Jon Russell, its newly hired General Partner based in Bangkok, told CoinDesk on Tuesday the fund will do seed and series-A deals, typically up to a $10 million check for the series-A.
So far Crypto.com’s maiden fund has invested in play-to-earn guild YGG SEA, Ledger and Frax Finance
The fund will be focused on investing in decentralized finance (DeFi), non-fungible tokens (NFT) and gaming. It will typically want to lead rounds.
Russell said the fund will be focused on growing the overall crypto ecosystem, not about making investments where Crypto.com thinks it can get business.
Companies the fund invests in won’t necessarily get listed on the Crypto.com exchange, he said.
While Crypto.com capital is expanding, management wants to keep the fund lean and entrepreneurial. It doesn’t want to become "an a16z" with hundreds of staff — it's not relatable to entrepreneurs in the crypto space that run a thin organization.
Although the fund is based in Singapore and Russell in Bangkok, it will have a global remit.
In 2021, crypto firms raised $30 billion from VCs, according to PitchBook. Despite the bear market, there’s no sign of this slowing down as alongside Crypto.com Capital’s announcement FTX kicked off the year establishing a $2 billion venture fund to invest in crypto startups.