Valkyrie, a crypto asset manager, intends to raise $30 million for its venture capital arm. It has taken in Lluis Pedragosa to lead the new Valkyrie Ventures. Pedragosa said the vertical will be supporting companies providing Web2 user experience with Web3 infrastructure.
He explained the idea is to invest in the middleware layer, which is like the infrastructure layer. Basically, it’s between an application and the layer one protocols – what is called Web 2.5. Pedragosa outlined that Valkyrie’s funding arm won’t be investing Valkyrie’s balance sheet capital. In fact, it will use the external investment from institutions and high-net-worth individuals to raise the set $25-$30 million in funding.
Pedragosa described the funding as a strategy for Valkyrie. It focuses on emerging infrastructure that the company might use for its digital asset management operations, such as security, authentication, compliance, data management, storage, networking, communication and governance, payments, and transactions firms. He said the company would concentrate on funding the resources required by developers to create decentralized businesses. Pedragosa believes traditional corporate VCs move relatively slow, or slower than financial VCs. One needs to have a champion within the business that wanted to support investment in a company.
Meanwhile, FTX is also trying to secure new funding after continued spending on the recent collapse of the digital asset market.