Golden Gate Ventures, a venture capital firm based in Singapore, said on Friday that it is launching a $10 million cryptocurrency investment fund. The fund will invest in cryptocurrency exchanges and digital asset providers.
Founded in 2011, Golden Gate Ventures has since invested in more than thirty companies, all of them in South-East Asia. The firm focuses its efforts on internet and mobile start-ups, covering, amongst other things, e-commerce, marketplaces and mobile applications.
The firm claims to be looking at investing in companies that want to expand in Southeast Asia. Countries the company has been investing in include Indonesia, Malaysia, Thailand and the Philippines.
The new fund is going to be called LuneX Ventures and will be investing in early-stage companies. LuneX Ventures’ funds will come from a combination of family offices and high-net-worth individuals.
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Golden Gate Ventures is not the only firm to create a cryptocurrency-focused fund. In fact, a huge number have been popping up, particularly in the United States, over the past couple of years.
As reported by Finance Magnates, in the first half of 2018, 61 cryptocurrency funds had been launched across the world. Twenty-nine of these were based in the great U-S-of-A, by far the most, with Australia and the UK having the next highest number.
In 2017, 130 new funds were created as the cryptocurrency craze reached its peak. This was a massive increase on 2016, when only 25 cryptocurrency funds were launched.
A number of large firms, including Coinbase, have launched their own funds. Having said this, in June of this year Bloomberg reported that nine cryptocurrency hedge funds had closed down in 2018.
This was the result of a large decline in the value of cryptocurrencies. Bitcoin, for instance, is trading this Friday at $6556.25 / 1 BTC, having tumbled from a high of $20,000 / 1 BTC earlier this year.
Source: thebitcoinnews.com Read more here!