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.
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“Until we close below it, my probability of $1,300 remains a little bit lower; the […] we have a full candle below the moving average, it’s all over; we’re going to $1,300.’’In the top twenty list, Litecoin saw some daily gains up to 9 percent thus reaching a price at around $28,79 and this increase in price comes from the announcement that a booking website named Travala will start accepting Litecoin.
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“The numbers next to the line are the spread b/w the open and close for that day. There is nothing bullish about this chart until BTC reclaims $3,300. Your obsession to knife catch a ‘bottom’ is directly proportional to your account erosion,’’ Hsaka said.A similar sentiment is placed upon Ethereum as well as for Ripple when digital asset trader DonAlt said:
“If ETH makes it out of that horizontal and diagonal resistance combination, I’ll be turning into a dip buyer. For big ETH bears, this is the place to look for shorts. If this resistance fails I think we’ll go quite far. I’ll just observe and see how it does.”The daily volume of BTC has almost halved from $6.5 billion and the decline in volume shows a period of high volatility proving that most digital assets are dropping in price without a higher sell-pressure from sellers and bears. It is very unlikely that in the following months, a new set of investors will join the crypto market which will provide the market with some breathing space.
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