Major VC Firm, Lightspeed, Plans to Target Crypto Startups for Investments
Reuters confirmed that Lightspeed, Venture Capitalist firm in the United States focusing on funding startups within consumer and enterprise tech sphere, is planning to invest almost $2B dollars to support crypto-based startups among other growing companies.
The VC firm has always remained supportive of businesses in need of early-stage funding as was seen with their 2017 Snapchat seed investment of $485K dollars issued by Jeremy Liew. The popular app is currently worth a whopping $2B, with much of the platform still owned by Lightspeed.
As of this March, the company released an SEC order to pool $1.8B dollars from investors to begin their targeted approach at crypto startups, with much success. Reuters also reported, the VC firm also plans to collect a separate fund worth $1.05Billion directed at investing in more established firms.
A spokesperson for the VC firm stated that throughout several years, a major target of support has centered around the Fintech environment including major known partnerships with companies such as Affirm and Basis, among many others yet to be announced. Now the firm is putting a spotlight on blockchain technologies and cryptocurrency as a major interest, however, has yet to officiate any details concerning the crypto-fund at present.
Lightspeed also plans to expand its reach to crypto companies and related technologies based in Southeast Asia.
Lightspeed has successfully funded early-stage startups. Within previous years dating back to 2013, Lightspeed-supported firms have organized seventeen IPOs. Essentially, any crypto centered businesses of interest will be supported to make great traction within the global crypto scene.
Despite the volatile qualities of digital assets and blockchain technologies, investors have steadily been promoting the up and coming space indicating that cryptos have a long stable future ahead with the promise that digital currencies will soon become a mainstream asset.