China-headquartered cryptocurrency services provider Crypto.com launched a $200m corporate venture capital fund called Crypto.com Capital yesterday that will invest in early-stage crypto technology developers.
Founded in 2016, Crypto.com operates an online platform where users can buy and sell a range of cryptocurrencies. It also runs a crypto trading exchange in addition to offering a digital currency wallet and crypto-based Visa card.
Kris Marszalek, Crypto.com’s co-founder and CEO, said: “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.
“Crypto.com Capital will lead seed rounds with cheque sizes between $100,000 and $3m, and series A rounds from $3m to $10m. We are looking for long term partnerships with entrepreneurs in every sector of the cryptocurrency industry, so we can advance it together.”
The unit will be headed by Bobby Bao, another Crypto.com co-founder who is also the company’s head of corporate development. He added: “The motto and operating principle of Crypto.com Capital is “Founders First”.
“As company builders ourselves, we understand how hard it is to bring game-changing ideas to life. Founders can count on us to move fast and provide both capital and access to a global user base, helping them succeed.”
The move puts the company in the same bracket as crypto services providers including cryptocurrency transfer service Ripple and digital currency exchange operators Binance and Coinbase, which invest out of Xpring, Binance Labs and Coinbase Ventures respectively.
