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.
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