8.2 C
New York
Wednesday, October 20, 2021
HomeCryptoCurrencyNew fund supported by Kraken to invest in cryptocurrency and FinTech projects

New fund supported by Kraken to invest in cryptocurrency and FinTech projects

A new independent investment fund, called Kraken Ventures, was announced this Thursday, February 11, 2021 through a press release published by Kraken. The note stated that the fund will invest in the development of new projects related to cryptocurrencies and financial technology.

The fund, supported by Kraken Digital Asset Exchange , the exchange that leads the market for staking in Etherum 2.0, according to what CriptoNoticias pointed out, was created with the aim of investing in financial innovations, supporting entrepreneurs with financial resources and the necessary advice to build and scale their business. In the press release, Jesse Powell, Co-Founder and CEO of Kraken stated the following:

(…) Kraken Ventures will help entrepreneurs to make the financial system more open, inclusive and transparent. With a solid team in place, Kraken Ventures offers the right mix of resources to bring the best ideas to their fullest potential.

Jesse Powell, Co-Founder and CEO of Kraken Digital Asset Exchange.

In addition to investing in cryptocurrencies and FinTech, Kraken Ventures is interested in projects of protocols for decentralized finance (DeFi) , artificial intelligence (AI), deep learning, RegTech and cybersecurity. These are areas in which one of its partners, Brandon Gath , has more than 20 years of experience.

The investments of this fund for The new projects, according to statements by Kraken Ventures to CoinDesk, will be between 250 thousand and 3 million dollars . Although it is not yet known what the first investment will be, according to Brandon Gath, development leader, “we have already identified some of the best opportunities out there and we look forward to announcing our first investments in the near future.”

Within the fund’s leading team, in addition to Gath are Kiril Gourov , who has 7 years of experience in the blockchain industry. There is also Akshi Federici, who has worked at The Boston Consulting Group , BlackRock , Conde Nast, ConenSys and on the Kraken exchange itself, adding more than 15 years of experience in financial services and the cryptocurrency industries.

Finally, it should be clarified that although both have the same name, Kraken Ventures is a fund that will operate independently from the Kraken Digital Asset Exchange, although as previously stated it will have their support. While Kraken Venture will be in charge of investing in new projects related to cryptocurrencies and blockchain, Kraken Digital will continue to function as an exchange house.

Kraken Digital Asset Exchange will soon integrate the Bitcoin Lightning network, which will make the transactions of the users of this platform faster and cheaper. This was reported by CriptoNoticias in mid-December of last year.

Follow World Weekly News on

Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

Leave a Reply

Must Read