Cypher Capital, a United Arab Emirates (UAE)-based venture capital (VC) firm, has announced the launch of a $100 million seed fund that will primarily avail funding to decentralized finance (defi), gamefi, and metaverse projects.
Mentoring of Entrepreneurs
A United Arab Emirates (UAE)-based venture capital firm, Cypher Capital, recently announced it has launched a $100 million seed fund whose objective is to finance blockchain and crypto projects with genuine value propositions.
Track live crypto price of 10000+ coins!
As explained in a report published by Unlock Media, the VC firm is planning to be involved in the mentoring of entrepreneurs who run projects which are funded by Cypher Capital. In addition, the firm will to equip the entrepreneurs with the tools they need to succeed, Bijan Alizadeh, founder and general partner at Cypher Capital, is quoted in the report explaining.
Alizadeh also revealed that his company plans to invest in blockchain and crypto projects that have received support from other venture capitalists. He said:
We aim to cooperate with and expand the ecosystem by working with visionary innovators, outstanding talent and other venture capital partners to create a holistic blockchain community which, in turn, foster[s] the growth of the ecosystem.
Funding Also Open to ‘Innovative Blockchain Projects’
The managing partner of Cypher Capital, Vineet Budki, is also quoted in the report stating that only projects in decentralized finance (defi), gamefi, and the metaverse space qualify to receive funding. However, Budki clarified that his company is “always on the lookout for innovative blockchain projects in general.”
Meanwhile, the same report states that Cypher Capital expects to complete the construction of its 10,000 square-foot Dubai digital asset hub sometime in August 2022. Once complete, the hub will welcome crypto enthusiasts and entrepreneurs and offer exclusive access to members.
What are your thoughts on this story? Tell us what you think in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Creative Family
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Download MAXBIT Android App, Your best source of all crypto news!
Share this article: