CoinFund CEO Jake Brukhman said the capital raise demonstrates that institutions are keen to back budding blockchain and cryptocurrency startups. He said the funding will go toward expanding the team and further developing in-house capacity.
“CoinFund’s deep connectivity throughout the entire crypto ecosystem, the firm’s critical technical insights and its ability to incubate projects at the earliest stages differentiates them from other investors in the space.”
The latest haul represents CoinFund’s third successful venture capital raise. This year alone, the company has backed a total of eight projects, including nonfungible token (NFT) marketplace Rarible and ClayStack, a liquid staking protocol. As Cointelegraph also reported, CoinFund was behind Solana Labs’ massive $314 million private token sale that closed in June. CoinFund has also backed leading blockchain projects The Graph, Blockdaemon, Maker, Ethereum, Coinbase and Polkadot.
Related: ClayStack raises $5.2M for liquid staking protocol
Investors’ appetite for early-stage blockchain companies appears to be growing despite alarming signs of a cryptocurrency bear market. This year alone, venture capitalists have poured billions into blockchain- and crypto-focused startups. Firms like Andreessen Horowitz have also established multibillion-dollar funds earmarked specifically for cryptocurrency companies.
News Highlights Business
- CoinFund Debuts $ 83 Million Crypto Startup Fund
- Check all news and articles from the Business news updates.
Disclaimer: If you need to update/edit/remove this news or article then please contact our support team.