Singapore-based venture capital firm Golden Gate Ventures will launch a $10 million fund for investments in blockchain and cryptocurrency companies. Golden Gate Ventures (GGV), one of the leading venture capital firms in Southeast Asia, will invest in early-stage companies including cryptocurrency exchanges, security providers, and blockchain tech startups through the LuneX Ventures fund.
Investment Funds Raised for Crypto
Local tech media platform e27 reports that the fund was launched through a partnership between GGV and Kenrick Drijkoningen, GGV’s former head of growth. Drijkoningen told e27 that LuneX Ventures has a “strong pipeline of five to 10 investments ready to go,” noting that they have made their first funding commitment to the Singapore-based Sparrow Exchange.
Drijkoningen also praised blockchain, referring to it as “a foundational technology, on par with or possibly exceeding the Internet in disruptive potential,” adding: “Right now valuations have come down to more reasonable levels and the industry is moving from pioneers to early adopters, which is a great time to start investing.”
Investment Funds Raised for Blockchain
In June, private equity and venture capital firm Union Square Ventures (USV) reported that it has plans to invest in blockchain and cryptocurrencies over the course of the next 10 years, but will not establish a separate fund.
Earlier this week, the giant commercial state-run Bank of China had announced its plans to increase its investments in the research and development of blockchain and fin tech, using around one percent of the bank’s operating annual income.
A cluster of similar ventures that invest in the cryptocurrency space, backed by wealthy individuals and financial firms, that have emerged over the past year. Such firms have partially replaced the retail investor base, which drove bitcoin’s skyrocket rise in 2017. The price of the world’s biggest and best-known virtual currency has more than halved from a high of near $20,000 late last year. Benefits of AI in banking