New Crypto Fund on the Block
Lightspeed Faction has unveiled its ambitious plan with the launch of a whopping $285 million fund specifically targeted at early-stage blockchain projects. In a bold move to double down on cryptocurrency, the firm announced on November 9 that they are fully committed to supporting innovative ventures in the crypto space.
Focus on Early Stage Blockchain Projects
The fund is not just a line in a corporate playbook; it promotes the belief that no entrepreneur will face the dreaded, ‘Why crypto?’ question. Coupled with a team drawn from heavy hitters like Amber Group and Coinbase, Lightspeed Faction aims to provide founders with both capital and invaluable expertise.
A Strategic Joint Venture
This fund is a partnership between traditional venture investors at Lightspeed Venture Partners and the nimble, crypto-centric team at Faction. This collaboration aims to blend the robust know-how of tech investing with the innovative spirit of the blockchain realm. A dream team, if you will!
A Commitment to Disruption
Banafsheh Fathieh, co-founder of Lightspeed Faction, passionately stated that the future lies in blockchain technology, emphasizing its potential to revolutionize sectors ranging from finance to telecommunications. The firm is on the prowl for game-changing projects ready to disrupt the status quo.
Navigating Market Challenges
Despite facing a rocky landscape in recent times, with crypto VC funding hitting a three-year low in Q3 2023, Lightspeed Faction remains undeterred. They’re optimistic about the potential of projects funded during the bear market, like Crossmint and Matter Labs, proving that even in tough times, there are diamonds in the rough.
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