Capital Hires Jon Russell as GP, Hints at Expanding Fund Size

Russell spent 10 years as a tech journalist, including stints at The Ken and Tech Crunch.

AccessTimeIconJan 17, 2022 at 4:35 a.m. UTC
Updated May 11, 2023 at 5:24 p.m. UTC Capital is expanding its $200 million Web 3 fund, and it has appointed Jon Russell as an Asia-based general partner (GP).

  • Capital initially launched the fund in March 2021 with $200 million in capital, targeting seed and Series A deals in decentralized finance (DeFi), non-fungible tokens (NFT), blockchain gaming and the metaverse, among others.
  • The fund, currently run by co-founder Bobby Bao, is hiring more GPs around the world. Russell will help expand the fund’s exposure to Asia-based projects.
  • Russell, a former technology journalist based in Bangkok where he wrote for Tech Crunch and The Ken, told CoinDesk Monday the fund is set to more than double its size. He said an announcement is expected in the coming days.
  • Capital’s prior investments include Frax Finance and liquidity provider Woo Network.
  • Asia is quickly developing an immense institutional appetite for digital assets.
  • Singapore’s DBS Bank, one of the region’s largest, operates a crypto trading desk. Thailand’s Siam Commercial Bank (SCB) recently acquired a majority stake in Thai cryptocurrency exchange Bitkub.
  • SCB 10x’s Chief Venture and Innovation Officer Mukaya Tai said she envisions a world where DeFi protocols removes banks as middlemen.
  • Despite the bear market, VCs still are willing to allocate capital to the ecosystem. This comes on the heels of FTX establishing a $2 billion venture fund to invest in crypto startups and Sino Global Capital opening to outside investors via a $200 million fund.

CORRECTION (Jan. 17, 06:20 UTC): reached out to clarify it will be giving Russell the title General Partner, not LP. An announcement earlier Monday said he had been named LP.


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