Crypto.com Expands Investment Arm to $500 Million
Updated · Feb 21, 2022
Growing the Web3 Ecosystem
Singapore-based Crypto.com has announced an expansion to its venture arm Crypto.com Capital by 250%. This comes as it looks to consolidate on backing early-stage startups expanding blockchain adoption.
The crypto exchange is following in the recent footsteps of rivals Binance and FTX Trading. However, unlike its rivals, Crypto.com’s expansion will be fully self-sponsored.
In March last year, the platform launched a $200 million fund for investing in seed and Series A stage projects. So far, that original fund has backed 20 startups, releasing payments of up to $10 million. Companies that have benefitted include DeBank, Genies, YGG SEA, and Efinity.
Less than a year after, it will more than double the fund. Crypto.com will continue to invest in similar startups, with a broad focus on NFTs, DeFis, and gaming. However, new general partner Jon Russell does not completely rule out the chances of a broader scope in the future.
According to Bobby Bao, the company’s co-founder, the revamped fund targets growing the web3 ecosystem.
A Trend of Venture Expansions
Only days ago, FTX launched a $2 billion as it sets to invest in cryptocurrency startups across various industries. Dubbed FTX Ventures, the fund will back new firms in gaming, fintech, software, and healthcare.
Last week, Binance Labs, the VC arm of the popular exchange, announced contributions to a $200 million fund. Created by smart contract platform Oasis Network, the fund will back alternative blockchain networks.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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