CoinDesk Analysis Team
CoinDesk
Newly hired GP Jon Russell says larger pool of capital is coming from Crypto.com’s balance sheet.
Singapore-based Crypto.com Capital announced today that it is expanding the size of its fund to $500 million, from the $200 million it announced in March 2021.
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Jon Russell, its newly hired General Partner based in Bangkok, told CoinDesk the fund will do seed and series-A deals, typically up to a $10 million check for the series-A.
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So far Crypto.com’s maiden fund has invested in play-to-earn game YGG SEA, Ledger, and Frax Finance
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The fund will be focused on investing in DeFi, NFTs, and gaming. It will typically want to lead rounds.
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Russell said the fund will be focused on growing the overall crypto ecosystem, not about making investments where Crypto.com thinks it can get business.
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Companies that the fund invests in won’t necessarily get listed on the Crypto.com exchange, he said.
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While Crypto.com capital is expanding, management wants to keep the fund lean and entrepreneurial. They don’t want to become "an a16z" with hundreds of staff — it's not relatable to entrepreneurs in the crypto space that run a thin organization.
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Although the fund is based in Singapore, and Russell in Bangkok, it will have a global remit.
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In 2021, crypto firms raised $30 billion from VCs, according to PitchBook. Despite the bear market, there’s no sign of this slowing down as alongside Crypto.com Capital’s announcement FTX kicked off the year establishing a $2 billion venture fund to invest in crypto startups.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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