Recent announcements made by the American crypto exchange Kraken reveal details about the launch of an independent investment fund, Kraken Ventures. The new fund’s aim is to support startups that work in the crypto, fintech, DeFi, and various other innovative sectors.
According to Jesse Powell, co-founder and CEO of Kraken, the fund will “support entrepreneurs in making the financial system more open, inclusive, and transparent.” Powell added that “crypto is starting to show its true potential, transforming the financial services industry and creating truly global, digital economies.”
Kraken Ventures will focus on supporting and investing in firms and technologies that work in DeFi, crypto protocols, and fintech, as well as in cybersecurity, AI and machine learning projects, and regulatory tech, according to Decrypt.
Brandon Gath, who will lead Kraken Ventures, says that the new fund will “provide guidance, new commercial opportunities and additional capital support.”
Regarding the companies that will benefit from the new fund’s support, Gath says that they have already identified “some of the best opportunities out there” and that the first investments will be revealed soon.
The American crypto exchange is not new to investing in early-staged crypto projects, though. In December last year, as part of the exchange’s collaboration with Gitcoin, Kraken invested $150,000 in the development of various ETH projects. Moreover, the exchange also made several donations to various BTC-related projects. These donations exceeded $500,000.
Source: Decrypt