Crypto.com Capital Rolls Out $200 Million Fund to Help Crypto-based Startups Grow
- Crypto.com has started a venture subsidiary and set aside $200 Million to invest in promising crypto-based startups.
- This is in tandem with the firm’s efforts to enhance its partnerships and collaborations with different investors within the blockchain and crypto space.
In an official announcement on Thursday, the firm stated that it would invest the $200 million in the seed as well as series A phases of emerging firms within the crypto industry. The Hong Kong-headquartered firms stated that the aim of the investment fund would be to enhance the growth of promising startups and the crypto market in general.
The firm also explained that a solitary investment would be between $100,000 to $3 million, depending on the scope of the startup. In addition, the firm also stated that it would invest about $3 million to $10 million during Series A funding rounds.
Previously known as Monaco, Crypto.com was started in 2016 and over the years has witnessed rapid growth with the firm launching a mobile payments platform that offers users up to 20% discount on purchases made via the CRO coins. The firm has also introduced a staking program that returns as much as 14% interest. The firm also offers a Visa card which can be topped up either through fiat or crypto.
Crypto.com’s CEO, Kris Marszalek, stated that the project boasts of over 10 million users and long-term agreements with crypto stakeholders remain the firm’s priority. Marszalek stated,
“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.”
Marszalek added that long-term partnerships with various entrepreneurs within the crypto space would be crucial in advancing the crypto industry to the next level.
The new investment wing will be headed by Crypto.com co-founder Bobby Bao. Bao explained that apart from providing early funding to emerging crypto companies, the venture will also offer the startups access to its worldwide global clientele.