In Singapore, venture capital firm Golden Gate Venture are proclaimed that they are launching a $10 million fund emphasised on Cryptocurrency and blockchain technology startsup. Fund, Lunex Ventures, is ready to invest in the initial phase companies.
According to sources, the the fund will be directed by Golden Gate Ventures’ former head of growth, Kenrick Drijoningen, who revealed it sees blockchain as a “foundational technology, on par with or possibly exceeding the internet in disruptive potential.” He added:
“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”
This fund is the first VC supported centrally on Cryptocurrency and Blockchain Technology in Southeast Asia. It is ready to invest in companies all over the world while adopting a long-term approach. Qualities favored, per Markets Insider, include scalable infrastructure, interoperability, and practical solutions to issues that stop institutional investors from entering the space.
Drijoningen said, Traditional investors “struggle to invest in cryptocurrency due to the removal of legal, custodian, banking, tax and other operational constraints. He said that Lunex Ventures was designed to address all these and was designed to provide easy access to the market for recognized investors.
The fund of Golden Gates Ventures comes at a time when the initial coin offer (ICO) market has risen. As bitfire.news pointed out, after the market, ICO projects have earned more than $ 8.3 billion in the last quarter, “more than double in a year.”