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 was its priority.
“Crypto.com Capital gives founders building in the crypto industry two things: a reputable lead investor for their seed or series A rounds AND priority of launch on the world’s fastest growing retail crypto platform with over 10 million users,” said Marszalek, adding, “We’re looking for long term partnerships with entrepreneurs in every sector of the cryptocurrency industry, so we can advance it together.”
Bobby Bao, co-founder of Crypto.com, and leader of the new Crypto.com Capital wing said the venture arm would provide startups with direct access to its global user base, in addition to early funding. Bao said:
“The motto and operating principle of Crypto.com Capital is ‘Founders First.’ As company builders ourselves, we understand how hard it is to bring game-changing ideas to life. Founders can count on us to move fast and provide both capital and access to a global user base, helping them succeed.”
In early March, Crypto.com became a sponsor of the Aston Martin Formula 1 racing team. The project’s logo will appear on the team’s cars during the 2021–2022 race season.
Title: 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