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Top cryptocurrency news: CoinFund launches $300M early-stage Web3 venture fund

18-Aug-2022 By: Ashish Sarswat
Top cryptocurrency n

CoinFund, a blockchain venture firm, has announced a new investment fund devoted to Web3 and other crypto-focused firms, providing additional funding alternatives for entrepreneurs during the bear market.

‘CoinFund Ventures I,’ which was announced on Wednesday, would invest $300 million in early-stage startups at the intersection of Web3, cryptocurrency, and other blockchain sub-sectors. The new fund was funded by a combination of institutional investors, family offices, and cryptocurrency entrepreneurs.

CoinFund Ventures I is more than three times larger than the firm's $83 million 2021 crypto startup fund. CoinFund participated in the $314 million private token sale of the nonfungible token marketplace Rarible and Solana Labs. The business said on Wednesday that some of its seed-stage portfolio companies are prepared to receive Series A funding, although no names were disclosed.

According to CoinFund, its new investment vehicle reflects its opinion that Web3 represents the architectural transition for the future internet. Although definitions differ, Web3 refers to the future generation of the internet, powered by blockchain technology and tokenized assets.

Web3 initiatives have garnered considerable funding from the venture capital sector. According to a sources report, in the second quarter of 2022, these startups accounted for around 42% of individual fundraising agreements in the crypto market. Despite this backing, Web3 ecosystems are still in their infancy, with many projects not designed for utility, according to Raymond Liao, managing director of Samsung Next.

Read also: Top cryptocurrency news: BNB Chain aims to raise 30K new Web3 developers across Latam in 2022

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