The latest Crypto Venture Fund collects $ 110 million for web3 startups

The latest Crypto Venture Fund collects $ 110 million for web3 startups

The crypto security platform Ledger has teamed up with the risk capital company Cathay Innovation to set up a $ 110 million fund for the early phase that focuses on web3, defi, NFTS and DAOS.

The partnership, Ledger Cathay Capital, is supported by a French public investment bank bpifrance . The combined company tries to release resources, networks and potential partnerships in order to accelerate the web3 innovation and at the same time maintain the security standards.

led by Cathay-Innovation co-founder Denis Barrier as well as Pascal Gauthier and Michael Louzado from Ledger plans to invest in financing rounds of the series A. The idea is to make 20 to 25 all-in investments with checks between $ 550,000 and $ 4.3 million.

The strategy relies on security protocols and native tokens as well as on emerging defect security, infrastructure and digital ownership technologies, which Barrier and Gauthier described as a decade-long investment option.

The fund has so far made no investments.

"We are at the beginning of a significant technological change, since the third iteration of the Internet is created, which builds on blockchains with tokens that enable new use cases in the tokenization of the entire global economy," Barrier and Gauthier told Blockworks in an email. "Cryptocurrencies are the first case that has scaled."

Cathay Innovation was founded in cooperation with Cathay Capital and is a multi-stage fund with a fortune of around $ 1.5 billion.

Ledger based in Paris was founded in 2014 and is a digital asset management solution that serves private customers and institutional customers in 200 countries. The company secures about 20 % of digital assets around the world through its Ledger Enterprise Solutions for institutions.

According to Barrier and Gauthier, the differentiation of other risk funds results from the combination of Ledgers experts for web3, blockchain and security with Cathay's extensive corporate ecosystem.

"These entrepreneurs and builders need a safe and open safety platform to design and imagine a new generation of services with simple access and present themselves."

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The contribution of the latest crypto venture funds launched $ 110 million for web3 startups on the market.