Crypto.com Capital Expands $200M Fund to $500M

Newly hired GP Jon Russell says a larger pool of capital is coming from Crypto.com’s balance sheet.

Jan 18, 2022 at 4:16 a.m. UTC
Updated Jan 18, 2022 at 5:25 p.m. UTC

Singapore-based Crypto.com Capital is expanding the size of its fund to $500 million, from the $200 million it announced in March 2021.

  • Jon Russell, its newly hired General Partner based in Bangkok, told CoinDesk on Tuesday the fund will do seed and series-A deals, typically up to a $10 million check for the series-A.
  • So far Crypto.com’s maiden fund has invested in play-to-earn guild YGG SEA, Ledger and Frax Finance
  • The fund will be focused on investing in decentralized finance (DeFi), non-fungible tokens (NFT) and gaming. It will typically want to lead rounds.
  • Russell said the fund will be focused on growing the overall crypto ecosystem, not about making investments where Crypto.com thinks it can get business.
  • Companies the fund invests in won’t necessarily get listed on the Crypto.com exchange, he said.
  • While Crypto.com capital is expanding, management wants to keep the fund lean and entrepreneurial. It doesn’t want to become "an a16z" with hundreds of staff — it's not relatable to entrepreneurs in the crypto space that run a thin organization.
  • Although the fund is based in Singapore and Russell in Bangkok, it will have a global remit.
  • In 2021, crypto firms raised $30 billion from VCs, according to PitchBook. Despite the bear market, there’s no sign of this slowing down as alongside Crypto.com Capital’s announcement FTX kicked off the year establishing a $2 billion venture fund to invest in crypto startups.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

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.

Trending

1
CoinDesk - Unknown
How the US Can Establish Itself as a Crypto Leader

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

CoinDesk - Unknown
2
CoinDesk - Unknown
No, the UK Is Not Going to Make USDC and USDT Legal Tender

For “legalize” read “regulate.”

For “legalize” read “regulate.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Thoughts From Davos

The crypto industry showed up in force at the World Economic Forum’s annual meeting.

The crypto industry showed up in force at the World Economic Forum’s annual meeting.

CoinDesk - Unknown
4
CoinDesk - Unknown
Bitso, primer unicornio cripto de América Latina, despide a 80 empleados

El exchange, que tenía más de 700 empleados antes de los recortes, cuenta con cuatro millones de usuarios en la región.

El exchange, que tenía más de 700 empleados antes de los recortes, cuenta con cuatro millones de usuarios en la región.

CoinDesk - Unknown