Venture capital firm, based in Singapore, Golden Gate Ventures, is launching a $10 Million fund for cryptocurrency and Blockchain Investment firms, Reuters reported on August 10.
Golden Gate Ventures (GGV), one of the largest venture capital companies in Southeast Asia, will invest in start-up companies, comprising companies of cryptocurrency, security service providers, and technology startups-based Blockchain Investment in Southeast Asia with the help of LuneX Ventures fund.
The local technology platform e27 reports that the fund was introduced through collaboration with the former growth heads of GGV, Kenrick Drijkoningen, and GGV. Drijkoningen told E27 that LuneX Ventures had a robust pipeline with five to ten ready-made investments, as they note that they have entered into their first financial commitment with Singapore-based Sparrow Exchange.
Drijkoningen also praised the blockchain and referred it as a core technology, similar to or even likely to turn the Internet into an upsetting potential,
and at the moment, the values have dropped to more rational levels and the sector is evolving from well-established players to early adopters, which is a good time to invest.
In June, the private equity and venture capital firm Union Square Ventures announced plans
to invest in cryptocurrency and blockchain in the next decade, but will not set up a separate fund.
Earlier this week, the Commercial Bank of China announced plans to invest more in blockchain research and development and financial technology by spending about 1% of the bank’s revenue.
It’s all blockchain and cryptocurrency trend evolving in Singapore. Recently, Singapore Airlines introduced its own digital wallet that operates on blockchain technology.
The software has been jointly developed by the KPMG Digital Village and Microsoft, as per the press release.
The new wallet named KrisPay post loyalty program of KrisFlyer led by SIA converts constant flyer miles into KrisPay miles.
The KrisPay miles can be further utilized for retail purchases through a mobile app.
Golden Gate Ventures announced in August 2018 that it would be launching a $10 million fund
to invest in cryptocurrency and blockchain technology startups.
The fund, called LuneX Ventures, is led by Kenrick Drijkoningen, who was previously the head of growth at Golden Gate Ventures.
LuneX Ventures is targeting early-stage companies that are developing innovative blockchain-based solutions in a variety of industries,
including finance, healthcare, supply chain, and gaming. The fund is also open to investing in tokens offered by startups.
Golden Gate Ventures is a well-respected venture capital firm with a track record of success.
However, The firm has invested in over 100 companies, including several unicorns.
In this Paragraph, LuneX Ventures is the first dedicated cryptocurrency and blockchain fund from Golden Gate Ventures,
and it is to play a significant role in the development of the blockchain industry in Southeast Asia.
Here are some of the companies that LuneX Ventures has invested in:
- Animoca Brands: A Hong Kong-based company that develops and publishes blockchain-based games.
- HashKey Group: A Singapore-based Blockchain Investment firm that focuses on blockchain and cryptocurrency.
- Nansen: A blockchain analytics platform that provides data and insights to investors and traders.
- TokenInsight: A China-based blockchain research and consulting firm.
However, LuneX Ventures is still a relatively new fund, but it has already made a number of investments
In promising blockchain companies.
Also, The fund to help the blockchain industry in Southeast Asia grow and mature.
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