Crypto.com’s venture arm has been expanded to $500 million in order to support early-stage web3 firms
- ByStartupStory | January 18, 2022
Crypto.com, a renowned cryptocurrency exchange, has increased the size of its venture fund to $500 million, following similar moves by rivals Binance, Coinbase, and FTX.
Crypto.com Capital’s expansion comes less than a year after the Singapore-based firm announced its first $200 million fund. Unlike many of its competitors, the fund has no limited partners (LPs), which means it is entirely funded by the company’s balance sheet.
In an interview with TechCrunch, Jon Russell, who joined Crypto.com as a general partner last month, said the firm will continue to focus on early-stage startups.Crypto.com is focusing the capital on gaming, decentralised finance, and entrepreneurs developing cross-chain solutions. However, he warned that the sector could evolve and expand in places “we don’t know about,” as it has in recent years, so the firm is keeping an eye on everything.
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