Gate Ventures on Track to Close $200M Crypto Fund by Q3

The venture capital arm of crypto exchange Gate.io is on track to raise $200 million for its second fund by Q3 2022.

Gate Ventures wants the fund to aid alternative layer 1 and layer 2 protocols, the company’s managing partner, Kevin Yang, told CoinDesk in an interview on Friday. Layer 1 protocols are blockchains like Ethereum, whereas layer 2 networks are third-party integrations like Polkadot.
“We have this vision that it will be a multi-chain and multi-layer future, with an open internet which also respects privacy,” Yang said. Gate Ventures is taking contributions from around 20 institutions.
The fund wants to invest in cross-chain solutions that allow blockchains to interact with each other. It will also help fund specific applications like gaming protocols which are in high demand thanks to the help of the metaverse’s growth, as well as decentralized finance ones.
The company also launched a $100 million fund in 2021 to invest in early stage projects in the crypto space. “We believe that the crypto future is not something we can wait for but rather we need to build this vision,” Yang said.

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.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Follow @camomileshumba on Twitter

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.