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Crypto.com Capital announced on Monday it had become expanding its Web 3 fund by $200 million and named Jon Russell, an old tech journalist located in Bangkok where he authored for Tech Crunch and also the Ken, being an Asia-based limited partner.
- Crypto.com Capital initially launched the fund in March 2021 having a capital of $200 million, targeting seed and Series A deals with verticals for example DeFi, NFT, blockchain games and also the metaverse.
- The fund is presently managed by Crypto.com co-founder Bobby Bao and hires more LPs all over the world. Russell can help expand the fund’s contact with Asia-based projects.
- Russell told CoinDesk the fund is anticipated to greater than double in dimensions as well as an announcement is anticipated within the future.
- Crypto.com Capital’s previous investments include Frax Finance and liquidity provider Woo Network.
- Asia is quickly creating a huge institutional appetite for digital assets.
- Among the largest in the area, DBS Bank of Singapore operates a crypto buying and selling desk. Thailand’s Siam Commercial Bank (SCB) lately acquired a big part stake in Thai cryptocurrency exchange Bitkub.
- Mukaya Tai, Chief Venture and Innovation Officer of SCB 10x, stated she envisions a global where DeFi protocols have disintermediated banks.
- Regardless of the bear market, VCs continue to be prepared to allocate capital towards the ecosystem. This follows FTX creating a $2 billion investment capital fund to purchase crypto startups and opening Sino Global Capital to outdoors investors via a $200 million fund.