100 million.
It is worth mentioning that Kyle Samani and Tushar Jain, co-founders of Multicoin Capital, are the fund’s largest limited partners. Samani said the current bear market does not change the company’s strategy of aggressively investing in Web3 and blockchain companies.
From the point of view Problematic company 3AC Having invested in one of the multicoin capital funds, Samani “has no impact on MC”, making people wonder if such exposure could cause financial stress on the venture. I declared.
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