Golden Gate Ventures which is a Singaporean venture capital firm is planning to launch Southeast Asia’s ‘first dedicated VC cryptocurrency fund’ with the investment of $10 million.
Kenrick Drijoningen who is the former head of growth for Golden Gate will play the role of the founding partner. They will invest in early-stage startups including cryptocurrency exchanges as per the statement by the VC firm on Friday.
Drijkoningen stated,
“We view blockchain as a foundational technology, on a par with or possibly exceeding the Internet in disruptive potential. Right now valuations have come down to more reasonable levels and the industry is moving from pioneers to early adopters, which is a great time to start investing.”
The fund aims to “invest exclusively in high-growth blockchain companies and cryptocurrency assets.” It will also focus on the startups that are capable to “bring the industry to the next level” in the world of cryptocurrency as stated by TechinAsia.
Drijkoningen will also favor the firms that are looking to introduce crypto assets and blockchain technology to “institutional services”. The startups that will provide real solutions regarding the custody and security requirements that are very necessary for the crypto-world will also be taken into consideration.
While talking to e27, Drijkoningen mentioned that this fund has high expectations to get a close up at approximately $10 million and that too within the end of this year. The reason being the number of investments that are lined up already.
Further, he added,
“We have a strong pipeline of five to 10 investments ready to go and made our first commitment to Singapore-based Sparrow Exchange [a peer-to-peer crypto options trading platform] already.”
For more updates, stay tuned to CoinTopper.com