UAE-based VC firm: Cypher Capital announces a Blockchain Fund worth $100 Mn
- ByStartupStory | March 24, 2022
Cypher Capital, a UAE-based VC firm announced the launch of a global $100 Mn blockchain-focused fund. For emerging blockchain and crypto startups in India, the VC firm has set aside 40% of the amount.
In other related domains like decentralised finance (DeFi), GameFi and metaverse, the fund will also invest in seed rounds of startups. The company confirmed that Cypher will also collaborate with its portfolio projects and offer them access to its network and equip them with the knowledge.
Cypher Capital also plans on shoring up its stakes in other established blockchain funds where it will act as a general partner and/or limited partner who invest into innovative blockchain, crypto and digital asset projects, besides funding blockchain-focussed startups.
By August 2022, the VC firm also plans to unveil a 10,000 sqft digital asset hub in Dubai’s Jumeirah Beach Residence. For the VC firm to mentor blockchain startups and other entrepreneurs in the arena, the hub will serve as a platform.
Blockchain infrastructure provider Safle, Solana-based decentralised developer ecosystem SolRazr, among others are included in more than 15 Indian blockchain startups where the VC firm has invested in so far. Cypher, previously had also invested $1.5 Mn in the MENA-focussed blockchain ecosystem Crypto Oasis Sentio in order to strengthen its portfolio.
He had previously also invested in blockchain identity startup Kilt Protocol, blockchain-based enterprise solutions startup CasperLabs, DeFi-based mutual fund Sheesha Finance, among others.
In the country last year, investments worth over $247 Mn flowed into the crypto startups. A report also states that in 2021 more than 350 blockchain startups were operational in the country with the cryptocurrency segment receiving the highest funding last year. This despite the fact that over 80% of Indian blockchain startups are still bootstrapped.
The blockchain industry has been expanding rapidly too. In 2021, the NFT market surpassed $40 Bn in value with blockchain adoption in capital markets projected to reach $27 Tn as early as 2027.
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