LuneX Ventures[1], a partnership between Singapore-based venture capital (VC) firm Golden Gate Ventures and its former head of growth Kenrick Drijkoningen, is looking to invest US$10 million into five to ten blockchain and cryptocurrency startups by the end of the year, the company said[2] on Friday.
LuneX Ventures claims to be Southeast Asia’s first dedicated cryptocurrency, blockchain fund with traditional VC backing. The company said it will leverage “Golden Gate’s strengths in backing growth companies, gained from applying Silicon Valley expertise across the ASEAN region” and invest globally in “companies that are building out services to grow the new cryptocurrency ecosystem.” In particular, the firm said it was interested in entrepreneurs and companies that provide and tackle issues such as infrastructure scalability and interoperability, along with practical solutions to issues like custody and security, and institutional services.
Golden Gate Ventures, a VC firm focuses on Southeast Asia with over 30 investments across seven countries, invests in Internet and mobile startups across many sectors, including e-commerce, marketplaces, fintech, and since recently blockchain technology. The firm claims its portfolio companies have raised over US$35 million through initial coin offerings (ICOs) so far and other campaigns are set to be launch in the near future.
Both LuneX Ventures and Golden Gate Ventures are operating out of Singapore, Southeast Asia’s fintech hub with a burgeoning cryptocurrency and blockchain sector that’s been encouraged by a supportive government.
The Monetary Authority of Singapore (MAS), which has set out to turn Singapore into a fintech powerhouse, is leading several blockchain initiatives including Project Ubin[3], an initiative aimed at using blockchain for cross-border payments, and the Global Trade Connectivity Network (GTCN)[4], a cross-border infrastructure for trade finance developed in collaboration with the Hong Kong Monetary Authority.
