What’s Brewing in Crypto? IDEO CoLab Steps Up
In the heady world of blockchain and cryptocurrencies, IDEO CoLab Ventures is turning heads with its latest move. The American design and innovation consultancy firm has set its sights on expanding its reach within the crypto space by filing for a new fund – the IDEO CoLab Crypto Fund II LP. This fund, seeking a hefty $100 million, is designed to drive early-stage investments in blockchain development.
SEC Filing Unveiled
On a crisp Tuesday, IDEO CoLab Managing Director Joe Gerber took a step forward, submitting an application to the United States Securities and Exchange Commission (SEC) for the new fund. This marks an important milestone for IDEO CoLab, especially following their October 2020 launch of a successful $21 million early-stage crypto fund.
Who’s Backing the Fund?
But hold on, it’s not just IDEO CoLab on this journey. They’ve roped in an impressive roster of backers from the cryptocurrency elite, including executives from Coinbase and major corporations like Twitter and Fortress. And let’s not forget the financial heavyweights: Avanta Ventures, GS Group, Hanwha Asset Management, Fineqia, to name a few. It’s like the Avengers, but for crypto!
A Proven Track Record
Since dipping their toes into the crypto waters in 2018, IDEO CoLab has been busy. Reports show they’ve incubated over 30 crypto startups, steering resources into innovative projects like FalconX, a digital asset trading platform, and Handshake, a decentralized naming and certificate authority. Clearly, they mean business!
Voices from the Inside: Industry Insights
Taehong Huh, Managing Partner at GS Group’s GS Futures, believes IDEO CoLab is at the forefront of a significant shift in the industry. He exclaimed, “We believe that the disruptive nature of blockchain technology is still underappreciated by the public, including corporations like ourselves.” Huh highlights the ongoing challenges of translating blockchain’s potential into products that the masses can’t resist. So, where’s our blockchain toaster, right?
The Takeaway
With IDEO CoLab’s new fund, the landscape of blockchain investments is about to undergo some serious upgrades. Their unique blend of creativity and tech-savvy intuition promises to bridge gaps and spark innovation in blockchain development, steering this often misunderstood technology toward mainstream acceptance. Here’s to hoping for a future filled with desirable products that make us all sit up and take notice!
