Golden Gate Ventures, the popular venture capital firm based in Singapore will soon be launching a fund focused on cryptocurrencies and targeting at raising $10 million. While some venture capital firms are still trying to wrap their head around cryptocurrencies and the new investment paradigm it entails, Golden Gate takes a giant leap of faith.
The fund, called LuneX Ventures with its $10 million investment capital is referred to as Southeast Asia’s ‘first dedicated VC cryptocurrency fund’ by Golden Gate Ventures. Led by Golden Gate’s former head of growth Kenrick Drijoningen, who will also assume the role of its founding partner, LuneX Ventures will invest in early-stage startups such as cryptocurrency exchanges and security providers. Drijoningen elaborated:
“ We view Blockchain as a foundational technology, or a par with or possibly exceeding the internet in disruptive potential. Right now aluations have come down to more resonable levels and the industry is moving from pioneers to early adopters, which is a great time to start investing.”
Kenrick Drijoningen further stated that the aim of the fund is to evolve the cryptocurrency market towards its next level, global adoption. He added that before the end of 2018, the fund is expected to close up to $10 million and have already lined up a number of investments. Drijoningen said:
“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.”
As per Drijkoningen, along with cryptocurrency exchanges, the funds will also be utilized for startups devising practical solutions to custody and security requirements in the crypto sector. The firms looking to introduce crypto assets and blockchain technology to “institutional services” will also be favored.
Additionally, $10 million capital will be divided equally for token sales, purchasing existing tokens and equity-based investments in crypto projects.
Although there has been a significant decline in the crypto industry, the Wall Street continues to venture and support Crypto for massive adoption. Just this week, GSR Capital, Chinese based private equity firm announced its plan to invest as much as $404.5 million in Overstock and its subsidiary blockchain project, tZero.
While GSR Capital announced its first investment in cryptocurrency recently, Golden Gate has been leveling the field for a while. They have made over 40 investments to date including backing the Thai-based Ethereum blockchain startup Omise. Backed by Golden Gates, Omise is developing OmiseGo, a decentralized payments platform powered by OMG tokens.
LuneX Ventures brings in an added validation that cryptocurrencies are steadily gaining massive adoption and shall remain relevant regardless of the current state of the market.
Arshmeet Hora
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.
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