Crypto exchange Crypto.com has boosted its venture capital arm’s fund size to $500m as it looks to ramp up investment into early stage ‘Web 3.0’ startups.
The move from the Singapore-headquartered firm follows the launch of its maiden fund of $200m last year which it financed entirely from its own balance sheet, TechCrunch reported.
The move to increase venture capital investment in Web 3.0 firms, which focus on block-chain based tech development, will allow Crypto.com to rival competitors Coinbase and Binance who have been channelling capital into startups in the sector.
Crypto.com’s debut fund has so far backed around 20 different startups including crypto portfolio tracker DeBank, and toke infrastructure firm Matter Labs.
Jon Russell, general partner of Crypto.com told TechCrunch that the new funding will focus on gaming, decentralized-finance and startups innovating on cross-blockchain solutions.
The move from Crypto.com comes after FTX, Bahamian-based cryptocurrency exchange, announced the launch of a $2bn venture capital fund to drive the development of blockchain and Web 3.0 adoption.
Investment into Web 3.0 startups exploded to $33 billion in 2021, more than all previous years combined, according to a recent report from Galaxy Digital.
Venture Capital firms have piled into the space with Paradigm unveiling a new $2.5bn Web 3.0 fund and Andreessen Horowitz launching a new dedicated $2.2bn crypto fund.