Despite a series of high-profile moves by the Securities and Exchange Commission as it seeks to reign in the US Crypto Industry, a new digital asset fund venture could reignite market growth.
The result of a partial merger between leading firms Alpha Sigma Capital and Transform Ventures. The two new funds will see $100m raised for investment in the future of Web3.
California-based digital asset fund Alpha Sigma Capital announced the venture. In an interview with Reuters, CEO Enzo Villani (Former Head of Int’l Strategy at OKX) described how the funds would drive real growth for Web3.
“The real growth of blockchains and the real growth of Web 3 are starting to happen,” said Villani.
“A lot of things that are happening right now [in crypto] may be challenging. But I think the industry would be going through these [challenges] anyways”.
Transform CEO Terpin Invests $2.65m in New Fund
Puerto Rico-based Transform Ventures – the VC wing of Transform Group – are forming the other half of the merger.
As one of the world’s largest blockchain PR firms, Transform Group have launched 150+ tokens representing 57% of the total crypto market cap.
Under the leadership of CEO Michael Terpin – the firm has lead PR strategy for huge projects including Ethereum, Tether and Dash.
This is the latest in a string of recent wins for Terpin. The CEO was awarded $75m in a civil judgement against a 21-year old hacker that helped steal 3m crypto tokens from Terpin’s phone.
Two New Funds For Web3 & Blockchain
The merger between Alpha Sigma and Transform Ventures will result in an initial establishment of two funds.
The first fund, which was established this month, is named the ‘Alpha Liquid Digital Asset fund’ – and was kickstarted with a $2.65m personal investment from Terpin.
This will be followed by a further $2.9m cash injection according to the Transform CEO.
The second fund will be a closed-end venture capital fund focused on the blockchain space. While not yet established, this fund is rumoured to be named the Aegean Fund.
Curiously this could hint at another venture, Transform operates a golden visa consultants in Greece named Transform Greece.
It is hoped the the funds will help to fuel start-up growth in the Web3 space, with 2023 deemed a key building year by the industry ahead of Bitcoin’s next halving event in Spring 2024.
This news is republished from another source. You can check the original article here.
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