Crypto VC Chiron Raises $50M to Invest in Terra Ecosystem as LUNA Stays Hot

The fund is the latest cash influx into promising DeFi and Web 3 gaming projects from institutional investors.

AccessTimeIconDec 8, 2021 at 5:01 p.m. UTC
Updated Dec 8, 2021 at 5:50 p.m. UTC

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

Hong Kong-based venture capital firm Chiron has raised a $50 million fund dedicated to backing projects on the Terra blockchain, the company announced Wednesday.

The firm will use the funds to boost “decentralized finance applications, metaverse-linked non-fungible token (NFT) platforms and more,” according to a press release.

The fund is the latest cash influx into Terra’s rapidly growing ecosystem, which attracted a $150 million decentralized finance (DeFi) fund in July.

Investor confidence in the Terra ecosystem has never been higher, a representative of the fund told CoinDesk, as the blockchain’s native LUNA token continues testing all-time highs despite an overall market downturn.

Chiron is just the latest of many funds to bet on the future of metaverse and Web 3 gaming. South Korean-based Hashed raised a $200 million Web 3 fund last week, along with a $100 million Solana gaming fund raised by Lightspeed and FTX in November.

“The Terra ecosystem’s growth potential, particularly after the latest Columbus-5 upgrade and announcements on Risk Harbor insurance wrapped protection, is limitless,” said Jake Cormack, chief operating officer at Chiron Partners. “We want to work closely with visionaries behind up-and-coming projects built on Terra, supporting them with not just capital, but also our strategic, extensive resources and expertise.”


Read more about

DISCLOSURE

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

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.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC