Crypto exchange Kraken has launched a venture fund, known as Kraken Ventures. That will target early-stage startups across verticals that will include blockchain, crypto, decentralized finance, and fintech.
The investments will be between $250,000 and $3 million. Will also enable technologies such as machine and deep learning, AI, and cyber security.
Kraken Ventures will be an independent outfit supported by Kraken. Being led by Brandon Gath, Kirill Gourov, and Akshi Federici, all of whom are senior leaders at the exchange. Gath, who is expected to spearhead the project, believes the time is right for this move.
“We felt this was the perfect time to launch Kraken Ventures because we are at an inflection point in both fintech and crypto, but still very early in the life cycle of both industries,” Gath said to The Block.
While the unit will invest globally, the majority of its investments are expected to take place in North America and Europe. Additionally Gath noted that the venture fund already has multiple investments in its pipeline. With plans on announcing them over the next couple of months.
Kraken Entering The Next Phase Of Crypto
Kraken also released a statement on the announcement saying. “As we enter the crypto industry’s next growth phase. Kraken Ventures will support entrepreneurs in making the financial system more open, inclusive, and transparent.”
Powell also added that the crypto industry is at a point where it shows its real potential of reengineering the financial system. Citing a need to support the mushrooming crypto-based startups.
Gath also added that “We will take a hands-on approach with our portfolio companies. Providing guidance, new commercial opportunities and additional capital support. The possibility to leverage Kraken’s experience building a truly global, scalable platform enables us to support our portfolio companies from inception to market leadership.”
Through this new venture capital fund. Kraken is now expected to be able to invest in more projects that will make a difference.
Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.
A new study has found that Audius, a blockchain-based decentralized music streaming platform, rewards artists way more than other...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.