The $200 million will be used to invest in seed and Series A funding rounds for promising cryptocurrency startups.
Crypto.com has launched a venture arm and has set aside $200 million to invest in promising cryptocurrency startups, as it seeks to expand its partnerships with entrepreneurs in the crypto and blockchain industry. Announced on March. 4, the new venture arm, named Crypto.com Capital, was launched to accelerate the growth of crypto startups, and to advance the growth of the industry in general, according to a press release. The $200 million fund will be used to invest in seed rounds for promising startups, with single investments poised to reach anywhere between $100,000 and $3 million. Investments in Series A funding rounds will reach anywhere from $3 million to $10 million.Crypto.com (previously Monaco) was founded in 2016 and has since gone on to launch a mobile payments app that grants users as much as a 20% discount when purchasing with the blockchain’s native CRO coins. The project also launched a staking program that returns up to 14% interest and a Visa card that can be filled with crypto or fiat. Kris Marszalek, co-founder and CEO of Crypto.com, talked up the project’s purported 10 million-strong user base, adding that long-term partnerships was its priority.“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,” said Marszalek, adding, “We’ …
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