- Nexo’s investment team has previously backed BCB Group, BlockFills, The TIE and 1inch
- Through a partnership with hedge fund Three Arrows Capital, Nexo announced an NFT-backed lending service in December
Crypto platform Nexo has launched a $150 million in-house Web3 investment fund, Blockworks has learned.
The company’s venture capital investment arm, Nexo Ventures, plans to deploy capital in sectors including blockchain-based games, decentralized finance (DeFi), and NFTs.
“It’s gone from being a ‘side hustle’ of the corporate finance team last summer to being a full strategic part of the business in January,” Troy Gravitt, Nexo’s head of communications, told Blockworks. .
Tatiana Metodieva, head of corporate finance and venture capital investments, said the fund “will drive the continued adoption of digital assets and the expansion of the Web3 ecosystem.”
“Furthermore, our investment value proposition differs from most traditional investment funds,” said Metodieva, Chartered Financial Analyst. “We are natives and have a deep understanding of the digital asset industry and technology. We prioritize strategic investments and aim to integrate innovative solutions into Nexo’s product ecosystem and across our global market footprint. »
Prior to the launch of the fund, the venture capital unit invested in 1 inch, BCB Group, BlockFills, Bware Labs, Interlay, Mizar, Qredo, Rain, Texture Capital, The TIE and Yield Protocol.
Short-term deal flow for the fund, said a source familiar with the matter, “will easily double the number and size of its recent investments.”
In December, Nexo rolled out its NFT-backed lending desk with Singaporean digital asset hedge fund Three Arrows Capital. The service allows customers to use NFTs (non-fungible tokens), such as CryptoPunks and Bored Apes, as collateral for loans.
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