Golden Gate Ventures, an early-stage venture capital firm based in Singapore, is launching a $10 million fund that will invest in blockchain and crypto companies, Reuters reported today.
The crypto fund is known as LuneX Ventures and is a result of a partnership between Golden Gate Ventures and the company’s ex-head of growth, Kenrick Drijkoningen.
LuneX Ventures has appointed Drijkoningen as the Founding partner and Tushar Aggarwal as a full-time associate. In an email interview with Asia’s tech newspaper e27, Drijkoningen wrote, “Targeted size of the fund is US$10 million with a final close to happen within this year. We have a strong pipeline of five to 10 investments ready to go and made our first commitment to Singapore-based Sparrow Exchange already.”
In the official press release, LuneX Ventures explained that it is looking for startups that focus on “scalable infrastructure and interoperability, along with practical solutions to issues such as custody and security.” Since the crypto industry is moving towards mass adoption, Drijkoningen believes that it is a good time to step in and invest in such companies.
With increasing regulation, startups now tend to look for VCs that can provide them with capital as well as advising them on legal, financial and tax matters. Drijkoningen said, “We have gone the extra mile to make sure the fund is fully compliant while providing easy access to accredited investors. Our mandate allows us to invest in tokens of promising startups. For us, it’s important that our interests are aligned with those of founders. In the end this is how we all benefit.”
Earlier this year, the Monetary Authority of Singapore (MAS) requested some changes in crypto regulations to protect investors. Currently, MAS allows crypto exchanges to operate in the country as long as they properly follow Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFC) rules.
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