Crypto.com Capital, the venture arm of digital asset firm Crypto.com, reported on Monday, 17 January 2022 that it is extending its $200 million Web 3 fund and the arrangement of Jon Russell, one of the notable technology journalists, as the fund’s newest partner.

In March 2021, the digital trade acquainted a $200 million asset with put resources into arising crypto organizations. Crypto.com Capital currently expects to help the developing Web3 environment. In 2021, Crypto.com saw a flood sought after for its items because of a leap in the reception of digital currencies. As indicated by the trade, the organization currently has more than 10 million clients through items including a Visa check card, exchanging trade, and NFT stage.

Russell has a solid presence in the worldwide startup ecosystem. He went through almost 10 years as a tech columnist and worked with a few driving news stages like TechCrunch, The Next Web, and The Ken. He began expounding on the crypto market in 2014 and met noticeable leaders on occasions across the world.

 “I’ve had offers to move into crypto full-time before but Crypto.com is the most ambitious company in web3,” said Russell. “The Crypto.com Capital fund brings a very unique advantage to help the world’s best web3 founders and startups to realize their potential, and I can’t wait to play my part.”

Russell will assist with growing the fund’s coverage to Asia-based projects. Russell stated that the fund is set to be over two times its size and an announcement is expected within the upcoming few days.

The fund is presently run by Crypto.com co-founder Bobby Bao and is employing more GPs all over the world. Crypto.com Capital's earlier investments incorporate Frax Finance and liquidity supplier Woo Network.

Asia is rapidly fostering a large institutional hunger for digital assets. Singapore's DBS Bank, one of the area's biggest, works in a crypto exchanging work area. Thailand's Siam Commercial Bank (SCB) as of late procured a greater part stake in the Thai cryptocurrency exchange Bitkub.

SCB 10x's Chief Venture and Innovation Officer Mukaya Tai said that she imagines a reality where Defi protocols have disintermediated banks.

Despite the bear market, VCs actually will designate cash flow to the ecosystem. This comes closely following FTX building up a $2 billion endeavor fund to put resources into crypto new companies and Sino Global Capital opening to outside financial backers through a $200 million fund.

Joyashree Dey

CBW - External Analyst

INDIA