IDEO CoLab Ventures files with SEC for new $100M crypto fund

Bitcoin News

IDEO, an American design and innovation consultancy firm, has filed for a new cryptocurrency fund through its blockchain-oriented venture capital subsidiary.

IDEO CoLab Ventures, an early stage investment fund focused on blockchain development, has applied Tuesday for a new crypto fund with the United States Securities and Exchange Commission, or SEC.

Called “IDEO CoLab Crypto Fund II LP,” the new fund has a total offering amount of $100 million. The application was filed by IDEO CoLab managing director Joe Gerber.

The SEC filing follows IDEO CoLab’s  announcement of a $21 million early-stage crypto fund from in October 2020. The new fund is backed by executives from major cryptocurrency players like Coinbase as well as companies like Twitter, Fortress, and IDEO itself. Other backers include major investors like Avanta Ventures, GS Group, Hanwha Asset Management, Fineqia, and others.

As previously announced, IDEO CoLab helped incubate over 30 crypto startups since making their first investment in 2018. Some of IDEO’s industry investments reportedly include digital asset trading platform FalconX and Handshake, a decentralized naming and certificate authority.

Taehong Huh, Managing Partner at GS Group’s GS Futures, said that IDEO Colab is perfectly positioned to lead the movement supporting industry collaboration between between investors, entrepreneurs, designers, policymakers, and corporations.

“We believe that the disruptive nature of blockchain technology is still underappreciated by the public, including corporations like ourselves, as it has not yet been translated into broadly desirable products or experiences,” he said.

Products You May Like

Articles You May Like

XRP price rally stalls near key level that last time triggered a 65% crash
Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop
Here’s how pro traders could use Bitcoin options to buy the $20K BTC dip
Bitcoin price taps 5-day highs as Shiba Inu leads altcoin gains
‘Worst quarter ever’ for stocks — 5 things to know in Bitcoin this week

Leave a Reply

Your email address will not be published.