Venture Capital firm Golden Gate Ventures recently stated that it will launch a USD $10 million fund to invest into blockchain technology and cryptocurrency startups.
The Singapore based venture capital firm plans to launch the fund, under the name, LuneX Ventures, which will invest in early-stage businesses internationally for example, cryptocurrency exchanges and security providers. Along with this, investors in the fund will include high-net worth individuals and family offices.
In addition, the fund is among a group of ventures of the similar nature which invest in the cryptocurrency space, support by financial firms and wealthy individuals, which have emerged over the past 12 months.
Moreover, such firms have partly replaced the retail investor base, which fueled bitcoin’s skyrocket rise in 2017. Following this, the price of the world’s largest and best-known virtual currency has more than halved from a high of near USD $20,000 late last year.