Venture Fund to Invest Majority of $100 Million Raised Fund in DeFi Protocols

2020-8-4 19:40

San Francisco-based venture fund Electric Capital has raised $100 million from university endowments and other non-profits and it will be using this to invest in digital assets and related businesses.

The firm is known for its earlier investments in crypto projects like Anchorage, Bitwise, and Celo. A third of its assets have already been invested in Bitcoin, Ethereum, and several projects like DerivaDEX exchange.

The fund that closed in May will have a long-term time horizon of 10 years, according to its co-founder Avichal Garg, who previously worked at Google and Facebook as the director of product management. He said,

“Bitcoin and Ethereum are a minority of the fund.”

“Our thoughts are more toward Defi protocols, apps built on top of this stuff.”

The firm uses software to determine which projects are seeing interest from programmers to guide its investments and help companies that it invests in grow. Electric’s original $35 million fund was invested in digital currencies like BTC, Ether, and blockchain projects.

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In Canada, authorities have seized luxury cars and frozen bank accounts owned by the ringleaders of FUEL, an allegedly fraudulent $22-million initial coin offering (ICO) from 2017. Court documents claim “blockchain services company” Vanbex raised $22 million (CAD$30 million) in cryptocurrency and fiat by with absolutely no intention to develop the FUEL token, reports CoinDesk.

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Crypto Winter Thaws as Bitcoin Investment Firms Raise Nearly $275 Million

Down more than 82 percent from its all-time high at $813 billion, the crypto market technically remains neck-deep in a 15-month long bear market that began in January 2018. But, in recent months, with support from some of the largest financial institutions in the global market, the crypto industry has seen significant progress in areas including institutionalization, regulation, and adoption.

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