SparkChain Capital gifts crypto sphere with a $100 million worth funding tool for blockchain startups
In the changing times, Blockchain Technology is emerging victorious as the people’s favourite with every possible market starting from car-sharing to music falling prey to its alluring charm. There are also certain cryptocurrencies such as Ethereum, Bitcoin and Ripple based on the Blockchain technology, which are much synonymous with the digital craze. In the backdrop of such a win-win scenario, where everyone wants a bite of the big cookie, SparkChain Capital has been launched with a $100 million corpus for seeking investment avenues in nascent stage companies who are trying to infiltrate the Cryptocurrency and Blockchain fortress.
SparkChain Capital, courtesy of SparkLabs Group operates a horde of accelerators all across Asia along with a duo of VC funds. SparkChain Capital has been reported to be led by Joyce Kim, its managing partner who was formerly the VC of Freestyle Capital and later on co-founded Stellar Development Foundation, an open source payment network protocol which announced its tie-up along with IBM just this week for creating a Blockchain payment solution which shall surpass all geographical boundaries.
Kim will be assisted in this task by noteworthy SparkChain Capital officials such as Net Jacobsson, the co-founder of SparkLabs Global Ventures, who also served as Facebook’s director of international business development formerly.
Jacobsson explained, “With the rapid pace of innovation moving in this space, it is crucial to have the most experienced advisors involved from the early outset,” explained. At SparkChain Capital, we have prepared ourselves by carefully recruiting some of the best securities advisors and fund attorneys to make sure that we always will be SEC compliant no matter how the wind blows.”
2012 marked the launch of SparkLab’s first accelerator in Seoul with a generalised focus on South Korean startups although one fifth of total graduates come from other countries. SparkLabs went ahead to launch additional accelerators in China and Korea subsequently. Just last month, it was reported as operating SparkLabs Cultiv8, an Australia-based global accelerator program which is focused on food tech, ag tech and sustainability. SparkLabs also operates SparkLabs Global Ventures, which seeks out companies across the world and SparkLabs Ventures, a VC fund mainly focused on startups from Korea.
The existing network of SparkLabs’ encompassing Asia is all set to be leveraged to its fullest potential in places such as South Korea, China and Japan. But this will not stop cryptocurrency and Blockchain startups from targeting SparkChain Capital in days to come. SparkLabs has already established its stronghold by significant investments in Blockchain startups backed by its Seoul accelerator including bitcoin remittance start-up Sentbe and enterprise-focused Blockchain company Blocko.
SparkLabs Global Ventures has been reported to have invested in Cryex, a Swedish Bitcoin exchange. SparkLabs Global Ventures has already invested approximately 50% of its corpus in U.S avenues (mostly in Silicon Valley) whereas the remaining 50 percent has been divided in between Asia and Europe. SparkChain Capital is rumoured to walk in similar footsteps which choosing their next investment vehicle.
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