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Digital asset venture capital firm Castle Island introduces $250 Million Web3 Fund

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Indrani bose Follow

INDIA

Feb, 18 2022

Feb, 18 2022

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Digital-asset venture capital firm Castle Island Ventures founded by Fidelity alums Nic Carter and Matt Walsh announced about raising a new $250 million fund for building monetary networks, financial services, and internet architecture such as web3.

As per the announcement made on the social media platform Medium, in the case of the third fund, investors include endowments, asset managers, family offices, and fund of fund groups. The firm confirmed that the new fund is ??named Castle Island Ventures III is the largest fund ever for Castle Island since it was founded in 2018. It has been raised for investing in blockchain startups and Web3 projects. As per a blog post done on Wednesday, the firm will focus on three “themes” to fund with the cash, which are monetary networks, financial services, and internet architecture. The first fund the firm raised was $30 million amount. In February 2021, it raised funds for the second time of $50 million.

The crypto venture capital firm said it looks for a financial system that is more programmable and transparent and be less politicized, exclusionary, and intermediated. The firm also plans to support entrepreneurs for working on projects that are using the new decentralized internet referring to Web3 which is currently in developing face. Web3 apps built on various blockchain networks, such as Ethereum, Solana, Avalanche, and Bitcoin are currently accessible.

According to Castle Island, cryptocurrencies like Bitcoin and Ethereum, as well as stablecoins, are part of the transition "towards a rules-based monetary order." Decentralized, composite internet topologies prove to be more commercially viable than highly centralized ones, and they will enable new business models to emerge, according to today's post.

“The new fund will support our mission to partner with visionary entrepreneurs building transformative companies powered by public blockchains,” the firm said. “We believe that public blockchains represent a paradigm shift in the way we interact with money, financial services, and the internet itself.”  

Four years ago, Castle Island Ventures was set up and has made investments in companies like Bitwise, Coin Metrics, and River Financial. Early-stage investments made by Castle Island include Bitwise, a cryptocurrency asset manager, and BlockFi, a crypto lender.

About Web3 and DeFi

Web3 seeks to free users from the monopoly of internet companies such as Facebook and Google, allowing them full control over their personal information. In DeFi, lending and borrowing are automated through apps that use blockchain networks. Over $208 billion are locked into all DeFi products according to DeFi Llama.


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Indrani bose

CBW - External Analyst

INDIA

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