Switzerland-based blockchain consortium, the Crypto Valley Association (CVA), has added European venture capital firm Lakestar as a strategic partner, the association revealed to CoinDesk this week.
Lakestar has previously dabbled in blockchain, and in 2017 made investments in crypto wallet provider Blockchain and exchange startup ShapeShift. Its portfolio also includes investments in Skype, Spotify, Facebook and Airbnb.
With the announcement, Lakestar will join the rank of CVA's existing strategic partners that include the multinational consulting firm PwC, and ethereum startup ConsenSys. In addition, Lakestar will chair the CVA's new "Venture Building" working group, which will be comprised of experts from both the blockchain and business sectors.
Lakestar has previously raised two funds with an aggregate volume of 500 million euros in 2013 and 2015, and intends to leverage this experience to offer guidance on tech investments for the Swiss blockchain consortium.
The CVA, which has more than 600 members, said it expects the partnership to be mutually beneficial.
"Their experience of investing and assisting technology entrepreneurs effectively scale and internationalize will provide unique insight to support the work of the CVA and our members," CVA president Oliver Bussman said of the firm.
Likewise, the CVA said Lakestar will gain "greater access to and understanding of its startup community and ecosystem" through its involvement.
"We see great synergy between our proven track record of building global, digital leaders and the work of the CVA's blockchain-focused teams," Lakestar partner Nicolas Brand said. "We look forward to working with the CVA and its members in supporting some of Crypto Valley's most exciting projects."
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