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Crypto.com capital expands $200 million fund to $500 million

Newly hired GP Jon Russell says larger pool of capital is coming from Crypto.com’s balance sheet.

Singapore-based Crypto.com Capital announced today that it is expanding the size of its fund to $500 million, from the $200 million it announced in March 2021.

  • Jon Russell, its newly hired General Partner based in Bangkok, told CoinDesk 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 game YGG SEA, Ledger, and Frax Finance

  • The fund will be focused on investing in DeFi, NFTs, 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 that 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. They don’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.

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CoinDesk Analysis Team

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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