Crypto.com recently announced its venture arm, Crypto.com Capital with an initial investment of $200 million dedicated to investing in crypto startups. The firm will select those startups that are either at the seed or at the series A stage.
On this announcement, Co-founder and CEO Kris Marszalek said:
“Crypto.com Capital gives founders building in the crypto industry two things: a reputable lead investor for their seed or series A rounds AND priority of launch on the world’s fastest growing retail crypto platform with over 10 million users.”
He also added that Crypto.com Capital will lead seed rounds with cheque sizes between $100k and $3m and Series A rounds from $3m to $10m. Moreover, They’re looking for long term partnerships with entrepreneurs in every sector of the cryptocurrency industry, advancing together.
Bobby Bao, co-founder of Crypto.com is going to lead the venture firm. He added:
“The motto and operating principle of Crypto.com Capital is “Founders First”. As company builders ourselves, we understand how hard it is to bring game-changing ideas to life. Founders can count on us to move fast and provide both capital and access to a global user base, helping them succeed.
All this looks promising for a lot of crypto startups out there needing a little boost to become prominent products and show-stoppers for the DeFi industry.
A substantially distributed investment from a major crypto firm will attract a lot of other major players in the financial market to invest in preliminary crypto projects pushing the ball even further.