Kraken, a US-based cryptocurrency exchange, has announced the launching of Kraken Ventures, which will focus on boosting crypto innovation. The new independent investment fund is set to invest in early-stage startups within the crypto and fintech industry.

The new VC Fund will be spearheaded by Brandon Gath, an ex-executive at Kraken but will be an independent outfit supported by the exchange.

According to the fourth largest crypto exchange globally, the VC aims to enhance transparency, inclusivity, and openness in the financial system.

“As we enter the crypto industry’s next growth phase, Kraken Ventures will support entrepreneurs in making the financial system more open, inclusive, and transparent.”

Kraken’s CEO, Jesse Powell, explained that the crypto industry is at a point where it shows its real potential of reengineering the financial system. There is a need to support the mushrooming crypto-based startups.

The fund targets companies in crypto protocols, fintech, decentralized finance (DeFi), regulatory tech, cybersecurity, machine, deep learning, and AI. The statement reads,

“We take a long-term view on investing in adding value from inception through each growth phase of our portfolio companies’ evolution. We will take a hands-on approach with our portfolio companies to provide guidance, new commercial opportunities, and additional capital support.”

According to the statement, the fund has already identified “some promising opportunities out there,” and investment plans will be revealed soon.

This is the first time the exchange is investing in startups. In December last year, the Kraken exchange invested $150,000 in various Ethereum projects in collaboration with Gitcoin. Kraken has also in the past donated more than $500,000 to different Bitcoin-related projects.

It's now expected that through its new venture capital fund, Kraken is set to invest in even more projects that make a difference.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

299 +