Kraken Ventures raises $ 65 million for investments in Web3, Defi, blockchain startup
Kraken Ventures, an independent foundation led by Kraken Alumni that specializes in companies and early-stage blockchain protocols, has announced the completion of its first round of $ 65 million in funding.
Kraken Ventures Announces $ 65 Million Fund
Significant capital has been invested in funds that provide early-stage liquidity to cryptocurrency companies and blockchain protocols. Software startups can choose from a variety of resources when developing concepts for GameFi, Play-to-Earn protocols, DeFi, NFT, other cryptocurrencies, and blockchain solutions.
For example, Binance Smart Chain (BSC) and Animoca Brands recently launched a $ 200 million crypto-gaming incubator with the Web3 foundation recently founded by Solana Ventures, Forte and Griffin Gaming. In mid-November, Kucoin Labs launched a $ 100 million Metaverse fund, and the same week, Paradigm launched a $ 2.5 billion venture fund.
On Friday, Kraken Ventures Managing Partner Brandon Guth announced the launch of the $ 65 million Kraken Ventures Fund I LP. The fund will seek initial investments in companies and protocols with a limit of $ 500,000 to $ 2 million.
The organization says Fund I LP will create a new wave of crypto and fintech innovation. Specifically, Kraken Ventures has covered consumer cryptocurrency protocols, artificial intelligence (AI), machine learning, financial infrastructure, Web3, and DeFi.
The CEO of Kraken Ventures shared:
“We are very pleased that we have successfully acquired our first fund. Our long-term investment vision and our ability to leverage Kraken’s expertise in building a truly global scalable platform have certainly fueled the great interest we have received from investors. ”
“We are now focused on putting that money into operation and helping some of the most innovative projects and their exceptionally talented founders accelerate business and protocol growth.”
Kraken Ventures also announced the appointment of Lawrence De Porter as head of the European Fund. It’s part of Kraken Ventures’ global expansion, and De Porter says cryptocurrency is booming in Europe.
“With the influx of institutional capital and the looming wave of regulation, one of the most promising areas will be the interaction between cryptocurrency and financial technology,” said market leader Kraken Ventures Europe.