Crypto.com Announces $200 Mln Funds For Crypto StartUps.

2021-03-04 | Robin Williams

Crypto.com has launched a venture arm and has put aside $200 Mln to take a position in promising cryptocurrency startups, as its planning to expand its partnerships with entrepreneurs within the crypto & blockchain industry. Revealed earlier on 4th March, the new venture arm, referred to Crypto.com Capital, was launched to accelerate the expansion of cryptocurrency startups, and to advance the expansion of the industry generally, consistent with an official report. The $200 Mln funds are going to be invested in seed rounds for promising startups, with single investments poised to succeed in anywhere between $100k to $3 Mln. Investments serial A funding rounds will reach anywhere from $3 Mln To $10 Mln. Crypto.com [earlier also known by the name Monaco] was founded in 2016 and has since gone on to launch a mobile payments app that grants users the max amount as a 20% discount when purchasing with the blockchain’s native CRO coins. The project also launched a staking program that returns up to 14% interest and a Visa card that will be crammed with crypto or fiat. Kris Marszalek, co-founder, and CEO of Crypto.com talked up the project’s purported 10 Mln-strong user base, adding that long-term partnerships were its priority.

“Crypto.com Capital gives founders building within the cryptocurrency industry two things: a reputable lead investor for their seed or series A rounds AND priority of launch on the world’s fastest-growing retail cryptocurrency platform with over 10 Mln users," said Marszalek, adding, "We’re trying to find future partnerships with entrepreneurs in every sector of the crypto ecosystem, so we will advance it together."

Bobby Bao, co-founder of Crypto.com, and leader of the new Crypto.com Capital wing added that the venture arm would offer startups direct access to its global user base, additionally to early funding. Bao explained:

“The motto and operating principle of Crypto.com Capital is ‘Founders First.’ As firm builders ourselves, we understand how hard it's to bring game-changing ideas to life. Founders can calculate us to maneuver fast and offer both capital and access to a worldwide user base, helping them succeed."

Also earlier in March, Crypto.com became a sponsor of the Aston Martin Formula 1 racing team. The project’s logo will appear on the team’s cars within the upcoming 2021–2022 race season.

Crypto.com Announces $200 Mln Funds For Crypto StartUps.

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