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Crypto.com Launches $200M Fund for Crypto Startups
The Hong Kong-headquartered cryptocurrency exchange has set up a new venture arm to invest the $200 million.
Updated May 9, 2023, 3:16 a.m. Published Mar 4, 2021, 9:00 a.m. 1 min read
Crypto.com is launching a $200 million fund dedicated to investing in crypto startups, CoinDesk can exclusively reveal.
- To lead the effort, the Hong Kong-headquartered cryptocurrency exchange announced the launch of a new venture arm, Crypto.com Capital, on Thursday.
- The firm has earmarked $200 million for the venture arm to invest in crypto startups and projects at seed and Series A stages.
- Crypto.com Capital will lead funding rounds with investments of between $100,000 and $3 million at seed stage and between $3 million and $10 million at Series A.
- According to Bobby Bao, Crypto.com co-founder and the new arm's chief, startups will rely on Crypto.com Capital to "move fast and provide both capital and access to a global user base."
- Crypto exchanges having venture arms is far from unusual. Coinbase, Binance and Blockchain.com have all had investment wings for years.
See also: Crypto.com to Burn 70B CRO Tokens Ahead of Full Blockchain Launch Next Month
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