Cryptocurrency News

Electric Capital Announces Crypto-Focused Fund Worth $110M

Venture capital firm Electric Capital has unveiled a seed and Series A fund, which will focus on the crypto industry. In the official tweet, Co-founder Avichal Garg informed that the Fund II is valued at $110 million and will invest $250,000 to $10 million in tokens and funds.

In a detailed Medium post, the company said that the fund will focus on crypto networks and blockchain-enabled businesses. It also said that like the first seed fund in 2018, the company aims to support founders via long term investments. Electric Capital further added that they are focused on programmable money since 2017, with emphasis on three key areas:

  1. a) Layer 1 protocols
  2. b) Decentralized finance & community-owned networks
  3. c) Crypto enabled businesses and marketplaces

The move received appreciation from industry leaders, including WazirX CEO and co-founder, Nischal Shetty. In his retweet, he congratulated Electric Capital and said that that he is looking forward to seeing Garg back founders building the future of finance.

Another global crypto influencer and Blockstack CEO, Muneeb Ali congratulated Avichal Garg for the new seed fund. Ali informed him about the team and start-ups in the Stacks ecosystem working on areas Garg mentioned in the Twitter thread, which includes DeFi, Community Owned Networks, Fintech & Marketplaces, Payments, and Privacy Tech.

Garg also received praise from OC Bitcoin Network founder, Stephen Cole. Cole also asked Garg about the percentage estimates that would go to Bitcoin and other ecosystems, to which the Electric Capital co-founder replied saying that though they will definitely invest in Bitcoin, they haven’t decided on any specific target.

Daniel Garza

Daniel Garza is well-known for his writing skills and works as a lead content writer in our team. He also has a deep interest in cryptocurrency funds and guides people on how to deal with a cryptocurrency exchange.

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