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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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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