A lot of money has been directed towards funds that provide liquidity for early-stage crypto companies. Software startups have many funds available to them if they are developing concepts that involve game finance (gamefi), P2E (play-to-earn) protocols, decentralized financing (defi), nonfungible tokens(NFTs), or other types of crypto- and blockchain solutions.
Binance Smart Chain, Animoca Brands and a $200 million crypto-gaming incubation fund were launched recently. A recent web3 fund was also initiated by Solana Ventures and Forte. Kucoin Labs unveiled a $100-million metaverse fund in November. Paradigm also revealed a $2.5B venture fund.
Brandon Gath, Kraken Ventures managing Partner, announced Friday the launch of the $65,000,000 ‘Kraken Ventures Fund ILP.’ The fund will invest in early-stage companies, protocols and businesses starting at $500K up to $2,000,000.
According to the organization, Fund I LP will be powering the ‘next wave’ of fintech and crypto innovation. Kraken Ventures specifically mentioned consumer crypto protocols and artificial intelligence (AI), financial infrastructure Web3, and decentralized finance (defi).
Gath stated that they were delighted to have closed their first fund. “Our long-term investment outlook and the opportunity to use Kraken’s expertise in building a global, scalable platform have definitely contributed to the overwhelming interest received by investors,” Gath said. Kraken Ventures’ executive said:
Now, we want to use that money to help the most innovative and talented founders of these projects accelerate their development and improve their protocols and companies.
Kraken Ventures announced that Laurens DePoorter has been appointed head of Europe for the fund. Kraken Ventures is expanding globally and De Poorter said that the European crypto scene was booming.
Kraken Ventures European Lead added that “With the influx institutional money and the impending regulation wave,” one of the most promising areas is the intersection of crypto-fintech.