Cryptocurrency startups are receiving investments from venture capital firms, hedge funds and fellow crypto companies
Cryptocurrency exchange Gate.io announced the launch of its $100 million fund yesterday. The fund is designed to support startups in the cryptocurrency space and is available to applicants interested in scaling their projects.
The exchange announced this on its platform yesterday. The fund, named Gate Ventures, will provide funding to crypto startups. Gate.io stated that "Gate Ventures is a worldwide venture investment initiative, which is focused on decentralized infrastructure, ecos, and applications that will reshape the world in the digital age. Endorsed by Gate's eco, Gate Ventures offers financing, operational resources, and expertise to the crypto community for next-gen innovations. Gate Ventures will also offer grants to open source projects active in building the future of web3 and open finance."
The cryptocurrency exchange stated that it wouldn't only act as an investor but also a builder and a cultivator. The fund will focus on three key areas; technical and financial infrastructure, crypto-native ecosystems and next-generation applications.
Furthermore, Gate.io said it would invest in Layer 1, Layer 2 and cross-chain solutions to ensure the future mass adoption of cryptocurrencies. "As the DeFi, NFT and Gaming markets reach new heights, and other new sectors like the 'metaverse' emerge, Gate.io aims to promote the forefront of innovations in people's lives," the exchange added.
Marie Tatibouet, the exchange's chief marketing officer, stated that Gate.io believes the crypto and blockchain industries are still in their early days. The exchange wants to play a crucial role in the development of the industry and ensure more innovation over the coming years.
"Gate Ventures will work closely with industry leaders to help promising teams and startup companies to turn innovative ideas into reality and redefine people's social and financial interactions," the cryptocurrency exchange concluded.
The cryptocurrency market is now worth over $2 trillion and is expected to record further growth over the coming years.