The fund size at crypto.com in March 2021 was $200 million. It now plans to grow the fund to $500 million. crypto.com capital is a Singapore-based fund that will be investing globally. This is crypto.com’s first fund.
The fund managers said that even while they work on growing the fund, they also plan to maintain an entrepreneurial spirit and keep the fund lean. This thought is driven by the fact that if the fund has a staff of several hundred, it will not be relatable to the startups that the fund will be investing in.
Fund’s Investment Plans
The fund plans to invest in startups at the seed and series – A stages. This was revealed in a discussion with Coindesk by the fund’s GP, Jon Russell. The GP, Jon Russel, would be based in Bangkok even though the fund is Singapore-based. The GP elaborated, saying that the typical check amounts would be around $10 million for series-A funding.
The fund has thus far invested in YGG SEA. This is a DAO for managing NFTs. YGG Sea plans to build the largest sustainable P2E economy. The focus of the DAO will be SE Asia.
crypto.com said that the fund will mainly invest in DeFi, NFTs and gaming. The fund also stated that it would aim to lead the funding rounds where it participates.
The fund claims that its overall aim is to help grow the crypto ecosystem. Its investments will not be driven by any business motive. Also, the companies that receive investments from the fund will not be automatically listed on the crypto.com exchange.
There is considerable growth in crypto firms with a lot of VC attention. Alongside crypto.com’s fund, FTX has also set up a $2 billion venture fund.