Crypto focused venture platform Cypher Capital (formerly called Phoenix Crypto VC), said it has allocated $40 million of its $100 million seed fund to invest in Indian blockchain and crypto startups.
The UAE-based firm said it will mainly invest the $100 million fund across blockchain, crypto and other digital asset projects.
Cypher Capital further said it will roll out its 10,000 sq ft blockchain, crypto and digital asset hub in Dubai's Jumeirah Beach Residence on August 2022, adding that the fund had already invested in over 15 Indian blockchain platforms, including Safle and Solrazr, from its earlier one.
The platform eyes to expand its portfolio, with focus on seed funding as well as gaining complete control over established blockchain funds as general partners (GPs) and limited partners (LPs).
With the setting up of its Dubai centre, Cypher Capital aims to bring together crypto enthusiasts, entrepreneurs, and startups, as well as serve as "the place to be" by providing access and gatherings for its members and the community, it said in a statement.
The fund aims to deploy $150,000 to up to $1 million in early-stage crypto and blockchain startups, the firm added.
“We have the knowledge and expertise to mentor projects and entrepreneurs and equip them with the tools they need for success. At the moment we are especially interested in projects in the DeFi (decentralized Finance), GameFi and metaverse space, but we are always on the lookout for innovative blockchain projects in general,” said Vineet Budki, Managing Partner of Cypher Capital.
“India has shown exceptional interest in blockchain ecosystem building with projects like Matic being developed by Indian founders like Sandeep Naliwal and hence holds special value for us.
India with its 100 million crypto users is the next big market for crypto adoption and we believe in educating people on the use cases like defi lending and borrowing play to earn and handholding blockchain startups to build valuable companies,” he added.
Earlier, Phoenix Crypto VC, which was a $10 million blockchain investment fund, had invested in over 100 startups, including Casper Labs, Kilt, Minterest and Paid Network, among others.
