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Finance

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.

By Sam Reynolds
AccessTimeIconJan 18, 2022 at 4:35 a.m. UTC
Updated May 11, 2023 at 5:54 p.m. UTC
Bobby Bao, head of Crypto.com Capital, and co-founder of Crypto.com (Crypto.com)
Bobby Bao, head of Crypto.com Capital, and co-founder of Crypto.com (Crypto.com)

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.
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    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.