New York-based venture capital firm Union Square Ventures (USV) announced that around 30% of its 2021 Core Fund will go to crypto-related investments.
Andy Weissman, USV’s Managing Partner, said in a blog post that $250 million has already committed into USV’s 2021 Core Fund, and the planned crypto-related investments “will include holding tokens directly as well as equity in early-stage blockchain-related projects.”
Notable investments by the venture capital firm include Twitter, Tumblr, as well as crypto-centric companies such as Coinbase, Polychain Capital, and Dapper Labs, among others. It is also a member of the Diem Association, the corporate governance group connected to social media giant Facebook’s initiative at a digital currency.
“Crypto networks embody both the evolution of trust in computing and financial systems, as well as vastly expanded access, so we view crypto networks as completely aligned with Thesis 3.0,” wrote Weissman, “We believe the opportunity to decentralize systems is still in early stages, seeing adoption tailwinds, and with a lot of interesting new activity.”
Solana Invests DeFi Startups in Southeast Asia
USV’s Thesis 3.0 refers to the thesis-driven approach of the VC firm: “Trusted brands that broaden access to knowledge, capital, and well-being by leveraging networks, platforms, and protocols,” explained Weissman.
On another note, Solana Foundation, which supports development on the Solana blockchain, is partnering with Coin98 Ventures to give grants to DeFi startups in Southeast Asia.
The $5 million fund, named Coin98 Solana Ecosystem Fund, will go to projects with a presence in Southeast Asia, supporting the development of the Solana blockchain in Southeast Asia. It will provide up to $100,000 to each recipient over the next three years.
Actively participating in the DeFi space, Solana is a blockchain that claims to have solved the scalability issues plaguing Ethereum. “Our goal is to create the optimal conditions for developers in Southeast Asia to build amazing things on Solana,” Solana Foundation Executive Director Eric Williams said in a press release.