SparkLabs group, which is running both an accelerator and the venture capital fund network, has launched SparkChain Capital, a fund specializing in blockchain and cryptocurrency. SparkChain Capital is a USD 100 million fund that has been set up to invest in early-stage companies operating across the blockchain and cryptocurrency spectrum. It will be managed by Joyce Kim, co-founder of Stellar Development Foundation, which is an open source payment network protocol.
SparkChain Capital will target blockchain and cryptocurrency companies around the world by leveraging SparkLabs’ existing network across Asia in places like Korea, China, Japan and other Asian countries.
The SparkLabs Group has already invested in Korea’s blockchain startup, Blocko, and Bitcoin remittance company, Sentbe. Also, SparkLabs Global, which is a seed fund operated by SparkLabs Group, has invested in various encryption-related companies, including the blockchain payment system developer, Cyrex.
Joyce Kim, Managing Partner at SparkChain Capital, said, “Our goal is to find the talented early stage startups in the blockchain and cryptocurrency industry and to help these entrepreneurs truly innovate. We have brought together industry-leading security experts and a fund advisory lawyer and are all ready to meet the Securities and Exchange Commission’s (SEC) standards”.
SparkChain Capital will focus on investing in startups with cryptocurrencies, rather than investing in cryptocurrencies directly. It is also planning for ICO by the end of this year. Advisors include Dan Boneh (co-director of the Stanford Computer Security Institute and Professor of cryptography at Stanford University), Wu Choy Peng (CTO of the USD 350 billion fund at GIC), Mike Joo (International Currency Expert at Bank of America Merrill Lynch), and Koichi Miyamoto (Partner at Anderson Mori & Tomotsune).
(Photo from Pixabay)
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This article, entitled “SparkLabs launches SparkChain Capital for blockchain and cryptocurrency startups”, was written in Korean by Margot Jung of Platum, edited by AllTechAsia.