Singapore-based VC to Open $10-Million Crypto Fund
August 13, 2018
Singapore-based venture company Golden Gate Ventures has declared to open soon the Southeast Asia’s first cryptocurrency fund with its investment capital making $10 million.
The new organization named LuneX Ventures is to provide financial assistance for crypto startups in their initial stages. Golden Gate’s head of growth Kenrick Drijoningen is to be appointed the head of the fund.
LuneX Ventures’ would be CEO claimed, opening the fund happens at this highly crucial moment when the crypto market though in unfavorable situation has been gaining popularity.
“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”.
He added that the organization will focus on those “high-growth blockchain companies” that are able to level up the whole crypto industry.
The head of LuneX Ventures told the organization has already made its first investment due to the local crypto Sparrow Exchange and is going to support another 5-10 companies in the nearest future. He also noted that the fund’s last deal is to be made by the end of this year.