Capital firm Golden Gate Ventures (GGV), based in Singapore, is planning to launch a $10 million USD fund exclusively for blockchain and cryptocurrency investments. The fund will be accessible for cryptocurrency start-ups as well as established blockchain companies looking for further investment.
The announcement was made via Reuters, early today August 10th.
Who is Golden Gate Ventures?Golden Gate Ventures is one of Southeast Asia's leading venture capital firms. The new fund will see the GGV invest in start-up companies such as cryptocurrency exchanges, security providers, and blockchain tech startups. This investment will be done through the LuneX Ventures fund.
A PartnershipAccording to a local Singapore media platform, e27, the fund has been the creation of a partnership between GGV and now solo business mogul Kenrick Drijkoningen, who was GGV's former head of growth. Drijkoningen stated that LuneX Ventures has a "strong pipeline of five to 10 investments ready to go," and funding has already begun, with a funding commitment made to Sparrow Exchange, a Singapore-based crypto exchange that will be the first recipient to avail of the fund.
Praise For BlockchainDrijkoningen is a fan of blockchain technology. Holding it in high regard, he even goes as far as to say it could surpass the Internet in terms of global "disruptive potential." Calling it "a foundational technology" he continues by saying:
"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."Praise for blockchain is not hard to come by. Since the inception of Bitcoin, the technology has been highly lauded and sought after in not only currency sectors but also technology, health, and even voting sectors. Its potential seems endless. >> Heated Discussion Between IOTA Founders Leaked! What Gossip Is This!?