The venture capital firm from Singapore, Golden Gate Ventures, is as of recently launching the ‘first dedicated VC cryptocurrency fund’ with $10 million in investment capital. According to the announcement, this fund will see a ‘laser-like focus’ on the cryptocurrency and blockchain space by investing in early-stage startups.
These will include cryptocurrency exchanges too, as the VC firm said on Friday. Led by the former head of growth at Golden Gate, Kenrick Drijkoningen, the launch of the fund is perfectly timed for the current climate in the crypto sector.
“We view blockchain as a foundational technology, on a par with or possibly exceeding the Internet in disruptive potential. 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.”
The fund’s main aim will be investing in “high-growth blockchain companies and cryptocurrency assets” such as startups that can “bring the industry to the next level” globally, as stated by TechinAsia.
Drijkoningen also pointed to the $10 million investment that is expected within the end of 2018, stating:
“We have a strong pipeline of five to 10 investments ready to go and made our first commitment to Singapore-based Sparrow Exchange [a peer-to-peer crypto options trading platform] already.”
Before this turn on crypto, Golden Gate Ventures has backed the Thai-based Ethereum blockchain startup Omise in the development of a decentralized payments platform powered by OMG which is an ERC20 cryptocurrency token.
Cobo: The Long-Awaited Chinese Wallet Raises $13 Million In Series A Funding
“Cobo’s unique approach redefines the concept of crypto asset management and creates new opportunities for investors. The team leverages their extensive blockchain experience to help safeguard users’ assets while also generating returns for their benefit. We believe Cobo will lead an entirely new user experience for PoS coin holders.”The Cobo Wallet also supports a couple of Proof-of-Work and Delegated-Proof-of-State coins and about 500 tokens. As such, it is proof that despite last year's ban on cryptocurrency trading in China, it did not fail to introduce the domestic (and foreign) markets with a completely new wallet service.
Stablecoins: Could They End The Decentralization?
Binance Is Looking For Ways To Add Stablecoins To Its Platform
"As a whole, we believe things will even out. We will continue to support USDT,"Binance's interest in expanding its stablecoin options predates Tether and its recent break out of the buck. The exchange right now has support for Paxos Standard (PAX) and TrueUSD (TUSD) aside from Tether's USDT support. Right now, Wei said that the Binance research team is evaluating almost all the other stablecoins on the market - with a particular interest for adding the Gemini Dollar (GUSD) backed by the Winklevoss twins.
"Rather than hold bitcoin, [institutions] actually prefer to hold more stablecoins, because the dollar is still the default currency in some of these countries. That's just one use case that we've seen that's different in this part of the world, versus other parts of the world," Zhou concluded while speaking to Binance's recent expansion in Uganda.
Tether (USDT) Moved $610 Million Out Of Circulation This Month
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