Latest Crypto Venture Fund Drums Up $110M for Web3 Startups

Early-stage venture fund to invest in startups building a decentralized future for the next billion users

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • “We’ll see the tokenization of everything” in the next 15 years, Cathay Innovation co-founder says
  • The fund seeks to commit investments ranging from $550,000 to $4.3 million

Crypto security platform Ledger has teamed up with venture capital firm Cathay Innovation to launch a $110 million early-stage fund focused on Web3, DeFi, NFTs and DAOs. 

The partnership, Ledger Cathay Capital, is backed by French public investment bank Bpifrance. The combined entity seeks to unlock resources, networks and potential partnerships to accelerate Web3 innovation, while maintaining security standards.

Led by Cathay Innovation co-founder Denis Barrier, as well as Ledger’s Pascal Gauthier and Michael Louzado, the fund plans to invest in seed to Series A funding rounds. The idea is to make 20 to 25 investments, all-in, with checks ranging from $550,000 to $4.3 million. 

Cathay Innovation’s Denis Barrier

The strategy keys in on backing protocols and native tokens, as well as emerging DeFi (decentralized finance) security, infrastructure and digital ownership technologies, which Barrier and Gauthier called a multi-decade investment opportunity.

The fund has not made any investments to date. 

“We’re at the beginning of a significant shift in technology as the third iteration of the web emerges, which is being built on blockchains with tokens that enable new use cases in the tokenization of the entire global economy,” Barrier and Gauthier told Blockworks in an email. “Cryptocurrencies are the first case to have scaled.” 

Cathay Innovation, created in affiliation with Cathay Capital, is a multi-stage fund with roughly $1.5 billion in assets. 

Founded in 2014, Paris-based Ledger is a digital asset management solution that serves retail and institutional clients in 200 countries. The company secures about 20% of digital assets around the world through its Ledger Enterprise Solutions for institutions. 

The differentiation from other venture funds comes from combining Ledger’s experts in Web3, blockchain and security with Cathay’s extensive corporate ecosystem, according to Barrier and Gauthier.

“These entrepreneurs and builders need a secured and open security platform in order to design and imagine a new generation of services with easy access,” they said.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.

article-image

Scientific reputation should be determined by a decentralized community of scientists, not the validation of higher institutions

article-image

Paxos is getting off scot-free after the SEC said it wouldn’t pursue legal action against the company

article-image

The Srcful partnership is part of a broader plan to onboard Helium “subnetworks”

article-image

Plus, a look into US spot BTC funds six months into trading

article-image

A Swedish energy-focused project named Srcful proposed to become a Helium subnetwork with its own ENERGY token

article-image

Securitize CEO Carlos Domingo thinks BUIDL will potentially hit its next $500 million milestone in just a few months