Tim Draper ventures forth as bear market bites
Billionaire venture capitalist Tim Draper initiates new crypto accelerator despite frosty market environment
Kevin McGovern/Shutterstock, modified by Blockworks
Venture capitalist Tim Draper has launched a venture studio to boost budding crypto and Web3 startups.
Alon Goren, board member of projects like LunarCrush and Ownera, and David Bleznak, who recently worked on Coinbase’s institutional offerings, join Draper as founding members of the new studio called Draper Goren Blockchain (DGB).
The team indicated that their launch is strategically timed to align with bear market conditions, as they believe many crypto projects will benefit from support to thrive and succeed, according to a statement published Sept. 20.
“It’s a cliche that bear markets are a time for builders to build, but that means there are incredible projects currently being developed that are in need of capital and support,” Draper said.
Draper is a well-known venture capitalist and entrepreneur, recognized for his contributions to the tech and crypto industries.
In the early 1980s, he founded Draper Associates, a venture capital firm known for its successful investments in prominent tech companies such as Skype, Tesla and Baidu.
Still, he was one of the early backers of the blood-testing startup Theranos, which, as we all know, turned out to be a big flop.
In 2014, he bought around 30,000 bitcoin (worth around $798M at current prices) in a government auction for roughly $18 million, making him an early bitcoin investor.
“With DGB, we are reinforcing our dedication to amplify crypto projects that are advancing the industry in anticipation of an influx of millions of new users and institutions in the coming months and years,” he said.
Draper told Blockworks last year that his firm chose not to invest in FTX and BlockFi.
Despite the challenges faced by the crypto industry in 2022, he emphasized that his investment strategy remained unwavering, as he continued to hold a strong affinity for the decentralized realm.
In a video posted on X, DGB founding member Goren was optimistic about the crypto space despite industry uncertainties, emphasizing the trio’s long-term commitment.
“We’re in the midst of a crazy bear market for all sorts of circumstances. But we were here early, and we’re going to be here often,” he said.
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