To increase the blockchain ecosystem, UAE-based enterprise capital agency Cypher Capital has launched a $100 million seed fund with a particular curiosity in digital asset investments.
The fund to be financed by Bijan Alizadeh, the agency’s founder, will likely be pumped into tasks in decentralized finance (DeFi), metaverse, and blockchain gaming sectors.
Cypher Capital plans to create a holistic blockchain neighborhood by collaborating with excellent expertise, visionary innovators, and different enterprise capital companions to make a major distinction.
“We will collaborate closely with our portfolio projects, offering them access to our network and equipping them with our knowledge, as well as investing alongside other venture capital partners into innovative blockchain, crypto, and digital asset projects.”
With an property underneath administration (AUM) portfolio of $10 million, Cypher Capital plans to roll out between $2 million and $5 million on common every month with preliminary investments in South Asia, North Africa, and the Middle East areas.
Vineet Budki, a managing companion at Cypher Capital, said:
“We have the knowledge and expertise to mentor projects and entrepreneurs and equip them with the tools they need for success. At the moment, we are especially interested in projects in the DeFi, GameFi, and metaverse space, but we are always on the lookout for innovative blockchain projects in general.”
The agency additionally intends to create a digital asset, blockchain, and crypto hub to attach startups with potential traders.
Earlier this week, Bridgewater Associates, the world’s largest hedge fund, introduced plans to again a crypto fund for the primary time.
Venture funding, together with pre-seed and seed, has hit $3.4 billion up to now this yr, in keeping with Crunchbase information. This sector has skilled vital development, on condition that crypto firms raised $34 billion in 2021, per a PWC report.
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