Summary of Key Points:
- Lemniscap announces $70 million fund for startups in the web3 ecosystem.
- Focus areas include zero-knowledge infrastructure, decentralized physical infrastructure, Bitcoin ecosystem, and Ethereum.
- Vitalik Buterin shares thoughts on ZK technology and its potential use cases.
- Lemniscap has invested in over 130 projects in the web3 space.
- VC funding in the crypto industry is on the rise, with total funding reaching $2.7 billion in Q2 2024.
Lemniscap’s $70 Million Fund for Web3 Startups
Lemniscap, a crypto-focused venture capital firm, has unveiled a $70 million fund to support startups operating within the emerging web3 ecosystem. The fund, backed by Accolade Partners, aims to empower early-stage Web3 founders in areas such as zero-knowledge infrastructure, decentralized physical infrastructure, the Bitcoin ecosystem, and Ethereum.
Lemniscap’s Investment Strategy and Growth
Since its establishment in 2017, Lemniscap has strategically invested in more than 130 projects, including prominent protocols like Avalanche, The Graph, and EigenLayer. The firm, led by founder Roderik van der Graaf, continues to eye further investments in the industry, leveraging its substantial financial firepower to support the next wave of industry innovators and pioneers.
Expansion of VC Funding in the Crypto Industry
The crypto venture capital landscape is witnessing significant growth, with notable players such as Paradigm, Pantera Capital, and a16z Crypto leading the way. Despite temporary setbacks following the FTX collapse, VC investments in the crypto space bounced back, reaching $2.7 billion in the second quarter of 2024. Recent funding rounds, including Story Protocol’s $80 million raise and Chaos Labs’ $55 million raise, highlight the increasing interest and support for crypto projects by investors.
