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Crypto.com Launches $200M Fund for Crypto Startups
The Hong Kong-headquartered cryptocurrency exchange has set up a new venture arm to invest the $200 million.
Crypto.com is launching a $200 million fund dedicated to investing in crypto startups, CoinDesk can exclusively reveal.
STORY CONTINUES BELOW
- To lead the effort, the Hong Kong-headquartered cryptocurrency exchange announced the launch of a new venture arm, Crypto.com Capital, on Thursday.
- The firm has earmarked $200 million for the venture arm to invest in crypto startups and projects at seed and Series A stages.
- Crypto.com Capital will lead funding rounds with investments of between $100,000 and $3 million at seed stage and between $3 million and $10 million at Series A.
- According to Bobby Bao, Crypto.com co-founder and the new arm's chief, startups will rely on Crypto.com Capital to "move fast and provide both capital and access to a global user base."
- Crypto exchanges having venture arms is far from unusual. Coinbase, Binance and Blockchain.com have all had investment wings for years.
See also: Crypto.com to Burn 70B CRO Tokens Ahead of Full Blockchain Launch Next Month
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
