An early-stage Singaporean VC firm is set to launch a $10 million investment fund designated for blockchain technology startups and cryptocurrencies.


Continuing the Trend

Back in March 2018, LiveBitcoinNews reported that fintech companies consider the venture capital in Singapore to be sufficient. According to a report from Singapore Business Reviewthe government provides appealing incentives for investors:

In Singapore, the government is seen to provide attractive incentives to VCs to encourage risk-taking, including reduction of regulatory red tape, protection of intellectual property, and allocation of public money for early investments. –Reads the report.

Now, a few months later, a major Singapore-based venture capital firm Golden Gate Ventures has announced that it is set to launch a $10 million fund designated for investments in cryptocurrencies and in blockchain technology startups.

The fund, which is dubbed LuneX Ventures, is going to focus on investing in early-stage companies throughout the world, including security providers and cryptocurrency exchanges. According to Reuters, the fund is just one among a cluster of similar ventures which are investing in the field of cryptocurrencies.

LuneX founding partner Kenrick Drijkoningen

LuneX founding partner Kenrick Drijkoningen told TechCrunch that, even though market prices are down significantly from their December 2017 / January 2018 highs, he believes that this is the right time for the fund:

Despite the fact that public markets are down, the amount of talent that’s moving into this space is exciting. There are young entrepreneurs who are passionate about this space and want to build an ecosystem

Investors in LuneX Ventures will purportedly include high net worth individuals as well as family offices.

A Welcoming Environment

The city-state has managed to establish itself as a proponent of blockchain-based technologies and cryptocurrencies. In March 2018, the Managing Director of Singapore’s Central Bank, Ravi Menon, recognized the potential of the technology and even identified its strongest use case, according to him.

This is the challenge that Singapore’s Project Ubin has set itself to solve: to use blockchain technology to enable entities across jurisdictions to make payments to one another without intermediaries; with greater speed and efficiency; and at lower risk and cost. – He said.

Later that month, the Singapore FinTech Association (SFA) and the Fintech Association of Japan (FAJ), entered into a partnership through a signed memorandum to work closely together on joint fintech projects.

It’s safe to say that Singapore’s proactive and fairly friendly approach towards the field of cryptocurrencies is shaping it as a reliable and reputable destination.

What are your thoughts on Singapore’s new investment fund? Do you agree with its founding partner that the time is right despite current crypto market conditions? Let us know in the comments below.


Images courtesy of Shutterstock, LuneX Ventures

Tags: Golden Gate Ventures, Investment Fund, LuneX, Singapore

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