IDEO, an American design and innovation consultancy agency, has filed for a brand new cryptocurrency fund by way of its blockchain-oriented enterprise capital subsidiary.
IDEO CoLab Ventures, an early stage funding fund targeted on blockchain improvement, has applied Tuesday for a brand new crypto fund with the US Securities and Trade Fee, or SEC.
Known as “IDEO CoLab Crypto Fund II LP,” the brand new fund has a complete providing quantity of $100 million. The appliance was filed by IDEO CoLab managing director Joe Gerber.
The SEC submitting follows IDEO CoLab’s announcement of a $21 million early-stage crypto fund from in October 2020. The brand new fund is backed by executives from main cryptocurrency gamers like Coinbase in addition to firms like Twitter, Fortress, and IDEO itself. Different backers embody main buyers like Avanta Ventures, GS Group, Hanwha Asset Administration, Fineqia, and others.
As beforehand introduced, IDEO CoLab helped incubate over 30 crypto startups since making their first funding in 2018. A few of IDEO’s business investments reportedly embody digital asset buying and selling platform FalconX and Handshake, a decentralized naming and certificates authority.
Taehong Huh, Managing Associate at GS Group’s GS Futures, mentioned that IDEO Colab is completely positioned to steer the motion supporting business collaboration between between buyers, entrepreneurs, designers, policymakers, and firms.
“We consider that the disruptive nature of blockchain know-how continues to be underappreciated by the general public, together with firms like ourselves, because it has not but been translated into broadly fascinating merchandise or experiences,” he mentioned.