Kraken, the fourth-largest cryptocurrency exchange by trading volume, has announced the launch of a new venture fund that will invest in early-stage cryptocurrency and tech startups.
- According to a Thursday announcement, Kraken Ventures will be led by former head of corporate development at Kraken, Brandon Gath, and will operate as an independent fund.
- However, Kraken, the exchange, will provide financial backing, as well as guidance and expertise.
- Startups selected by Kraken Ventures will receive investments ranging from $250,000 to $3 million, Kraken told CoinDesk.
- Specifically, the fund will focus on areas including fintech, crypto companies, protocols, DeFi, artificial intelligence, machine and deep learning, regulatory technology and cybersecurity.
- “As we enter the crypto industry’s next growth phase, Kraken Ventures will support entrepreneurs in making the financial system more open, inclusive, and transparent,” said Jesse Powell, co-founder, and CEO of Kraken.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.