Blockchain Founders Fund is a venture capital fund supporting the adoption of Web3 and blockchain technology. He announced the closing of a fundraising of 75 million dollars. It was done with Blockchain companies such as Polygon, Appworks, GSR, LD Capital, Ripple, Octava, NEO Global Capital, Metavest Capital. Individuals such as Sébastien Borget, general manager of The Sandbox even participated.
What will the $75 million raised be used for?
The announcement told us that the fund will be used primarily to support projects that are at the beginning of their development. Second, they will have to be high potential projects. Third, it will above all be necessary to show that they encourage the mass adoption of Web3 and blockchain. A good hundred startups have already benefited from an investment from the Blockchain Founders Fund. Examples include Krayon, Altered State Machine, Splinterlands, GRID and Magna.
Aly Madhavji is Managing Partner at Blockchain Founders Fund. In an interview with Cointelegraph, he said that more than 200 companies could benefit from this fund. The distribution will be done gradually over the next 12 months. He insists on the fact that the selected companies will have to show that their project has a real utility. The organization will closely examine the business plan of each of them to ensure their potential for profitability.
Can the Blockchain Founders Fund help with regulators?
It’s good for a Blockchain business to have money. But if regulation prevents him from exercising, it will not be very useful to have millions. On this subject, Madhavji replies: We take the necessary precautions to navigate regulatory uncertainty by keeping abreast of emerging trends in blockchain governance as they evolve over time. Finally, we leverage our industry relationships, including leading institutions and investors in the field, to help our portfolio companies succeed. »
The Blockchain Founders Fund mostly looks for companies with solid projects and tends to steer clear of speculative cryptos. The ones that don’t solve any problem. Will that be enough to appease the SEC who seems to want to end crypto?
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