Dubai-based venture capital firm Cypher Capital on Wednesday announced it was launching a $100 million seed fund aimed at investing in digital assets including crypto currencies.
For the latest headlines, follow our Google News channel online or via the app.
The fund will be financed by the company’s founder, Bijan Alizadeh, and will also invest in decentralized finance platforms, blockchain applications and cryptocurrency gaming.
“It’s going to be 100 percent digital assets,” he told Reuters.
Cypher, which has $10 million in assets under management, plans to deploy on average $2 million to $5 million each month and focus on investing in the Middle East and North Africa and South Asia regions, but would invest elsewhere too.
The firm, which in the future may raise capital for new investment funds, is targeting to have $1 billion in assets under management in three years time.
Cypher is also planning to open a “crypto, blockchain and digital asset hub” in Dubai to offer a workspace to start-ups where they can pitch their ideas to potential investors, Alizadeh said.
The start-ups would also be offered mentoring, legal advice and technical advice, he said, hoping to develop the hub into a industry-focused networking community.
Read more:
Bitcoin climbs to highest in almost three weeks, pulls up smaller digital coins
Bitcoin could be laid low as miners’ profitability gets affected
Ukraine launches website for cryptocurrency donations
