VanEck, a crypto fund, yesterday launched a new $30 million fund called VanEck Ventures to back early stage fintech, cryptocurrency, and artificial intelligence (AI) startups.
Announced last week, the fund will support firms working on these next generation payment systems, such as tokenized assets and stablecoin based financial marketplaces. Primarily pre-seed and seed stage startups will be vanEck ventures’ target.
VanEck Focus on Stablecoin Projects
Led by Wyatt Lonergan and Juan Lopez, both ex Circle Ventures employees and responsible for more than $50 million of early stage investments, the fund. According to investors Ventures, it will make between 25 and 35 investments, each of which falls between $500,000 and $1 million.
It has already made four undisclosed investments. Stablecoin projects, which are one of the fund’s central components, are likely to help establish a stablecoin layer, or rather an ‘open source banking layer,’ said Lonergan.
In a statement from investors CEO Jan van Eck, the company stressed that the new venture maintains the firm’s legacy of backing such disruptive technologies as Bitcoin, and is centered around a long term commitment to seeking transformative market opportunities.
About two thirds of VanEck Ventures’ capital came from external investors while the balance was from internally from within investors . The fund will provide investments to the equity and companies through tokens tied to projects.
