The three founders of crypto exchange Bitpanda have set up their own investment vehicle, The Block reported Thursday.

Eric Demuth, Paul Klanschek and Christian Trummer applied to set up Diamond Hand Ventures in May of last year.

Among the firm's early investments were blockchain development tool Tatum, payments firm Payable and Web3 accounting platform Consola Finance, according to the report, which cited a Bitpanda spokesperson. The firm also joined crypto custodian Copper's $50 million Series B funding round last year.

Like many other crypto firms, Vienna-based Bitpanda cut its headcount in response to tougher market conditions earlier this year. In June, it said it would be looking to reduce employee numbers to 730 from just over 1,000.

Its founders' steps into venture capital demonstrate how crypto entrepreneurs are attempting to broaden their business beyond the buying and selling of cryptocurrencies in response to the bear market.

Bitpanda didn't immediately respond to a request for further comment.

Read more: Crypto VC Firm CoinFund Looks to Raise $250M Seed Fund

UPDATE (09:10 UTC, Nov. 4, 2022): Removes references to Diamond Hand Ventures being a venture capital firm