Lightspeed New Blockchain Infrastructure Project

Lightspeed New Blockchain Infrastructure Project

The venture capital firm Lightspeed Venture Partners has announced the launch of three US funds totalling $6.6 billion as well as a $500 million early-stage fund in India, bringing its total assets under management to $18 billion. Additionally, it launched Lightspeed Faction, a separate group with the goal of supporting early-stage blockchain infrastructure projects.

Lightspeed has joined hands with internet and blockchain investor Banafsheh Fathieh, and Sam Harrison, co-founder of Blockchain.com's venture arm. The two companies will function as independent investors but they will share resources.

Lightspeed Faction's Sam Harrison, Managing Partner, and Banafsheh Fathieh, General Partner, stated that “the Blockchains have made it possible for novel use cases that we believe will displace important traditional systems. The partnership between Faction and Lightspeed unites a team with expertise in the cryptocurrency industry with platform expertise in helping businesses grow.”

Lightspeed has raised almost 60% more than it did in its previous round of fundraising, which is viewed as a statement of confidence in the company, given the present market circumstances.