Despite the huge market volatility, there are a lot of exciting things still happening in the crypto space. Check out the latest reports below.
Variant raises $450 million
The publication The Block notes that the crypto venture investment firm Variant has raised $450 million across two new funds targeting the beleaguered market for Web3 and decentralized finance.
A new announcement has been reportedly shared with The Block, in it, the company said it raised $300 million for a so-called opportunity fund as well as $150 million fund to invest in earlier-stage startup projects.
The same notes reveal that this move was led by general partners Li Jin, Jesse Walden and Spencer Noon.
Also, it’s worth noting the fact that Variant closed its first fund in 2020 and most recently announced a $110 million fund following a merger with Atelier Ventures in 2021.
Variant’s portfolio includes a wide-range of companies in the crypto space, including NFT platforms like Magic Eden, decentralized credit platform Goldfinch, and decentralized exchange Uniswap.
The same online publication that we mentioned above notes that the two new funds will have a mandate that’s breadth reflects Variant’s investing history, with the firm noting in press materials that it will look at four specific buckets of investment opportunities: “decentralized finance, blockchain infrastructure, consumer applications in Web3, and projects experimenting with new forms of ownership.”
The company proceeded and explained this:
“Tokens and NFTs enable net-new user experiences that satisfy diverse motivations and ‘jobs-to-be done,’ from control to belonging, to financial alignment with the products you use everyday,” the firm explained.
They also said the following:
“Ownership is a design space for new product features and experiences.”
The crypto market is making efforts to recover following recent losses. At the moment of writing this article, BTC, ETH, and the other important top coins are trading in the green.