Crypto.com has launched a venture arm and has set aside $200 million to invest in promising cryptocurrency startups, as it seeks to expand its partnerships with entrepreneurs in the crypto and blockchain industry.
Announced on March. 4, the new venture arm, named Crypto.com Capital, was launched to accelerate the growth of crypto startups, and to advance the growth of the industry in general, according to a press release.
The $200 million fund will be used to invest in seed rounds for promising startups, with single investments poised to reach anywhere between $100,000 and $3 million. Investments in Series A funding rounds will reach anywhere from $3 million to $10 million.
Crypto.com (previously Monaco) was founded in 2016 and has since gone on to launch a mobile payments app that grants users as much as a 20% discount when purchasing with the blockchain’s native CRO coins. The project also launched a staking program that returns up to 14% interest and a Visa card that can be filled with crypto or fiat.
Kris Marszalek, co-founder and CEO of Crypto.com, talked up the project’s purported 10 million-strong user base, adding that long-term partnerships wasTitle: Crypto.com launches $200M investment fund for cryptocurrency startups
Sourced From: cointelegraph.com/news/crypto-com-launches-200m-investment-fund-for-cryptocurrency-startups
Published Date: Thu, 04 Mar 2021 12:24:05 +0000