Singapore VC Unveils New Blockchain, Cryptocurrency Fund

LuneX Ventures, a partnership in between Singapore-dependent venture money (VC) firm Golden Gate Ventures and its former head of growth Kenrick Drijkoningen, is on the lookout to invest US$10 million into 5 to ten blockchain and cryptocurrency startups by the conclusion of the yr, the organization claimed on Friday.

LuneX Ventures statements to be Southeast Asia’s to start with committed cryptocurrency, blockchain fund with traditional VC backing. The organization claimed it will leverage “Golden Gate’s strengths in backing growth organizations, obtained from making use of Silicon Valley expertise throughout the ASEAN region” and invest globally in “companies that are creating out solutions to increase the new cryptocurrency ecosystem.” In distinct, the firm claimed it was interested in entrepreneurs and organizations that provide and deal with challenges these kinds of as infrastructure scalability and interoperability, alongside with functional methods to challenges like custody and safety, and institutional solutions.

Golden Gate Ventures, a VC firm focuses on Southeast Asia with over 30 investments throughout seven nations around the world, invests in World wide web and cell startups throughout lots of sectors, together with e-commerce, marketplaces, fintech, and due to the fact not too long ago blockchain technologies. The firm statements its portfolio organizations have raised over US$35 million as a result of initial coin choices (ICOs) so far and other campaigns are set to be start in the around future.

Equally LuneX Ventures and Golden Gate Ventures are working out of Singapore, Southeast Asia’s fintech hub with a burgeoning cryptocurrency and blockchain sector that is been encouraged by a supportive government.

The Financial Authority of Singapore (MAS), which has set out to switch Singapore into a fintech powerhouse, is major several blockchain initiatives together with Task Ubin, an initiative aimed at applying blockchain for cross-border payments, and the Global Trade Connectivity Network (GTCN), a cross-border infrastructure for trade finance produced in collaboration with the Hong Kong Financial Authority.

MAS is also doing work with the MIT Media Lab in Cambridge to bolster Singapore’s talent pool in fintech and advance blockchain investigation and development.

Drijkoningen, now founding spouse of LuneX, claimed the prospect is enormous in Singapore:

“We view blockchain as a foundational technologies, on a par with or probably exceeding the World wide web in disruptive possible. Ideal now valuations have occur down to additional reasonable levels and the business is transferring from pioneers to early adopters, which is a wonderful time to start off investing.”

Drijkoningen claimed LuneX Ventures was established to cater to the needs of blockchain entrepreneurs, who require additional than just money.

“Traditional buyers currently wrestle to accessibility this new asset course: there are lawful, custodian, banking, tax and other working obstructions to defeat,” he claimed.

“LuneX Ventures has been created from the floor up to tackle all these. We have gone the excess mile to make positive the fund is totally compliant when offering simple accessibility to accredited buyers. Our mandate will allow us to invest in tokens of promising startups. For us, it’s vital that our passions are aligned with those of founders. In the conclusion this is how we all benefit.”

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Willium got into Bitcoin while completing his Masters degree and hasn't looked back since, writing about anything crypto-related which makes him sit up and pay attention.