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BridgeTower Capital, Solana Form $20M Investment Fund

The fund will take equity stakes and tokens in projects designed to develop the Solana ecosystem.

Sep 1, 2021 at 4:17 p.m. UTC
Updated Sep 1, 2021 at 4:48 p.m. UTC

BridgeTower Capital, a private-equity firm that invests in blockchain infrastructure projects, is forming a $20 million fund with the Solana Foundation to develop the blockchain network in the European Union, U.K. and Switzerland.

  • The fund, the Solana and BridgeTower Capital European Ecosystem Fund, is already conducting due diligence on some projects, BridgeTower CEO Cory Pugh said in an email.
  • It will back projects that are designed to run on the Solana blockchain or integrate with existing Solana applications, as well as those that help develop the Solana ecosystem. Backing could also include the use of server resources in Switzerland, where the Solana Foundation is based.
  • “This partnership will provide focus to both BridgeTower and Solana in Europe on a number of high potential industries like banking and capital markets, manufacturing and supply chain, life sciences, e-government and public services,” Pugh said in a statement.
  • In return it will take an equity stake in the project or tokens.

DISCLOSURE

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.

Sheldon Reback is a CoinDesk news editor based in London.

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