Ex-Poker Pros Raise $130M Fund for DeFi Bets

Ascensive Assets’ investors are mainly high-net-worth individuals in Asia connected to the gambling industry.

AccessTimeIconJul 29, 2021 at 1:00 p.m. UTC
Updated May 9, 2023 at 3:22 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Ascensive Assets, an investment firm led by former professional poker players, has raised a $130 million fund that will focus on the decentralized finance (DeFi) market.

The latest fund dwarfs Ascensive’s maiden $24 million fundraise back in 2019, which backed the likes of Polkaswap, Benqi, Yield Guild Games and JennyDAO.

  • How Spool Is Aiming to Help Institutions Enter DeFi
    11:05
    How Spool Is Aiming to Help Institutions Enter DeFi
  • How a New Tax Proposal From the IRS Could Impact DeFi
    00:46
    How a New Tax Proposal From the IRS Could Impact DeFi
  • DeFi's Total Value Locked Slumps to Lowest Level Since February 2021: Data
    03:20
    DeFi's Total Value Locked Slumps to Lowest Level Since February 2021: Data
  • Wormhole Foundation EVP: We're Simply Here to 'Connect and Enable Web3'
    08:52
    Wormhole Foundation EVP: We're Simply Here to 'Connect and Enable Web3'
  • In terms of investors, the round was mostly populated by high-net-worth individuals from China, Hong Kong, Macau, Singapore and Malaysia, many of whom are connected to the world of professional poker and gambling, said Ascensive Assets partner Oliver Blakey.

    “They are casino owners, private bookmakers and Asian high-net-worth individuals generally from the gambling world,” Blakey told CoinDesk in an interview. “A gambling mentality is in their DNA, I guess. We have always known that world and of course everybody wants exposure to this industry now.”

    Around a third of the new fund will go towards early-stage startups, and the remainder is basically doubling down on winners from the first fund, said Blakey, who is refreshingly candid about the firm’s investment performance.

    For example, he laments missing out on early rounds in Axie Infinity, but says Ascensive was “insanely lucky” to get into Yield Guild Games at the right time.

    “We’ve made some awesome investments, we’ve also made some terrible ones,” Blakey said. “I think about this industry as a kind of hybrid of venture capital and a hedge fund; it’s somewhere in the middle.”

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.