One of the Singapore cryptocurrency exchange startups firm Golden Gate Ventures recently announced that it will launch a US$10 million fund to invest in cryptocurrency and blockchain technology startups. Called as LuneX, the fund will capitalize in new companies internationally such as cryptocurrency exchanges and security providers.
Investors in the deposit will include high-net-worth persons and family offices. The fund is among a bunch of similar ventures that invest in the cryptocurrency space, backed by well-to-do individuals and financial companies that have arisen over the past year. These companies have partly replaced the retail investor base, which made bitcoin increase in 2017.
Drijkoningen stated that this cryptocurrency exchange startups LuneX Ventures has a good pipeline more than 8 investments who are ready to go and funding has already been started, with a funding commitment made to Sparrow Exchange, a Singapore-based crypto exchange that will be the first recipient to benefit of the fund. GGV is not the only firm investing. In June, Union Square Ventures (USV) which is a private equity and venture capital firm announced that it has plans for blockchain and crypto investing that would extend for more than ten years. However, USV will not create a distinct fund for the cause.
Other Cryptocurrency Startups Funds
In 2017 the price of the world’s biggest and best-known virtual currency has more than shared from a high of almost US$20,000. The fund has been the formation of a partnership between GGV and now single business mogul Kenrick Drijkoningen, who was GGV’s previous head of growth. The Ripple team has also recently invested $25 million worth of XRP into a $200 million blockchain fund, which was created by Blockchain Capital. Blockchain Capital is a project capital firm dedicated to blockchain technology.
According to the news published in BTC Manager, next quarter, many cryptocurrency exchange startups are planning to release an enterprise version of its platform that promises to facilitate large and small-scale marketing campaigns.
The post Golden Gate Ventures Invests $10 Million Fund In Cryptocurrency Exchange Startups appeared first on OWLT Market.
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