Singapore Firm Targets Web3 Startups With $100M Fund

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As Bit­coin moves towards nine-month highs, the Sin­ga­pore invest­ment firm BitRock Cap­i­tal wants to raise $100 mil­lion to invest in Web3 startups.

Accord­ing to Bloomberg, BitRock, backed by logis­tic real estate oper­a­tor GLP, is close to rais­ing $100 mil­lion. After rais­ing the fund, the firm wants to invest in finance and blockchain star­tups in Chi­na and South­east Asia.

The fund will tar­get Soft­ware as a Ser­vice (SaaS) com­pa­nies in Chi­na, fin­tech com­pa­nies in South­east Asia, and glob­al Web3 startups.

Money Flowing Into Web3

For­mer Binance exec­u­tive, Bill Qian, is also look­ing to invest $100 mil­lion in com­pa­nies that can dri­ve Web3 mass adop­tion. Qian serves as the chair­man of Dubai-based Cypher Capital.

In Feb­ru­ary, BeIn­Cryp­to report­ed that the invest­ment arm of the Deutsche Bank aims to invest in two Ger­man Web3 startups.

And Ani­mo­ca Cap­i­tal prepar­ing to deploy $2 bil­lion in meta­verse projects this year. It is the invest­ing arm of Ani­mo­ca Brands, the par­ent com­pa­ny of blockchain game The Sand­box.

Evi­dent­ly, ven­ture cap­i­tal­ists and invest­ment firms are still inter­est­ed in cryp­to star­tups despite the cryp­to win­ter of 2022. Bit­coin, the largest cryp­tocur­ren­cy per mar­ket cap­i­tal­iza­tion, is trad­ing at a nine-month-high price of $28,500.

Bitcoin (BTC) price, source: BeInCrypto. SIngapore investment firm BitRock Capital.
Source: BeIn­Cryp­to

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For BeInCrypto’s lat­est Bit­coin (BTC) analy­sis, click here.

Disclaimer

BeIn­Cryp­to has reached out to com­pa­ny or indi­vid­ual involved in the sto­ry to get an offi­cial state­ment about the recent devel­op­ments, but it has yet to hear back.



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