Categories: Bitcoin

Singapore VC Firm Launches Dedicated $10 Million Cryptocurrency Fund


Singaporean venture capital firm Golden Gate Ventures is launching what it bills as Southeast Asia’s ‘first dedicated VC cryptocurrency fund’ with $10 million in investment capital.

Dubbed LuneX Ventures, the fund will see a ‘laser-like focus’ on the cryptocurrency and blockchain space by investing in early-stage startups including cryptocurrency exchanges, the VC firm said on Friday. The fund will be led by Golden Gate’s former head of growth Kenrick Drijoningen, who will assume the role of its founding partner.

The launch of the fund is also timed for the current climate in the crypto sector where cryptocurrencies are steadily going mainstream in spite of the ongoing bear market in 2018, according to Drijkoningen.

He stated:

“We view blockchain as a foundational technology, on a par with or possibly exceeding the Internet in disruptive potential. 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.”

Further, the fund will aim to “invest exclusively in high-growth blockchain companies and cryptocurrency assets” including startups that can “bring the industry to the next level” globally, the executive was quoted as stating by TechinAsia.

Beyond cryptocurrency exchanges, the fund will also target startups devising practical solutions to custody and security requirements in the crypto sector. Firms looking to introduce crypto assets and blockchain technology to “institutional services” will also be favored according to Drijkoningen.

The fund is expected to close up to $10 million within the end of 2018 and has already lined up a number of investments, Drijkoningen told e27.

He stated:

“We have a strong pipeline of five to 10 investments ready to go and made our first commitment to Singapore-based Sparrow Exchange [a peer-to-peer crypto options trading platform] already.”

Before its crypto-exclusive spin-off fund, Golden Gate Ventures has notably backed Thai-based Ethereum blockchain startup Omise in the latter’s development of a decentralized payments platform powered by OMG, an ERC20 cryptocurrency token.

Featured image from Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.
• Join CLC’s crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from CryptoLiveClub? Click here.
• Open Positions at CLC: Full Time and Part Time Journalists Wanted.

Advertisement
Disqus Comments Loading...
Share

Recent Posts

Crypto VC Funding Deals are Falling Apart Due to Bear Market

According to Barry Silbert, the founder and CEO of Digital Currency Group (DCG), many venture capital funding deals in the…

3 hours ago

Bitcoin Price Driven More by Speculation Than Utility: BitPay CEO

BitPay CEO Stephen Pair has stated that speculation drives a substantial part of bitcoin’s current valuation, while the actual use…

4 hours ago

Tron DApp Usage Jumps 48% — More Than 1 Million Weekly Transactions

The TRON Foundation launched its TRC20 exchange this week. It is a place for people to exchange tokens issued on…

5 hours ago

AT&T Wants to Create a Blockchain ‘Map’ of Your Social Media History

Telecom giant AT&T has filed a blockchain-oriented patent application to “map” social media histories. Titled “Blockchain-Based Social Media History Maps,”…

6 hours ago

Cameroon Separatists Create Cryptocurrency Called AmbaCoin

A separatist government in Cameroon’s semi-autonomous English-speaking southern region of Ambazonia has announced the launch of a new sovereign cryptocurrency…

7 hours ago

Billion-Dollar Crypto Fund Says 25% of ICOs in its Fund May be Securities

In a newsletter to clients sent on Thursday, Pantera Capital CEO Dan Morehead revealed that one in four initial coin…

7 hours ago

This website uses cookies.